Swish, the quick food delivery startup, has successfully raised $38 million (approximately ₹356 crore) in its Series B funding round. The investment was led by Hara Global and Bain Capital Ventures, with contributions from Alteria Capital, Stride Ventures, and existing supporter Accel.
The funds will be utilized to expand Swish's 10-minute food delivery service across various urban locations. Additionally, the startup plans to invest in team growth, kitchen automation, and supply chain enhancements.
Founded in 2024 by Aniket Shah, Ujjwal Sukheja, and Saran S, Swish specializes in delivering fresh meals in under 10 minutes. The company manages the entire delivery process, from kitchens to the ordering platform and delivery fleet, eliminating third-party commissions. They focus on densely populated urban areas, establishing cloud kitchens that serve customers within a 1 km radius for quicker delivery.
Currently, Swish processes around 20,000 orders daily, offering a range of items such as breakfast dishes, healthy bowls, desserts, and protein-rich meals.
“Controlling every aspect of the food supply chain is crucial to delivering high-quality, fresh food in 10 minutes at scale. This funding will help us accelerate our growth into more neighborhoods,” stated Shah, co-founder and CEO of Swish.
Starting with a single cloud kitchen in Bengaluru, Swish has now raised a total of $58 million across three funding rounds. Previously, they secured $14 million in March last year from Accel, Hara Global, and Unacademy founder Gaurav Munjal. Currently, their operations are limited to Bengaluru, but they have plans for multi-city expansion.
The quick delivery market is highly competitive, with various startups striving to offer rapid service for a wide range of products. Established players like Blinkit, Zepto, and Instamart have become integral to urban consumers' daily routines. Meanwhile, instant home services have gained traction thanks to the growth of companies like Pronto, Snabbit, and Urban Company’s ‘Insta Help’.
However, the quick food delivery segment has proven challenging. Recently, Swiggy discontinued its 15-minute delivery service Snacc due to unsustainable unit economics just over a year after its launch. Similarly, Zing also halted its quick food delivery plans, shifting focus to quick commerce instead.
Other platforms, like Blinkit and Zepto, have introduced separate apps for food delivery, but details on their performance remain unclear, raising questions about the scalability of quick food delivery given its capital-intensive nature and challenging economics.
