Swish Secures $14 Million in Series A Funding to Expand 10-Minute Food Delivery

• ByStartupStory     |    March 8, 2025

Bengaluru-based quick food delivery startup Swish has raised $14 million (INR 121.8 crore) in what appears to be its Series A funding round. The investment comes from venture capital firm Accel, Hara Global, and Unacademy founder Gaurav Munjal as the company seeks to expand its operations.

According to Swish’s filings with the Ministry of Corporate Affairs (MCA), its board allocated 4,742 Series A compulsorily convertible preference shares (CCPS) at a face value of INR 100 and a premium of INR 2,56,324.43, along with 10 equity shares at a face value of INR 10 and a similar premium on February 28.

The funding round saw Hara Global acquire 2,704 CCPS and 10 equity shares, translating to a total investment of INR 69.57 crore. Accel followed with an investment of INR 52.19 crore for 2,036 CCPS, while Munjal contributed INR 5.1 lakh to the startup.

Inc42 reached out to Swish co-founder Aniket Shah for further details on the funding round, but he did not respond to calls and messages.

Expanding Presence Across Bengaluru

Founded by former Pillow team members Aniket Shah and Ujjwal Sukheja, along with ex-Polygon Labs software engineer Saran S, Swish launched its operations in Bengaluru’s HSR Layout in August last year. The startup operates a network of cloud kitchens, referred to as “Pods,” to deliver quick-bite meals within 10 to 15 minutes via its app.

The company previously raised $2 million in a seed funding round led by Accel in November. Early backers of Swish also include former Swiggy Instamart head Karthik Gurumurthy and Urban Company founders Abhiraj Bhal and Varun Khaitan.

With its latest funding, Swish aims to strengthen its presence in Bengaluru, having already expanded to key locations such as Indiranagar, Koramangala, and Whitefield.

In an earlier conversation with Inc42, Shah outlined the company’s growth plans: “Swish was eyeing setting up 45 Pods (its cloud kitchens) over the next six months in a bid to cater to the ‘most high-demand areas of Bengaluru’. The startup then planned to expand outside Bengaluru in due course of time.”

Since launching, the Swish app has gained over 100,000 downloads on the Google Play Store.

Competition in the 10-Minute Food Delivery Market

Swish faces stiff competition from established players such as Swiggy, Zomato, and Zepto, which have also adopted cloud kitchen models to enhance their quick food delivery offerings.

Zepto has reported significant traction with its rapid food delivery service, Zepto Cafe. In a LinkedIn post on February 22, Zepto co-founder and CEO Aadit Palicha stated, “Zepto Cafe has hit 1 Lakh orders per day.”

He further added, “Zepto Cafe is close to achieving $100 Mn annualised gross merchandise value (GMV) run-rate with a near 50% steady-state gross margin.”

Meanwhile, Zomato-owned Blinkit has launched Bistro for quick food deliveries, while Swiggy has introduced SNACC. Both platforms are also focusing on providing 10 to 15-minute food deliveries within their respective segments.

As the 10-minute food delivery space heats up, Swish’s fresh funding will enable it to scale its operations and compete with major players in the market. The company’s strategic expansion and growing demand indicate a promising trajectory for its business model in the rapid food delivery segment.

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