Online food delivery platform, Swiggy reached a definitive agreement with the Indian conglomerate Times Internet to acquire Dineout, a popular dining out and restaurant tech platform.
Neither of the startups shared the financial terms of the acquisition, but a source familiar with the matter told the deal value could be around $200 million.
Dineout has built a network of over 50,000 restaurant partners in the country and is best known for its dining out table reservations and events service. The startup makes money by selling annual memberships to restaurants and customers and through its billing payments solution. Dineout was founded in 2012 and was acquired by Times Internet two years later, which has since deployed about $50 million into the startup.
Dineout’s four founders, Ankit Mehrotra, Nikhil Bakshi, Sahil Jain and Vivek Kapoor will be joining Swiggy following the acquisition and the platform will continue to operate as an independent app, the two firms said.
Sriharsha Majety, Co-Founder and CEO of Swiggy, stated, “Times Internet and the founding team should be credited for the transformational impact they have brought about in the dining out experience through their products, technology, and vast selection of restaurant partners. The acquisition will allow Swiggy to explore synergies and offer new experiences in a high-use category.”
Satyan Gajwani, Vice Chairman of Times Internet, commented, “We are proud of the positive impact that Dineout has created for consumers and restaurants, helping streamline and improve the eating out experience. Swiggy + Dineout is a powerful combination, and we are excited to join forces with Swiggy as we continue to look for ways to delight customers.”
