Swiggy announces $200M deal to buy Times Internet's dining out biz
Swiggy has announced a deal with Times Internet to buy Dineout, a table booking company. The plan is to reach out those who go out to eat As it looks to reach out those who like dining out, Bengaluru-based Swiggy announced on Friday that it had achieved a formal agreement with Indian giant Times Internet. Under the $200 million deal, Swiggy will buy Dineout, a prominent eating out and restaurant software platform. The financial specifics of the acquisition were not disclosed, but a person familiar with the subject told the media that the agreement values Dineout at $200 million and is an all-equity transaction. According to the two companies, Dineout's four founders — Ankit Mehrotra, Nikhil Bakshi, Sahil Jain, and Vivek Kapoor — will join Swiggy following the purchase, and the platform will continue to function as an independent app. Swiggy will be able to join the dining-out sector with the purchase, a segment in which its main rival, Zomato, has been active for...