Swish Secures $38 Mn to Expand Quick Food Delivery Operations

Swish, a Bengaluru-based 10-minute food delivery startup, has raised $38 million in a fresh 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 estimates, the latest funding will push Swish’s valuation to around Rs 1,267 crore, or nearly $140 million post-money, marking a sharp jump of over 2.4X. This is the company’s third fundraising round within just 16 months, highlighting strong investor interest in the ultra-fast food delivery space.

Previously, Swish raised $14 million from Hara Global and Accel, following an earlier $2 million seed round in November 2024. The fresh capital will primarily be used to expand operations and strengthen its quick delivery infrastructure.

Growth Momentum Amid Tough Competition

Founded in 2024, Swish operates through a network of cloud kitchens strategically located near high-demand areas, enabling it to deliver meals within a limited radius in just 10 minutes. This hyperlocal model has helped the company scale rapidly in a short period.

The startup has seen significant growth in recent months, with daily order volumes rising to around 20,000 from just 5,000 about four months ago. This surge indicates increasing consumer demand for faster food delivery services.

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However, the ultra-fast delivery segment remains highly competitive and challenging. Swish competes with major players such as Zomato, Swiggy, and Zepto. The segment has also witnessed several pullbacks, with companies scaling down or shutting quick delivery experiments due to operational complexities and cost pressures.

Despite these challenges, Swish’s rapid growth and continued investor backing signal confidence in its model as it aims to carve a niche in the evolving quick commerce landscape.