India’s popular food and grocery delivery company Swiggy is acquiring popular dining out and restaurant tech platform Dineout. After this acquisition, Swiggy has become a complete food tech company that offers everything from food delivery to restaurant table booking. The financial terms of the deal were not disclosed. As per the report on Techcrunch, the deal is valued at $200 million and is an all-equity deal.
Dineout has a network of over 50,000 restaurant partners across the country and lets users reserve restaurant tables and avail of big discounts. The company was founded in 2012 by Ankit Mehrotra, Vivek Kapoor, Sahil Jain, and Nikhil Bakshi. Later in 2014, the company was acquired by Times Internet for $10 million. Dineout’s four founders will join Swiggy.
Dineout earns by selling memberships to restaurants and customers. It also makes money through its billing payments.
“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,” said Satyan Gajwani, Vice Chairman of Times Internet, in a statement.
In the press release, Swiggy confirmed that Dineout will continue to operate as an independent app post the acquisition.
