Swisha Bengaluru-based food delivery startup, has raised $38 million in a new round of funding as the 18-month-old company continues to attract investor interest for its 10-minute fresh food delivery service.
The Series B round, led by Hara Global and Bain Capital Ventures, also included Accel, Stride Ventures and Alteria Capital. It values Swish at $139 million post-money, more than double its valuation a year ago and brings total funding to $54 million.
The funding comes as fast food delivery remains a tough business to sustain in India. Bigger platforms like Swiggy, Zepto and Zomato have in recent months decreased or shut down their rapid delivery experimentsciting operational complexity and cost pressures.
Founded in 2024, Swish operates a complete business model, owning the kitchens, supply chain and delivery network and focusing on dense, hyperlocal clusters with delivery radii of around 1km. That gives Swish better economics, he says, compared to marketplace platforms that have to rely on third-party restaurant supplies.
The startup says it now delivers about 20,000 orders a day, up from about 5,000 four months ago, as it expands to 10 micromarkets in Bengaluru. Swish has also focused on automating kitchen operations to support 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 can operate almost like a restaurant kitchen, bringing food to your table,” he told TechCrunch.
Swish offers more than 200 items in meals, snacks and drinks, with an average order price of ₹200 to ₹250 (around $2-3). It says usage is largely based on repeat, with top users ordering more than 10 times a month, mostly among young urban consumers aged 20 to 35, as it targets many everyday eating occasions from breakfast and tea to late night.
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The startup’s older kitchen teams have reached profitability, Shah said, though he did not disclose margins per order.
Swish plans to expand within Bengaluru and other regions like Delhi-NCR and Mumbai, Shah said.
Its business model, however, remains dependent on dense urban clusters and high-end volumes. So we’ll have to wait and see if investor excitement proves justified, particularly as larger rivals have scaled back their fast-delivery experiments.
