Swiggy to acquire DineOut

Leading online food delivery platform Swiggy is set to acquire Times Internet-backed dining out platform Dineout for close to $200 million, reliable sources said here on Monday.

Dineout was also in talks with leading fintech platform Cred but Swiggy has apparently won the race. Swiggy-DineOut talks are now in the final stage for an acquisition that will be in the range of $200 million (at the current valuation of Dineout).

Swiggy and Dineout did not immediately comment on the development. Swiggy’s closest rival Zomato is already in the dining out business. Dineout was founded by Ankit Mehrotra, Nikhil Bakshi, Sahil Jain, and Vivek Kapoor in 2012.

Times Internet in 2014 acquired the dining out platform for an estimated Rs 60 crore. The last two years of the pandemic severely hit the dining out industry in the country and Dineout business was also affected.

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