Swish: A Leading Ten-Minute Food Delivery Startup Set to Raise Funds

Swish, a ten-minute food delivery startup, is poised to secure Rs 282.5 crore, approximately $30 million, in a Series B funding round. This round is being led by existing investor Hara Global, with contributions from Accel India and Bain Capital Ventures. The latest investment occurs a year after the Bengaluru-based company’s previous fundraising efforts.

In the past, Swish had successfully raised $14 million from Hara Global Capital and Accel. The fundraising was exclusively reported by Startup Superb in March of the previous year. According to regulatory filings obtained from the Registrar of Companies, Swish’s board has approved a special resolution to issue 5,843 Series B compulsory convertible preference shares at an issue price of Rs 4,83,419 each to gather the aforementioned funds.

Leading the funding round, Hara Global Capital is set to invest Rs 127.57 crore ($14 million) to increase its ownership within the company. Bain Capital Ventures and Accel India are also participating, contributing Rs 91 crore (around $10 million) and Rs 63.76 crore ($7 million) respectively.

Valuation Increase for Swish

Based on estimates from Startup Superb, Swish’s valuation is projected to surge more than 2.4 times, reaching Rs 1,267 crore or roughly $140 million post-money, up from Rs 522 crore ($60 million) during its previous $14 million Series A round. Following the new funding round allocation, Accel India is set to hold the largest share at 26.2%, while Hara Global will own 20.43%, and new investor Bain Capital Ventures will possess a 7.19% stake. Co-founders Aniket Shah, Sureshkumar Saran, and Ujjwal Sukheja will each retain a 12.72% stake.

Swish’s Operational Model

Founded in 2024, Swish operates within a 1.5–2 km radius using a ten-minute delivery system based on cloud kitchens referred to as delight centers. Swish has ventured into the ultra-fast food delivery market, competing with larger firms such as Zomato, Swiggy, and Zepto. However, Swiggy recently ceased operations of Snacc, its separate 10–15 minute delivery application, a year after its launch. Similarly, Zomato halted its 15-minute delivery service Quick just four months post-introduction, while Zepto’s quick-service food division closed approximately 200 of its 600 locations as part of a restructuring effort due to insufficient demand in various markets. Ola also paused its Ola Foods delivery service following its relaunch.

In contrast, Zomato-owned Blinkit continues to run Bistro, its instant food delivery offering. Swish, which commenced operations in FY25, reported a revenue of Rs 4 crore alongside a loss of Rs 19 crore for the period from July 8, 2024, to March 31, 2025.