Bengaluru-based foodtech major Swiggy today announced it has entered into a definitive agreement with Times Internet to acquire Dineout, a dining out and restaurant tech platform.
Post-acquisition, Dineout will continue to operate as an independent app. On the other hand, Swiggy will double down on the synergies with Dineout’s offerings, including dining out table reservations and events. The deal will also help Dineout's restaurants to get access to Swiggy’s large customer base, allowing them to increase their reach.
Founders Ankit Mehrotra, Nikhil Bakshi, Sahil Jain, and Vivek Kapoor, who co-founded Dineout in 2012, will join Swiggy once the acquisition is completed, the statement said. Dineout is India's leading dining out and restaurant tech solutions platform that has a network of over 50,000 restaurant partners in 20 cities across the country.
“Dineout is a well-loved brand that enjoys loyalty from both consumers and restaurants. 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 a vast selection of restaurant partners,” said Sriharsha Majety, CEO of Swiggy.
He further said the acquisition will allow Swiggy to explore synergies and offer new experiences in a high-use category.
“At Dineout, we always wanted to revolutionize the restaurant industry and this acquisition is an accelerating step towards the same goal. We strongly feel that with Swiggy’s deep understanding of the ecosystem and our shared passion for a superior consumer and restaurant experience, our joint forces will help provide a holistic platform in this industry,” said Ankit Mehrotra, Co-founder & CEO of Dineout.
Speaking on the development, Satyan Gajwani, Vice Chairman of Times Internet, said: “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."
Swiggy previously acquired Kint.io, which is no longer operational, in February 2019. So far, the foodtech company has acquired Supr Daily, Scootsy, 48East, and Kint.io.
In the last 20 months, Swiggy has strengthened its food delivery business, expanded Instamart, its quick commerce grocery delivery to 28 cities, and Genie, its pick up and drop service to 68 cities.
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