Food aggregator and delivery company Swiggy has signed an agreement with Times Internet to acquire restaurant table reservation platform Dineout. This also puts Swiggy directly in competition with Zomato’s table booking service Zomato Book which was launched last year after the company rebranded NexTable, a company it acquired many years ago.
Dineout will continue to operate as an independent app post the acquisition, said Swiggy in a press statement. This is the second major move made by Swiggy this year after leading a USD 180 Mn round in bike taxi firm Rapido.
“The acquisition will allow Swiggy to explore synergies and offer new experiences in a high-use category,” said Sriharsha Majety, Chief Executive Officer, Swiggy.
“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,” Majety added.
Swiggy’s acquisition of Dineout comes at a time when the food tech platform is looking to expand its offerings beyond food and grocery deliveries amid soaring competition in the two segments.
Categories: Corporate M&A