Swiggy buys Times Internet’s restaurant-tech platform

Indian food delivery giant Swiggy has entered into a definitive agreement with Times Internet to acquire Dineout, a restaurant-tech platform.

Photo credit: Swiggy

While the companies did not disclose the financial details of the deal, it is reportedly worth US$200 million, according to TechCrunch. The acquisition will also help Swiggy foray into the dine-out space, a feature offered by its rival Zomato.

Times Internet, the digital arm of media conglomerate Times Group, had acquired Dineout for US$10 million in 2014. Dineout will continue to operate as an independent platform after the acquisition, while founders Ankit Mehrotra, Nikhil Bakshi, Sahil Jain, and Vivek Kapoor will join Swiggy.

Dineout has a network of more than 50,000 restaurant partners across 20 cities in India. Its services include booking dine-out tables and tickets for events like comedy shows and live music.

Swiggy said it will double down on the “synergies” with Dineout’s offerings, while restaurant partners will be able to reach more customers and grow their business.

See also: Zomato’s financial health in 5 charts

Times Internet is also reportedly considering selling another business: MensXP, which it bought in 2012. MenXP started as a lifestyle-focused content platform and recently ventured into content commerce.

Beauty-focused companies Nykaa and Good Glamm Group are also looking to snap up MenXP, which has partnered with over 700 brands and registers more than 5,000 daily transactions.