Bengaluru-based food delivery startup Swish has raised $38 million, its third round in 18 months

Swish, a Bengaluru-based food delivery startup, has raised $38 million in a new funding round, 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, saw participation from Accel, Stride Ventures and Alteria Capital. Swish is valued at $139 million, more than double its valuation a year ago, and brings total funding to $54 million.

The funding comes at a time when fast food delivery remains a major challenge in India. In recent months, larger platforms such as Swiggy, Zepto and Zomato have scaled back or stopped express delivery trials, due to operational complexity and cost pressures.

Founded in 2024, Swish operates an integrated business model, owns its own kitchens, supply chain and delivery network, and focuses on dense local clusters with a radius of approximately 1 km. This gives Swish better economics, she says, compared to marketplace platforms that must rely on commissions from third-party restaurants.

The startup says it now places about 20,000 orders a day, compared to about 5,000 orders four months ago, as it expands across 10 micro markets 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 are very dense, very close to the customers, which ensures that we can operate almost like a restaurant kitchen, bringing the food to your table,” he told TechCrunch.

Swish offers more than 200 items across meals, snacks and drinks, with an average order value of INR 200-250 (about $2-$3). It says usage is largely based on frequency, with top users ordering more than 10 times a month, largely among young urban consumers aged 20 to 35, targeting many everyday dining occasions from breakfast and teatime to late-night orders.

Shah said the startup’s old kitchen sets were profitable, though he did not disclose order margins.

Swish plans to expand within Bengaluru and in other regions like Delhi-NCR and Mumbai, Shah said.

However, its business model is still based on dense urban agglomerations and large volumes. So we will have to wait and see whether investor enthusiasm is justified, especially since larger competitors have scaled back their experiments with express delivery.