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.
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