Food aggregator and delivery platform Swiggy on Friday announced it will be acquiring restaurant tech platform Dineout for an undisclosed amount. The Bengaluru-headquartered startup said it has entered into a definitive agreement with Times Internet to acquire the restaurant table reservation platform. The acquisition will make Swiggy a complete foodtech platform right from delivery to table booking. Dineout will continue to operate as an independent app post the acquisition, the company said in a press statement.
Dineout is best known for its dining out table reservations and events service. The startup has built a network of over 50,000 restaurant partners in the country. The move is indicative of Swiggy’s steps in the direction of improving the restaurant-going experience of its customers.The acquisition will enable Swiggy to capitalise on Dineout’s assets and its position in the dining out space. Swiggy will allow its restaurant partners to reach more customers. It will also double down on the synergies with Dineout’s offerings, including table reservations and events. As a part of the transaction, founders Ankit Mehrotra, Nikhil Bakshi, Sahil Jain and Vivek Kapoor will join Swiggy once the acquisition is completed, Swiggy said.
Commenting on the development, Swiggy CEO Sriharsha Majety said, “ The acquisition will allow Swiggy to explore synergies and offer new experiences in a high-use category. 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 vast selection of restaurant partners. The acquisition will allow Swiggy to explore synergies and offer new experiences in a high-use category.”
Swiggy, last valued at $10.7 billion, led an investment round of $180 million in bike and auto-taxi aggregator Rapido. The company has also funded Zomato backed restaurant management platform UrbanPiper.