Swish, a Bengaluru-based food delivery startup, has secured $38 million in a new funding round as the company gains investor interest for its 10-minute fresh food delivery service. The Series B funding round was led by Hara Global and Bain Capital Ventures, with participation from Accel, Stride Ventures, and Alteria Capital, valuing Swish at $139 million post-money and bringing total funding to $54 million.
Despite the challenges in India’s ultra-fast food delivery sector, Swish’s approach stands out as larger companies like Swiggy, Zepto, and Zomato have recently scaled back or shut down their quick delivery services. Founded in 2024, Swish uses a full-stack business model with owned kitchens, supply chain, and delivery network, focusing on dense, hyperlocal areas with delivery radii of about 1 kilometer, claiming better economics compared to platforms relying on third-party restaurant commissions.
Swish is currently delivering approximately 20,000 orders daily, a significant increase from 5,000 orders four months ago, as it expands in 10 Bengaluru micro-markets. The startup has focused on automating kitchen operations for faster delivery and consistency, as stated by co-founder and CEO Aniket Shah. Shah describes the model as a restaurant kitchen bringing food directly to customers.
Offering over 200 items, Swish’s average order value is ₹200 to ₹250 ($2-$3), targeting repeat customers, especially young urban consumers aged 20 to 35, with frequent orders across meals, snacks, and beverages. Older kitchen clusters have reached profitability, though Shah did not detail per-order margins. Swish plans further expansion in Bengaluru and areas like Delhi-NCR and Mumbai.
The business model depends on dense urban clusters and high-order volumes, with investor enthusiasm remaining to be validated as larger competitors scale down their rapid-delivery efforts.