10 Minute Food Delivery Startup Swish Secures $38 Million in Funding
Swish, a Bengaluru based 10 minute food delivery startup, has successfully raised $38 million in a funding round directed by Hara Global and Bain Capital Ventures, with contributions from existing investor Accel. This round also includes venture debt from Alteria Capital and Stride Ventures. According to Startup Superb’s estimates, Swish’s valuation is poised to grow over 2.4X to approximately Rs 1,267 crore or around $140 million post money. This marks the third funding round for the company within a span of 16 months. Previously, the startup secured $14 million from Hara Global Capital and Accel, a fundraise that was exclusively reported by Startup Superb in March last year. Prior to that, the company obtained $2 million in seed capital during November 2024.
The latest funds will be allocated to bolster the expansion of its operations and to enhance its quick delivery infrastructure. Established in 2024, Swish operates with a 10 minute food delivery model via a network of cloud kitchens strategically located near demand clusters. The emphasis is placed on delivering meals within a limited radius to facilitate quicker turnaround times.
As reported by the company, daily order volumes have surged to around 20,000 from approximately 5,000 just four months prior. Swish operates in the ultra fast food delivery sector, competing alongside major players such as Zomato, Swiggy, and Zepto. This sector has experienced several setbacks; for instance, Swiggy discontinued its 10 to 15 minute delivery app Snacc less than a year after its launch, and Zomato paused its 15 minute service Quick shortly following its rollout. Similarly, Zepto has scaled back its quick service division, Zepto Café, shutting down around 200 of its 600 outlets as part of a restructuring initiative. Ola has also placed its Ola Foods delivery service on hold following a relaunch, while Blinkit, owned by Zomato, continues to operate its instant food delivery service, Bistro.