Swish Raises $24 Mn at $175 Mn Valuation

Swish is raising ₹224.54 crore, or around $24 million, in an extended Series B round led by

Bertelsmann India Investments, marking its second fundraise this year. Existing investors Bain

Capital Ventures, Accel and Hara Global are also participating as the Bengaluru-based startup

continues to scale its 10-minute food delivery model.

Bertelsmann will invest ₹143.34 crore, giving it an 8.67% stake after the round. Bain Capital

Ventures is putting in ₹62 crore, while Accel and Hara Global will contribute ₹14.32 crore and

₹4.8 crore, respectively. The fresh financing comes only months after Swish raised $38 million in

March in a round led by Hara Global and Bain Capital.

The latest round is also pushing Swish’s valuation higher. Entrackr estimates the company will

be valued at around ₹1,653 crore, or $175 million post-money, up more than 30% from the

₹1,268 crore valuation attached to its previous round. Accel will remain Swish’s largest

shareholder with a 23.48% stake, followed by Hara Global at 17.93%.

Founded in 2024 by Aniket Shah, Sureshkumar Saran and Ujjwal Sukheja, Swish operates

through cloud kitchens positioned close to high-demand neighbourhoods. The model is

designed to prepare and deliver meals within roughly 10 minutes by limiting the delivery radius

and keeping kitchens closer to consumers.

Swish is still an early-stage business financially. It reported ₹4 crore in revenue and a ₹19 crore

loss during the eight-month period of FY25, while FY26 numbers have yet to be filed. It is also

entering an increasingly crowded market alongside Blinkit Bistro, Zepto Cafe, Swiggy Bolt and

established cloud-kitchen operators. With another sizeable round behind it, the real test will be

whether Swish can build enough repeat demand and order density to make ultra-fast food

delivery economically sustainable.