BENGALURU: Food delivery giant Swiggy on Friday said it has signed an agreement with Times Internet to acquire Dineout, a popular dining out and restaurant tech platform.
According to sources familiar with the development, the deal is valued at about $200 million.
Swiggy said it will double down on the synergies with Dineout’s offerings, including dining out table reservations and events. Post the acquisition, Dineout will continue to operate as an independent app.
Sriharsha Majety, CEO, Swiggy said the acquisition will allow Swiggy to explore synergies and offer new experiences in a high-use category.
Dineout has a network of over 50,000 restaurant partners in 20 cities. Founders Ankit Mehrotra, Nikhil Bakshi, Sahil Jain and Vivek Kapoor will join Swiggy once the acquisition is completed.
"At Dineout, we always wanted to revolutionise the restaurant industry and this acquisition is an accelerating step towards the same goal. Our joint forces will help provide a holistic platform in this industry,” said Ankit Mehrotra, Co-founder & CEO, Dineout.
In the last 20 months, Swiggy has strengthened its food delivery business, expanded Instamart, its quick commerce grocery delivery to 28 cities. It has recently commenced drone trials for Instamart.