Online food order and delivery platform Swiggy added another feather to its hat as it sealed an all-equity deal with times internet and purchased Dineout, an online table reservation platform and restaurant technology company.
According to the deal, Dineout was valued at $200 million.
A little History
Choosing where to eat has always been tough and Dineout started with a vision to make the process easier and less complicated.
The online table booking platform was founded in 2012 by Ankit Mehrotra, Vivek Kapoor, Sahil Jain, and Nikhil Bakshi.
Dineout helped its users in discovering the most suitable and affordable restaurants around and made the table reservation process easier as well.
The app encouraged cashless payments and also launched its very own gourmet password.
Two years after its launch it was purchased by the Times group in 2014 and now Swiggy acquired it in 2022.
The current scenario
Although Swiggy is now the official owner, Dineout will continue to function as an independent app and not merge with the grocery and food delivery app, Swiggy revealed in a press release.
This move makes swiggy a complete food tech platform offering everything right from grocery delivery to table booking. The brand is now ready to compete with its arch-rival Zomato who recently introduced a table booking platform.
The acquisition will also help restaurants listed on Swiggy attract more customers, as Dineout currently serves over 50 thousand restaurants.
The table reservation app has been valued at $200 million by Swiggy and This is the third investment the company has made in the current calendar year, it previously raised a round of $180 million to invest in Rapido.
The four founders of Dineout Ankit Mehrotra, Nikhil Bakshi, Sahil Jain, and Vivek Kapoor will be joining the food tech platform post the acquisition, Swiggy CEO Sriharsha Majety also credited the success of Dineout to Times internet and the founding team for the transformation they have brought about in the dining out experience.