Synopsis
Swish has raised $38 million led by UK-based Hara Global and Bain Capital Ventures, with participation from Accel and others. Hara Global and Accel are existing investors in Swish, which has also raised venture debt as a part of this round from Alteria Capital and Stride Ventures, cofounder and CEO Aniket Shah told ET.Swish will utilise the capital to expand its team, enter new cities, and invest in kitchen automation and supply chain infrastructure. The latest round values the two-year old startup at about $140 million, more than double the $60 million at which it last raised capital in March 2025. So far, the company has raised about $54 million.
ET had first reported about Swish’s plan to raise $30-35 million on February 9.
Founded in 2024 by Shah, Ujjwal Sukheja, and Saran S, Swish delivers mini meals, snacks, beverages, and dessert in about 10 minutes by preparing the food at company-run cloud kitchens located within a 1 km from the customer.
“We are live in some parts of Bengaluru. We will continue to go deeper and denser here while expanding across other cities like Delhi NCR,” said Shah. “We are an end-to-end food-tech company. We will invest in automated equipment that we use in our kitchens to cook fresh food.”
Swish started with quick bites, coffee, and late-night snacks, but now offers breakfast, mini meals, protein-rich options, festive specials, and desserts.
“We are seeing growth across our business, and more than 20,000 people order from Swish every day in Bengaluru,” said Shah.
This comes at a time when rapid delivery has grown across segments like food, fashion, house help, beauty services, and more.
Food delivery and quick commerce incumbents have also given 10-minute food delivery a shot, only to eventually scale down due to unviable unit economics or supply chain issues.
Last month, Swiggy shut down its 10-minute food delivery app Snacc after almost a year due to profit pressures. Similarly, Zepto Cafe has been scaling down operations due to challenges around sourcing its products and a shortage of trained staff.
Currently, Swish competes with Blinkit’s Bistro, Swiggy’s Bolt, and Zepto café, besides cloud kitchen operators such as Rebel Foods and Curefoods. Unlike the others, Bolt partners with select restaurants to store items like snacks, beverages, and desserts, which can be delivered in 15 minutes.
The overall food delivery space, which had been witnessing a slowdown over the past two to three years, has seen some green shoots over the last few quarters with listed players Zomato and Swiggy reporting higher-than-anticipated increase in their gross order value (GOV).
The industry, too, has been seeing growing momentum with newer players entering. Besides Swish, this includes Rapido’s Ownly, which has rolled out in Bengaluru and plans to expand to more cities, as well as Flipkart, which will launch a pilot programme in May.
