Swish Secures Series A Funding for Rapid Food Delivery Services
Swish, a startup focused on 10-minute food delivery, has successfully raised Rs 122.32 crore (approximately $14 million) in its Series A funding round. This funding round was led by Hara Global Capital, alongside previous investor Accel India. This capital infusion comes just three months post a $2 million seed funding round.
The board of Swish has approved a special resolution to issue 4,762 Series A compulsory convertible preference shares at an issue price of Rs 2,56,334 each, aiming to gather Rs 112.3 crore or $14 million, as indicated in a regulatory filing from the Registrar of Companies.
Hara Global Capital contributed Rs 69.56 crore, while Accel India added Rs 52.18 crore to the funding round. Invested amounts also came from Kunal Shah-led QED Innovation, along with Gaurav Munjal, CEO of Unacademy, and investment advisor at SoftBank, Sumer Juneja, who contributed Rs 20.5 lakh, Rs 5 lakh, and Rs 30.7 lakh, respectively.
Based on estimates by Startup Superb, Swish is valued at approximately Rs 522 crore or $60 million following the allotment. Earlier reports by Moneycontrol had suggested the potential for this deal as early as January.
After this funding round, Hara Global Capital will hold a 13.33% stake, whereas Accel India will have a 27.24% interest in the company. Co-founders Aniket Sunil Shah, Sureshkumar Sarana, and Ujjwal Sukheja will retain a share of 16.38% each after the Series A funding.
Founded in 2024, Swish employs a 10-minute delivery model operating within a 1.5–2 km radius, utilising cloud kitchens known as ‘delight centers.’ This approach guarantees the swift delivery of fresh and hygienic food, enhanced by Swish’s optimized full-stack model.
In the rapidly growing instant food delivery sector, Swish is competing against industry leaders like Zomato, Swiggy, and Zepto. Additionally, Zomato’s Blinkit has introduced Bistro, a dedicated app for instant food delivery. Recently, Ola, led by Bhavish Aggarwal, entered this competitive landscape, along with new players such as Magicpin and Zing gaining momentum. The latest addition to the market is cloud kitchen unicorn Rebel Foods, which has launched a new app named QuickiES.