Restaurant India News: Swish Targets Rs 282.5 Crore Series B to Scale 10-Minute Delivery

Swish, a 10-minute food delivery startup, is preparing to raise Rs 282.5 crore (approximately $30 million) through a Series B funding round, as it looks to strengthen its position in the ultra-fast food delivery segment.

The round is being led by existing investor Hara Global Capital, with participation from Accel India and Bain Capital Ventures. This follows the company’s earlier fundraise completed a year ago, when it secured $14 million from Hara Global Capital and Accel.

As part of the transaction, Swish’s board has approved a special resolution to issue 5,843 Series B compulsory convertible preference shares at a price of Rs 4,83,419 per share to raise the planned capital. Hara Global Capital is expected to invest Rs 127.57 crore (around $14 million), while Bain Capital Ventures and Accel India will contribute Rs 91 crore (approximately $10 million) and Rs 63.76 crore (around $7 million), respectively.

The funding round is expected to increase the company’s valuation to Rs 1,267 crore (around $140 million) on a post-money basis, marking a rise of over 2.4 times compared to its earlier valuation of Rs 522 crore (approximately $60 million) during its previous $14 million Series A round.

Post-allotment, Accel India is projected to become the largest shareholder with a 26.2 percent stake, followed by Hara Global Capital at 20.43 percent. Bain Capital Ventures will hold 7.19 percent, while co-founders Aniket Shah, Sureshkumar Saran, and Ujjwal Sukheja will each retain a 12.72 percent stake.

Founded in 2024, Swish operates a rapid delivery model targeting order fulfilment within 10 minutes across a 1.5–2 km radius. The company uses a network of cloud kitchens, referred to as “delight centers,” to support its operations.

Swish entered a segment that has seen multiple strategic shifts from established players such as Zomato, Swiggy, and Zepto. Swiggy discontinued its standalone 10–15 minute delivery app Snacc within a year, while Zomato paused its Quick 15-minute delivery service shortly after launch. Zepto reduced the scale of its quick-service vertical Zepto Café by shutting nearly 200 of its 600 outlets as part of restructuring efforts. Meanwhile, Ola has placed its Ola Foods delivery service on hold following a relaunch. In contrast, Zomato-owned Blinkit continues to operate Bistro, its instant food delivery offering.

Swish, which began operations in FY25, reported revenue of Rs 4 crore and a net loss of Rs 19 crore for the period between July 8, 2024, and March 31, 2025. The company’s current fundraise indicates continued investor interest in the ultra-fast delivery segment, despite operational challenges and mixed outcomes across the category.