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10 min food delivery startup Swish raises $14 Mn

EntrackrEntrackr · 4m 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.

Accel backs 10-minute food delivey startup Swish

EntrackrEntrackr · 8m 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.

Ola pilots 10-minute food delivery starting from Bengaluru

EntrackrEntrackr · 7m ago
Ola pilots 10-minute food delivery starting from Bengaluru
Medial

Ola Consumer, the hyperlocal delivery arm led by Bhavish Aggarwal, has started piloting quick food delivery services in select areas of Bengaluru. The service is being offered through the Open Network for Digital Commerce (ONDC), a government-backed initiative. Under the food delivery section on the Ola Cabs app, Ola claims to deliver food items from various restaurants within 10 minutes. Ola currently offers F&B services via ONDC but only in limited cities. Apart from food delivery, it also offers last-mile logistics services for grocery shopping and pharmaceuticals via ONDC. Inc42 reported the development first. Ola will join the likes of half a dozen companies which have initiated or on the verge of launching their instant food delivery services. On Tuesday, offline discovery and rewards platform Magicpin also announced its quick delivery service MagicNOW, a 15-minute food delivery offering piloted across major Indian cities. The instant food delivery market is growing with quick commerce players like Zepto, Swiggy, and Blinkit leading the segment, while new players such as Swish and Zing gain traction. Ola ventured into the food delivery space in 2017 with the acquisition of Foodpanda for mere Rs 28 crore. The company aimed to challenge Swiggy and Zomato by leveraging its vast driver network. In 2018, Ola further acquired home chef marketplace Holachef to strengthen its position. However, the vertical failed to gain traction. By mid-2019, Ola scaled down Foodpanda's operations, focusing on in-house food brands, and by early 2020, it officially shut down the segment, citing a strategic shift to its core mobility biz. Ola's current foray into 10-minute food delivery seems trend-driven but faces significant challenges, especially with its mobility business struggling.

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