Bengaluru food startup Swish raises $38M, its third round in 18 months

SwishBengaluru-based food startup, has raised $38 million in new funding, as the 18-month-old company continues to attract investor attention for its 10-minute fresh food delivery service.

The Series B round, led by Hara Global and Bain Capital Ventures, also saw participation from Accel, Stride Ventures, and Alteria Capital. It values ​​Swish at $139 million after financing, more than doubling from a year ago, and brings total revenue to $54 million.

This revenue comes from the fact that fast food delivery is still a difficult business in India. Major platforms like Swiggy, Zepto, and Zomato have joined in recent months to take back or Close it theirs fast shipping testciting performance issues and cost issues.

Founded in 2024, Swish operates a full-service business model, with its own kitchens, delivery facilities, and delivery network, focusing on hyperlocal groups with delivery radii of approximately 1 kilometer. This gives Swish a better economy, it says, compared to marketplace platforms that have to rely on other restaurant commissions.

The startup says it now delivers about 20,000 orders a day, up from about 5,000 four months ago, as it expands into 10 small markets in Bengaluru. Swish has also focused on developing kitchen automation to facilitate faster delivery and consistency, co-founder and CEO Aniket Shah (pictured above) said in an interview.

“We’re very dense, very close to the customer, making sure we’re able to act like a restaurant kitchen, and bring food to your table,” he told TechCrunch.

Swish offers more than 200 items of food, snacks, and drinks, with an average price of ₹200 to ₹250 (around $2-$3). It says usage is driven by frequency, with top users ordering more than 10 times a month, especially among young urban shoppers aged between 20 and 35, as they focus on a range of daily meals from breakfast and tea time to late night orders.

The original kitchen units have made a profit, Shah said, although he did not disclose the order limits.

Swish plans to expand within Bengaluru and other areas such as Delhi-NCR and Mumbai, Shah said.

Its businesses, however, remain dependent on dense urban communities and high levels of planning. So we’ll have to wait and see if the investor’s enthusiasm can be justified, especially since the main competitors have reduced their attempts to ship quickly.