Rustlinga 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 in its 10-minute fresh food delivery service.
The Series B round, led by Hara Global and Bain Capital Ventures, also saw participation from Accel, Stride Ventures and Alteria Capital. It values Swish at $139 million post-money, more than double its valuation a year ago, and brings the total funding to $54 million.
This funding comes as ultra-fast food delivery remains a difficult business to sustain in India. Bigger platforms such as Swiggy, Zepto and Zomato have done so in recent months reduced Or close their fast delivery experiencesciting operational complexity and cost pressures.
Founded in 2024, Swish operates a comprehensive business model, owning its kitchens, supply chain and delivery network, and focusing on dense, hyperlocal clusters with delivery radii of approximately 1 kilometer. This gives Swish better profitability, he says, compared to marketplace platforms that must rely on commissions from third-party restaurants.
The startup says it now delivers around 20,000 orders a day, up from around 5,000 four months ago, as it expands across 10 micro-markets in Bengaluru. Swish has also focused on automating kitchen operations to enable 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, which allows us to act almost like a restaurant kitchen, bringing food to your table,” he told TechCrunch.
Swish offers over 200 items across meals, snacks, and drinks, with an average order value ranging between ₹200 and ₹250 (approximately $2-3). It says usage is highly repetitive, with top users ordering more than 10 times a month, largely among young urban consumers aged 20 to 35, as it targets multiple daily eating occasions, from breakfast and tea time to late-night orders.
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The startup’s former kitchen groups have reached profitability, Shah said, although he did not disclose margins per order.
Swish plans to expand in Bengaluru and other regions like Delhi-NCR and Mumbai, Shah said.
However, its economic model remains dependent on dense urban clusters and high order volumes. So we’ll have to wait and see whether investor enthusiasm proves justified, especially as larger competitors have scaled back their experiments with fast delivery.
Jagmeet covers startups, technology policy updates and all other major technology developments in India for TechCrunch. He previously worked as a senior correspondent at NDTV.
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