Saturday, July 2, 2022
HomeFood & EntertainmentSwiggy acquires restaurant booking platform Dineout, Retail News, ET Retail

Swiggy acquires restaurant booking platform Dineout, Retail News, ET Retail

 Representative Image
Representative Image

Bengaluru: Online food-delivery app Swiggy on Friday said that it has entered into a definitive agreement with Times Internet to acquire restaurant tech and dining out platform, Dineout. Post the acquisition Dineout will continue to operate as an independent app, Swiggy said in a statement on Friday.

The acquisition, which is likely an all-stock deal, is expected to close over the course of the next month, people aware of the discussion told ET requesting anonymity.

Through the deal, Swiggy will double down on Dineout’s offerings, including dining out table reservations and events. Dineout’s restaurant partners will get access to Swiggy’s large customer base, allowing them to increase their reach. Arch-rival Zomato started off as table reservation platform and continues to operate that business.

Dineout is a part of Times Internet, which also runs the website ETtech.

Founded in 2012 by Ankit Mehrotra, Nikhil Bakshi, Sahil Jain and Vivek Kapoor, Dineout allows customers to discover restaurants in their areas, and make table reservations across its network of 50,000 restaurants in 20 cities. It also provides restaurant solutions with regards to contactless dining and also provides discounts and privileges to customers across select restaurants through Dineout Passport and Dineout Pay.

Dineout was acquired by Times Internet in 2014.

“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,” said Sriharsha Majety, co-founder and chief executive officer, Swiggy.

“The acquisition will allow Swiggy to explore synergies and offer new experiences in a high-use category,” Majety added. Swiggy will be able to use Dineout’s software solutions for restaurants, which spread across domains of marketing and payments.

Currently, Swiggy has a network of 1,90,000 restaurant partners and stores in over 520 cities. Over the last two years, Swiggy has expanded Instamart, its quick commerce grocery delivery to 28 cities.

On May 10, ET reported that Swiggy had temporarily shut its pick-up and drop-off service Genie across major metros, as the company struggles to hire a delivery workforce and keep up with the demand.

“At Dineout, we always wanted to revolutionize the restaurant industry and this acquisition is an accelerating step towards the same goal. We strongly feel that 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, cofounder and CEO, Dineout.

Source link



Please enter your comment!
Please enter your name here


Most Popular

Recent Comments