Swiggy, a food aggregator, announced that it had reached an agreement to buy Times Internet-owned table booking platform Dineout.
According to Swiggy CEO Sriharsha Majety, the acquisition will help the company to investigate synergies and create new experiences in a high-use category. It did not reveal the transaction’s financial details.
“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,” added Majety.
Dineout will continue to operate as an independent app following the acquisition, and its founders Ankit Mehrotra, Nikhil Bakshi, Sahil Jain, and Vivek Kapoor will join Swiggy, according to the release.
“At Dineout, we always wanted to revolutionize the restaurant industry and this acquisition is an accelerating step towards the same goal,” Ankit Mehrotra, co-founder & CEO of Dineout.
Dineout was founded in 2012 and was acquired by Times Internet in 2014 for an estimated ₹60 crore through its TimesCity platform. Dineout presently has over 50,000 restaurant partners spread over 20 cities.
“We are proud of the positive impact that Dineout has created for consumers and restaurants, helping streamline and improve the eating out experience. Swiggy+Dineout is a powerful combination,” said Satyan Gajwani, vice chairman of Times Internet.