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Swish raises $38 Mn led by Hara Global and Bain Capital Ventures

EntrackrEntrackr · 10d ago
Swish raises $38 Mn led by Hara Global and Bain Capital Ventures
Medial

Swish, a Bengaluru-based 10-minute food delivery startup, has raised $38 million in a funding round led by Hara Global and Bain Capital Ventures, with participation from existing investor Accel. The round also includes venture debt from Alteria Capital and Stride Ventures. According to Entrackr’s estimates, Swish’s valuation will jump over 2.4X to Rs 1,267 crore or around $140 million post-money. This is the third funding round for the company in a span of 16 months. Previously, the company raised $14 million from Hara Global Capital and Accel. Before that, it raised $2 million in seed capital in November 2024. The fresh proceeds will be used to support the expansion of its operations and to strengthen its quick delivery infrastructure. Founded in 2024, Swish operates a 10-minute food delivery model through a network of cloud kitchens located close to demand clusters. The company focuses on delivering meals within a limited radius to enable faster turnaround times. According to the company, daily order volumes have increased to approximately 20,000 from about 5,000 four months ago. Swish operates in the ultra-fast food delivery segment alongside larger players such as Zomato, Swiggy, and Zepto. The space has seen multiple rollbacks, with Swiggy shutting down its 10 to 15-minute delivery app Snacc within a year of launch, Zomato pausing its 15-minute service Quick soon after rollout, and Zepto scaling down its quick service vertical Zepto Café.

Accel backs 10-minute food delivey startup Swish

EntrackrEntrackr · 1y ago
Accel backs 10-minute food delivey startup Swish
Medial

10-minute food-delivery startup Swish has raised $2 million in its maiden funding round led by venture capital firm Accel. Angel investors Abhiraj Bhal and Varun Khaitan, former Swiggy Instamart head Karthik Gurumurthy, and others have also participated in the round. The proceeds will be used to expand operations and ramp up its delivery model across most areas of Bengaluru, with plans to extend into other tier-I cities. Founded in 2024 by Shah, Ujjwal Sukheja, and Saran S, Swish oversees the entire process—from food preparation to delivery—operating within a compact 1.5–2 km radius. The company operates several cloud kitchens in Bengaluru's HSR Layout and Bellandur areas. By the end of November, it plans to expand services to four Bengaluru regions, including new additions Koramangala and Sarjapur. The startup claims to have about 70 to 80 unique stock-keeping units (SKUs) on the app, covering a variety of categories including indulgences, snacks, beverages, and meals. Swiggy recently introduced its 10-minute food delivery service, Bolt. Meanwhile, Zomato launched a similar service called Instant in 2022 but later rebranded it to Everyday, citing a lack of product-market fit.

10 min food delivery startup Swish raises $14 Mn

EntrackrEntrackr · 1y ago
10 min food delivery startup Swish raises $14 Mn
Medial

Exclusive: 10 min food delivery startup Swish raises $14 Mn Swish, a 10-minute food delivery startup, has secured Rs 122.32 crore in its Series A funding round, led by Hara Global Capital and existing investor Accel India. This follows just three months after its $2 million seed round. The board at Swish has passed a special resolution to issue 4,762 Series A compulsory convertible preference shares at an issue price of Rs 2,56,334 each to raise Rs 112.3 crore or $14 million, its regulatory filing accessed from the Registrar of Companies shows. Hara Global Capital led the round with Rs 69.56 crore while Accel India invested Rs 52.18 crore. Kunal Shah-led QED innovation, and Gaurav Munjal (CEO of Unacademy) and Sumer Juneja, investment advisor at SoftBank, participated with Rs 20.5 lakhs, Rs 5 and Rs 30.7 lakh respectively. According to Entrackr's estimates, the company has been valued at around Rs 522 crore or $60 million post-allotment. After the new funding round, Hara Global Capital will own 13.33%, while Accel India will hold a 27.24% stake in the company. Co-founders Aniket Sunil Shah, Sureshkumar Sarana, and Ujjwal Sukheja will each retain a 16.38% share following the Series A round. Founded in 2024, Swish’s 10-minute delivery model operates within a 1.5–2 km radius using cloud kitchens called ‘delight centers,’ ensuring fresh and hygienic food is delivered swiftly through its optimized full-stack approach. Swish is competing in the fast-expanding instant food delivery market, where Zomato, Swiggy, and Zepto are leading the charge. Zomato-owned Blinkit has also launched Bistro, a standalone app for instant food delivery. In December, Bhavish Aggarwal-led Ola entered the segment, while emerging players like Magicpin and Zing are gaining traction. The latest entrant to the space is cloud kitchen unicorn Rebel Foods, which has introduced a new app called QuickiES.

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