Today: 7 October 2025
15 February 2022
1 min read

Swiggy plans to acquire DineOut

Dineout was also in talks with leading fintech platform Cred but Swiggy has apparently won the race…reports Asian Lite News

Sources told that 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.

According to the National Restaurant Association of India (NRAI), in FY21, the Indian food services industry contracted severely leading to permanent closure of over 25 per cent of food business operators which resulted in job losses of nearly 24 lakh people.

“In FY21, the food services industry in India declined by 53 per cent and was estimated to be worth Rs 2,00,762 crore, compared to Rs 4,23,624 crore in FY2020,” said Kabir Suri, President, NRAI.

Swiggy last month raised $700 million led by Invesco, which, the company said, will be utilised to scale its overall business.

At a $10.7 billion valuation, Swiggy joined the list of Indian decacorns (valued at $10 billion and above).

Swiggy also raised $1.25 billion last year.

ALSO READ-Apple, Samsung to manufacture $5 billion worth smartphones under PLI scheme

Previous Story

Iranian Interior Minister arrives in Islamabad

Next Story

Abdullah bin Zayed receives Bangladesh Minister of Foreign Affairs at Expo 2020

Latest from Business

Rupee, Markets Gain Amid Trade Optimism

Emerging market currencies, including the rupee, have gained support amid softening in the dollar. Reports suggesting that the US economy is on the verge of a recession have contributed to the greenback’s

Gold Shines Bright Amid Global Jitters

Gold and silver continued their bullish run on Monday, scaling new highs amid mounting global uncertainties, heightened geopolitical tensions, and growing expectations of a US Federal Reserve rate cut. According to the

ADNOC signs 15-year LNG deal with Indian Oil

Under the deal, LNG cargoes can be delivered to any port across India, enhancing the country’s energy security and meeting its rising energy demand. Abu Dhabi National Oil Company (ADNOC) has signed

India Inc Eyes Upswing

Private equity (PE) remained comparatively stable in Q2, clocking 357 deals worth $7.4 billion — the second-highest volume since Q4 2022. However, deal values dipped on a quarter-on-quarter basis due to the
Go toTop

Don't Miss

Swiggy launches credit card

The co-branded credit card, the first ever from Swiggy, will

Quick for Basics, Physical for Premium 

India’s retail ecosystem is undergoing a pivotal shift as consumers