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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.

Exclusive: Swish raising $30 Mn at over 2.4X valuation premium

EntrackrEntrackr · 1d ago
Exclusive: Swish raising $30 Mn at over 2.4X valuation premium
Medial

Exclusive: Swish raising $30 Mn at over 2.4X valuation premium Ten-minute food delivery startup Swish is all set to raise Rs 282.5 crore or approximately $30 million in a Series B round led by existing investor Hara Global with participation from Accel India and Bain Capital Ventures. The new funding comes a year after the Bengaluru-based company’s last fundraise. Previously, the company raised $14 million from Hara Global Capital and Accel. The board at Swish has passed a special resolution to issue 5,843 Series B compulsory convertible preference shares at an issue price of Rs 4,83,419 each to raise the above-mentioned amount, its regulatory filing accessed from the Registrar of Companies shows. Hara Global Capital will lead the round with Rs 127.57 crore ($14 million) investment to increase its stake in the firm. Bain Capital Ventures and Accel India will join the round with Rs 91 crore (around $10 million) and Rs 63.76 crore ($7 million), respectively. According to Entrackr’s estimates, Swish’s valuation will jump over 2.4X to Rs 1,267 crore or around $140 million post-money, from Rs 522 crore ($60 million) in its previous $14 million Series A round. Following the allotment of the new round, Accel India will hold the largest stake at 26.2%, followed by Hara Global with 20.43%, while new investor Bain Capital Ventures will own a 7.19% stake. Its co-founders Aniket Shah, Sureshkumar Saran, and Ujjwal Sukheja will retain 12.72% each. Founded in 2024, Swish’s 10-minute delivery model operates within a 1.5–2 km radius using cloud kitchens called delight centers. Swish entered the ultra-fast food delivery segment alongside larger players like Zomato, Swiggy, and Zepto. Swiggy recently shut down Snacc, its standalone 10–15 minute food delivery app, within a year of launch. Zomato paused its 15-minute delivery service Quick just four months after its debut. Zepto Café closed nearly 200 of its 600 outlets as part of an internal restructuring. Ola also put its Ola Foods delivery service on hold following its relaunch. In contrast, Zomato-owned Blinkit continues to operate Bistro, its instant food delivery app. Swish, which started operations in FY25, reported revenue of Rs 4 crore and a loss of Rs 19 crore for the period from July 8, 2024, to March 31, 2025.

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.

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