Restaurant India News: Swish in Talks to Raise Up to $50 Million at $150–200 Million Valuation

Rapid food delivery startup Swish has returned to the fundraising market just two months after securing $38 million in its Series B round, as investor interest in the quick food delivery segment continues to grow.

According report, the Bengaluru-based company is in advanced discussions to raise around $20 million (Rs 190 crore) from Bertelsmann India Investments (BII) and other investors as part of a larger funding round.

As per the report said, "Swish has reached advanced discussions to raise about $20 million (Rs 190 crore) from Bertelsmann India Investments (BII) and other investors as part of a broader funding round that the company intends to expand over time."

Another source added, "It is still early days, but if the current discussions progress as expected, Swish could raise around $40-50 million. That said, the company may choose to close the round at a lower amount depending on how the process evolves."

The company is currently being valued at approximately $150-200 million pre-money during the ongoing negotiations. Swish and Bertelsmann India Investments did not respond to queries regarding the proposed transaction.

Founded in 2024, Swish operates a 10-15 minute food delivery platform across parts of Bengaluru and Gurugram, offering a menu that includes snacks and complete meals. Popular offerings on the platform include chai, poha and samosas.

Swish's fundraising journey has evolved rapidly over the past two years. The company raised a $2 million seed round led by Accel in October 2024, followed by a $14 million Series A round in March 2025, led by Hara Global with participation from Accel. In March 2026, the startup secured $38 million in Series B funding led by Hara Global, with Bain Capital joining as a new investor while Accel increased its investment. The latest round doubled the company's valuation to $140 million.

Industry observers note that Swish's improved execution and a relatively less competitive environment have strengthened its market position. An investor who had previously evaluated the company but chose not to invest said earlier, "We failed to understand what Swish's moat is. Blinkit has Bistro, Swiggy is scaling Snacc, and Zepto is investing in Zepto Cafe – the competition is intense."

Reflecting on the company's progress several months later, the same investor said, "We have tracked Swish ever since we passed – the turnaround has really impressed us. The team's execution has improved dramatically and the scale is looking impressive."

The changing competitive landscape has also supported Swish's growth. Since its Series A funding in 2025, Swiggy has discontinued Snacc, Zepto has revised its Cafe strategy, and Blinkit has reported significant losses in Bistro, easing competitive pressure in the rapid food delivery category.

According to sources, Swish has now reached an annualised revenue run rate (ARR) of more than Rs 165 crore, with an average order value of Rs 220 and more than 630,000 monthly orders.

The company's latest fundraising discussions highlight continued investor confidence in India's evolving quick food delivery market, where operators are increasingly focusing on execution, operational efficiency and scalable growth models.