Swiggy has amassed lakhs of users in India, helping them to order food and grocery online in the country. India’s most valuable food tech seven-year-old startup now wants to reach out to people who go out to eat.
The Bengaluru-headquartered startup on Friday said it has reached a definitive agreement with Indian conglomerate Times Internet to acquire Dineout, a popular dining out and restaurant tech platform.
Neither startup shared the financial terms of the deal, but a source familiar with the matter told Meczyki.Net that the deal is valued at Dineout $200 million, and is an all-equity deal.
Best known for its dining out table reservation and event services, Dineout has built a network of over 50,000 restaurant partners across the country. Four founders of Dineout – Ankit Mehrotra, Nikhil Bakshi, Sahil Jain and Vivek Kapoor – will join Swiggy after the acquisition and the platform will continue to operate as an independent app, both the firms said.
“Dineout is a popular brand that draws loyalty from both consumers and restaurants,” Dineout co-founder and CEO Sriharsha Majetti said in a statement.
“Times Internet and the founding team must be credited for the transformative impact they have brought to the dining out experience through their products, technology and vast selection of restaurant partners. This acquisition allows Swiggy to explore synergies and move into the high-utility category. Will allow to provide new experiences.
Dineout was founded in 2012 and was acquired two years later by Times Internet, which has invested nearly $50 million in the startup.
“We are proud of the positive impact Dineout has created for consumers and restaurants, helping to streamline and improve the dining experience. Swiggy + Dineout is a powerful combination, and we are excited to associate with Swiggy as we continue to explore ways to make customers happy,” said Satyan Gajwani, Vice President, Times Internet, in a statement.
This is a developing story. More to follow…