By Dhanpreet Singh - May 25, 2022
Earlier this month, Swiggy (Indian food delivery Unicorn) entered into definitive agreement for all stock deal with Times Internet to acquire its online restaurant table booking service platform Dineout. Though, value and effective Date of the deal is undisclosed, according to various sources it is estimated between $120 Million - $200 Million.
This is Swiggy's second major investment this year after it invested $180 Million in a bike taxi app, Rapido.
About Dineout: Dineout is an intermediary application for restaurant and dining out offering plethora of exclusive deals, discounts, complementary dishes, etc. This facilitates cashless transactions with exploring and booking restaurant tables. Primary source of its revenue includes annual subscription from customers and restaurant partners. It also earns from every transaction routed through its app.
Highlights of the Deal:
In our view, Dineout is already enjoying as compared to its rivals, and has a considerable amount of positive feedback from customers and it is profit making. Hence, with this move, Swiggy is all set to give a hard time to its competitors like Zomato, Uber Eats, Foodpanda, Grofers, etc.
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