Swiggy acquires Dineout
Food and grocery delivery company Swiggy has signed a definitive agreement with Times Internet to acquire restaurant table reservation platform Dineout, making Swiggy a complete food tech platform right from delivery to table booking.
The acquisition will allow Swiggy, run by Bundl Technologies Pvt. Ltd, diversify its revenue streams by capitalizing on Dineout’s network of over 50,000 restaurant partners in 20 cities. Dineout will continue to operate as an independent app post the acquisition. Swiggy will double down on the synergies with Dineout’s offerings, including dining out table reservations and events.
As part of the transaction, shareholders of Dineout will receive only shares of Swiggy and there won’t be any cash payout. The acquisition will also help restaurants on Swiggy reach more customers.
Sriharsha Majety, Swiggy’s Chief Executive Officer, said, “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.”
The Dineout deal followed Swiggy closing a $700 million funding round in January led by asset management firm Invesco, almost doubling its valuation from its previous fundraise, to $10.7 billion. Swiggy had raised $1.25 billion from investors including SoftBank and Prosus in July last year at a valuation of $5.5 billion, a 50% jump from the $3.6 billion it was valued in April 2020.
AMD intros Kria KR260 Robotics Starter Kit for Intelligent Factory of the future
AMD announced the Kria KR260 Robotics Starter Kit, the latest addition to the Kria portfol...
West Midlands Police deploys Exterro’s Cloud-based Digital Forensics Platform
The provider of Legal GRC software, Exterro Inc. announced that the West Midlands Police a...
Kyndryl and NetApp together to help customers transform business
Kyndryl and NetApp announced a global alliance to help customers transform their businesse...
Industry leaders layout the collaborative 5G Opportunities and capabilities for country’s digital transformation
Leading telecommunications experts and industry leaders connected and brainstormed ideas f...
VeeamON 2022 kicked off with insightful sessions on data protection
Veeam Software has kicked off its annual user conference, VeeamON 2022, delivering a rich,...
DoT, Rajasthan LSA conducts webinar on awareness for mobile tower myths and tower frauds
Department of Telecommunications (DoT), Jaipur License Service Area (LSA) organized an awa...
Microsoft Future Ready Industry week stresses on key trends driving digital transformation in the ITES sector
Microsoft’s Future Ready Industry week, ITES edition brought together industry lumin...