On-demand convenience platform Swiggy on Friday said it has entered into a definitive agreement with Times Internet to acquire dining out and restaurant tech platform Dineout for an undisclosed sum.
Dineout, which serves diners across its network of 50,000 restaurants in 20 cities, will continue to operate as an independent app post the acquisition, Swiggy said in a statement.
Founders of Dineout -- Ankit Mehrotra, Nikhil Bakshi, Sahil Jain, and Vivek Kapoor -- will join Swiggy once the acquisition is completed, it added.
"The acquisition will allow Swiggy to explore synergies and offer new experiences in a high-use category," Swiggy CEO Sriharsha Majety said.
Dineout co-founder & CEO Ankit Mehrotra said, "We strongly feel that with Swiggy's deep understanding of the ecosystem and our shared passion for a superior consumer and restaurant experience, our joint forces will help provide a holistic platform in this industry."
Stating that Dineout has created a positive impact on consumers and restaurants, Times Internet Vice Chairman Satyan Gajwani said the combination of Swiggy and Dineout is a powerful one.
Swiggy said the acquisition of Dineout will enable it to cater to every food occasion and it will "double down on the synergies with Dineout's offerings, including dining out table reservations and events. In time, restaurant partners will be able to reach more customers and grow their business".