The acquisition will led Binge digital co-founder to join the Dineout team. This includes Binge’s technology, intellectual property, domain expertise in artificial intelligence and machine learning and analytics data management.
Ankit Mehrotra, CEO and cofounder, Dineout said, “With a proven record of their services for their partners through their video menus this integration will add an edge to our product. We will start offering this product eventually across all the cities we are present in over the next few months.”
Dineout was founded by Ankit Mehrotra, Vivek Kapoor, Nikhil Bakshi, and Sahil Jain in 2012. The company claims to currently serve more than 20 million diners across 40K restaurants in 17 cities including Delhi, Mumbai among others. The company was acquired by Times Internet in April 2014.
The company offers multiple B2B and B2C services. This includes Dineout Pay, Gourmet Passport, Torqus POS, InResto etc.
As the company integrates Binge Digital with Dine-in, Dineout aims for 300% growth this year. It is also aiming to reach 40 Mn diners this year, having launched in nine new Tier 2 cities in the last 12 months, claimed sources.
Furthermore, the National Restaurant Association of India’s India Food Services report said that the overall food services business, ‘affordable casual dining’ continues to dominate the market and is the fastest-growing vertical within the industry.
The Indian food services industry has an estimated market size of INR 4.23 Lakh Cr 19 and this is expected to grow at a CAGR of 9% to reach INR 6 Lakh Cr over the next five years.