Swish Raises Rs 224.54 Crore as 10-Minute Food Delivery Draws Fresh Investor Interest

Bengaluru-based quick food delivery startup Swish is raising Rs 224.54 crore, or around $24 million, in an extended Series B round led by Bertelsmann India Investments, with existing investors also participating.

The latest funding marks Swish’s second fundraise this year. In March, the company raised $38 million in a round led by Hara Global and Bain Capital Ventures.

According to regulatory filings, Swish’s board has approved the issue of 4,123 Series B2 compulsory convertible preference shares at Rs 5,44,616 each. Bertelsmann India Investments will invest Rs 143.34 crore ($15 million), while Bain Capital Ventures will contribute Rs 62 crore ($6.5 million). Accel and Hara Global will invest Rs 14.32 crore and Rs 4.8 crore, respectively.

Based on Entrackr’s estimates, Swish’s post-money valuation is expected to rise by more than 30% to Rs 1,653 crore, or around $175 million, from Rs 1,268 crore following its previous $38 million round.

The investment will give Bertelsmann India Investments an 8.67% stake in Swish. Accel will continue to hold the largest stake at 23.48%, followed by Hara Global at 17.93% and Bain Capital Ventures at 9.97%. Co-founders Aniket Shah, Sureshkumar Saran and Ujjwal Sukheja will retain 10.98% each.

Founded in 2024 and launched in July 2024, Swish operates a 10-minute food delivery model through cloud kitchens located near demand clusters. Its model focuses on serving customers within a limited radius to reduce delivery times.

Before the latest round, Swish had raised around $54 million, including a $14 million round in March 2025. The company reported Rs 4 crore in revenue and a total loss of Rs 19 crore during the eight-month period of FY25. Its FY26 financial results have not yet been filed.

Swish is competing in a growing quick food delivery segment that includes Blinkit’s Bistro, Zepto Cafe and Swiggy’s Bolt, while cloud-kitchen operators such as Rebel Foods and Curefoods also operate in the broader food delivery market. The company’s next challenge will be building sufficient order volumes and repeat demand to support its focused cloud-kitchen-led delivery model.