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 Series B round led by existing investor Hara Global with the 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. Entrackr exclusively reported the fundraise in March last year.

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 displays.

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 to join the round with Rs 91 crore (around $10 million) and Rs 63.76 crore ($7 million). respectively.

According to the 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 utilizing cloud kitchens called delight centers.

Swish entered the ultra-quick food delivery segment alongside larger players like Zomato, Swiggy, and Zepto. However, Swiggy recently shut down Snacc, its standalone 10–15 minute food delivery app, within a year of launch. Zomato, too, pautilized its 15-minute delivery service Quick just four months after its debut. Zepto Café, Zepto’s quick-service food vertical, closed nearly 200 of its 600 outlets as part of an internal restructuring amid weak demand in some markets. 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.

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