Swiggy enters high-end dining market with $200 mn acquisition of Dineout
By Team Startupcity | Friday, 13 May 2022, 11:14 Hrs
Online food delivery platform Swiggy on Friday announced it has acquired Dineout, a dining out and restaurant tech platform, for an undisclosed sum.
Reliable sources told IANS that the acquisition size could be around $200 million.
Dineout, which serves millions across its network of 50,000 restaurants in 20 cities, will continue to operate as an independent app post the acquisition.
"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," said Sriharsha Majety, CEO, Swiggy.
Dineout founders will join Swiggy once the acquisition is completed.
"The acquisition will allow Swiggy to explore synergies and offer new experiences in a high-use category," Majety added.
Founded in 2012 by Ankit Mehrotra, Nikhil Bakshi, Sahil Jain, and Vivek Kapoor, Dineout helps people discover the best restaurants, make table reservations, enjoy discounts and privileges across select restaurants.
The acquisition will also help Swiggy's restaurant partners reach more customers and grow their business.
"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 Mehrotra, Co-founder and CEO, Dineout.
In the last 20 months, Swiggy has also expanded Instamart, its quick commerce grocery delivery to 28 cities, and Genie, its pick up and drop service to 68 cities.
The food delivery platform currently connects consumers to over 1,90,000 restaurant partners and stores in over 520 cities.