Brands
Swiggy announces acquisition of Dineout from Times Internet
Mumbai: Marking its foray into the high-use dining out category, Swiggy India on Saturday announced that it has entered into a definitive agreement with Times Internet to acquire its dining out and restaurant tech platform, Dineout. Its founders Ankit Mehrotra, Nikhil Bakshi, Sahil Jain and Vivek Kapoor will join Swiggy once the acquisition is completed, while Dineout will continue to operate as an independent app, the food aggregator said in a statement.
Announcing the development on Saturday on LinkedIn, Swiggy India posted: “It’s a big day for #Swiggy and we’re happy to announce that we have acquired #Dineout – India’s leading dining out and restaurant tech platform.”
Dineout brings with it a network of over 50,000 restaurant partners along with a ‘proven technology’ and ‘invaluable experience’ that Swiggy can benefit from.
“Dineout is a well-loved brand that enjoys loyalty from both consumers and restaurants. Times Internet and the founding team should be credited for the transformational impact they have brought about in the dining out experience through their products, technology and vast selection of restaurant partners,” said Swiggy CEO Sriharsha Majety. “The acquisition will allow Swiggy to explore synergies and offer new experiences in a high-use category.”
The acquisition will enable the food aggregator to cater to every food occasion by capitalising on Dineout’s assets and position in the dining out space, the statement said. “Swiggy 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,” it added.
“At Dineout, we always wanted to revolutionise the restaurant industry and this acquisition is an accelerating step towards the same goal. 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,” said Dineout co-founder & CEO Ankit Mehrotra.
Times Internet vice chairman Satyan Gajwani added, “We are proud of the positive impact that Dineout has created for consumers and restaurants, helping streamline and improve the eating out experience. Swiggy + Dineout is a powerful combination, and we are excited to join forces with Swiggy as we continue to look for ways to delight customers.”
In the last 20 months, Swiggy has strengthened its food delivery business, expanded Instamart, its quick commerce grocery delivery to 28 cities, and Genie, its pick up and drop service to 68 cities.
Brands
YES Bank hands the keys to SBI veteran Vinay Tonse as it bets on a new era
Former SBI managing director appointed as YES Bank’s new MD and CEO
MUMBAI: YES Bank is done rebuilding. Now it wants to grow. The private sector lender has appointed Vinay Muralidhar Tonse as managing director and chief executive officer-designate, with RBI approval secured and a start date of April 6, 2026 confirmed. The three-year term signals the bank’s intent to shift gears from crisis recovery to full-throttle expansion.
Tonse, 60, is no stranger to scale. Most recently managing director at State Bank of India, he oversaw a retail book of roughly $800bn in deposits and advances, one of the largest in the country. Before that, he ran SBI Mutual Fund from August 2020 to December 2022, a stint that saw assets under management surge from Rs 4.32 lakh crore to Rs 7.32 lakh crore across market cycles. Add stints in Singapore and four years leading SBI’s overseas operations in Osaka, and the incoming chief arrives with a genuinely global CV.
His academic grounding is equally solid: a commerce degree from St Joseph’s College of Commerce, Bengaluru, and a master’s in commerce from Bangalore University.
The appointment follows an extensive search and evaluation process by the bank’s Nomination and Remuneration Committee. NRC chairperson Nandita Gurjar said the committee unanimously backed Tonse, citing his leadership track record, governance credentials and ability to drive the bank’s next phase of transformation.
Non-executive chairman Rama Subramaniam Gandhi was unequivocal. “I am certain that Vinay Tonse, with his vast experience as a senior banker, will propel YES Bank to its next phase of growth,” Gandhi said, adding that the bank remains focused on strengthening its retail and corporate banking franchises and expanding its branch network.
Rajeev Kannan, non-executive director and senior executive at Sumitomo Mitsui Banking Corporation, the bank’s largest shareholder, said Tonse’s experience across retail, corporate banking, global markets and asset management positioned him well to lead the lender. SMBC said it looks forward to working with Tonse and the board as YES Bank pursues its ambition of becoming a top-tier private sector lender anchored in strong governance and sustainable growth.
Tonse succeeds Prashant Kumar, who took the helm in March 2020 when YES Bank was in freefall following a severe financial crisis, and spent six years painstakingly stabilising the institution, rebuilding governance and restoring operational scale. Gandhi was generous: “The bank remains indebted to Prashant Kumar, who is responsible for much of what a strong financial powerhouse YES Bank is today.”
Tonse, for his part, struck a purposeful note. “Together with the board and my colleagues, I remain deeply committed to creating long-term value for all our stakeholders,” he said, pledging to build on Kumar’s foundation guided by his personal motto: Make A Difference.
Beyond the balance sheet, Tonse played cricket at college and club level and represented Karnataka in archery at the national championships — sports he credits with teaching him teamwork, situational leadership, discipline and focus. In quieter moments, he reaches for retro Kannada music, classic Hindi songs, and the crooning of Engelbert Humperdinck, Mukesh and Kishore Kumar.
YES Bank has its steady-handed rebuilder in Kumar to thank for survival. Now it has a scale-obsessed growth banker at the wheel. The next chapter starts April 6.
