Swiggy has attracted millions of users in India by helping them order food and groceries online in the country. The seven-year-old startup, India’s most valuable food maker, is now looking to attract eaters.
The Bangalore-headquartered startup said on Friday it had reached a definitive agreement with Indian conglomerate Times Internet to acquire Dineout, a popular technology platform for restaurants and restaurants.
Neither startup has shared the financial terms of the deal, but a source familiar with the matter told TechCrunch that the deal values Dineout at $200 million, and it’s an all-equity deal.
Best known for its restaurant and event management services, Dineout has built a network of over 50,000 restaurant partners across the country. The 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 firms said.
“Dineout is a beloved brand that commands the loyalty of consumers and restaurants alike,” Sriharsha Majeti, co-founder and CEO of Dineout, said in a statement.
“Times Internet and the founding team should be recognized for the transformational impact they have had on the restaurant experience through their products, technology and wide selection of partner restaurants. The acquisition will allow Swiggy to explore synergies and offer new experiences in a high usage category.”
Dineout was founded in 2012 and two years later was acquired by Times Internet, which invested about $50 million in the startup.
“We are proud of the positive impact Dineout has had on consumers and restaurants by helping to simplify and improve the quality of dining out. 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 Ghajwani, vice president of Times Internet, in a statement.
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Credit: techcrunch.com /