Swish, a Bengaluru-based quick food delivery startup, has moved to raise Rs 224.54 crore, or approximately $24 million, in an extended Series B funding round led by Bertelsmann India Investments. The company will issue 4,123 Series B2 compulsory convertible preference shares at Rs 5,44,616 each, according to regulatory filings. This marks the second major fundraise for Swish in 2025, and signals continued investor appetite for rapid food delivery models.
Funding Structure and Valuation
The new round will be led by Bertelsmann India Investments with Rs 143.34 crore, or about $15 million, while Bain Capital Ventures will contribute Rs 62 crore, roughly $6.5 million. Existing investors Accel and Hara Global are also participating with Rs 14.32 crore and Rs 4.8 crore, respectively. Based on Entrackr estimates, Swish's post-money valuation is expected to rise more than 30 percent to Rs 1,653 crore, or around $175 million, from Rs 1,268 crore in its previous round.
Deal Context
This latest capital infusion comes just months after Swish's previous Series B round, pointing to sustained investor interest in the 10-minute food delivery model. In June, Moneycontrol reported that Swish was in talks to raise $20 million from Bertelsmann India Investments. The current transaction totals around $24 million, while Bertelsmann is committing about $15 million as the lead investor.
Investor Stakes and Shareholding
After the transaction closes, Bertelsmann India Investments will acquire an 8.67 percent stake in the company. Accel will remain the largest shareholder with 23.48 percent, ahead of Hara Global at 17.93 percent and Bain Capital Ventures at 9.97 percent. According to regulatory filings, co-founders Aniket Shah, Sureshkumar Saran and Ujjwal Sukheja will each retain 10.98 percent.
Company Model and Market Focus
Founded in 2024 and launched in July 2024, Swish combines cloud kitchens, logistics and a consumer app to deliver meals within a one-kilometre radius in about 10 minutes. The startup focuses on frequent, lower-ticket occasions such as breakfast, snacks and late-night meals rather than traditional lunch and dinner orders. By owning its kitchens and logistics, Swish says it can avoid third-party commissions and reinvest margins into food quality and delivery speed.
Early Growth and Customer Demand
At the time of its last fundraise, Swish said it was serving more than 20,000 orders daily, with menus spanning quick bites and full meals. The company initially began with smaller use cases such as coffee and snacks before expanding into other meal categories as repeat demand grew. This gradual expansion has helped Swish refine its offering in selected urban clusters.
Financial Performance and Prior Funding
Swish had previously raised around $54 million before the latest round, with a $38 million Series B earlier in 2025 led by Hara Global and Bain Capital Ventures. For the eight-month period of FY25, the company reported Rs 4 crore in revenue and a total loss of Rs 19 crore. Its financial results for FY26 have not been filed yet.
Competitive Pressure and Future Outlook
Swish operates in an increasingly crowded quick food delivery segment alongside Blinkit's Bistro, Zepto Cafe, and Swiggy's Bolt, as well as cloud kitchen operators like Rebel Foods and Curefoods. The company must build enough order density and repeat demand to compete with larger platforms that have deeper distribution and existing customer traffic. Its vertically integrated model may offer speed advantages, but scaling it profitably remains the central challenge.
With a new institutional investor in Bertelsmann India Investments and a higher valuation, Swish is positioned to deepen its presence in the quick food delivery market. The fresh capital will likely support expansion, operational improvements, and efforts to strengthen repeat demand across its delivery zones. Still, the startup's ability to scale efficiently against well-funded competitors will determine whether its 10-minute model becomes durable.