Bengaluru-based quick food delivery startup Swish is raising $24 million in an extended Series B funding round led by Bertelsmann India Investments. The investment brings a new institutional investor into the company as demand for faster food delivery continues to grow.
The company is raising Rs 224.54 crore through the issue of 4,123 Series B2 compulsorily convertible preference shares at Rs 5,44,616 per share. Existing investors Bain Capital Ventures, Accel and Hara Global are also participating in the round.
Bertelsmann India Investments is investing Rs 143.34 crore, or about $15 million, in the round. Bain Capital Ventures is putting in Rs 62 crore, Accel Rs 14.32 crore and Hara Global Rs 4.8 crore, according to the proposed transaction approved by the Swish board.
Swish Raises Fresh Funding
The latest fundraising comes only a few months after Swish raised $38 million in March this year. That round was led by Hara Global and Bain Capital Ventures and valued the company at around Rs 1,268 crore.
Following the latest investment, Swish post-money valuation is expected to rise by more than 30% to about Rs 1,653 crore, or nearly $175 million. The increase comes as the startup continues to build its position in the fast-growing quick food delivery market.
After the transaction, Bertelsmann India Investments is expected to hold an 8.67% stake in Swish. Accel will remain the largest shareholder with a 23.48% holding, followed by Hara Global with 17.93% and Bain Capital Ventures with 9.97%.
Investors Increase Their Stakes
Swish co-founders Aniket Shah, Sureshkumar Saran and Ujjwal Sukheja are expected to retain 10.98% each after the funding round. The shareholding structure reflects continued participation from existing investors alongside the entry of Bertelsmann India Investments.
The funding also comes at a time when quick commerce players and food delivery companies are testing shorter delivery timelines. Swish is focused specifically on prepared meals and operates through a network of cloud kitchens located close to customer demand.
Founded in 2024, Swish started operations in July that year. Its business model is built around delivering food within 10 minutes by keeping kitchens within a limited delivery radius of customers.
Swish Builds Cloud Kitchens
The company uses strategically placed cloud kitchens instead of relying only on traditional restaurants. The model allows Swish to prepare orders closer to customers and reduce the time between receiving an order and completing delivery.
Before the latest funding, Swish had raised nearly $54 million in total capital. This included a $14 million investment secured in March 2025, followed by the $38 million financing round announced earlier this year.
Swish reported revenue of Rs 4 crore during the eight-month period ending FY25. However, it recorded a loss of Rs 19 crore during the same period. The company has not yet disclosed its financial performance for FY26, making profitability and operating economics an important factor as it expands.
New funding is expected to support Swish as it expands its quick food delivery network and strengthens operations. The company will also need to manage delivery costs, kitchen utilisation and order volumes as it competes in a segment where speed remains a key selling point.
Swish in Delhi
Swish has built its business around hyperlocal food delivery, making city expansion an important part of its growth plans. Delhi-NCR is a major market for quick commerce and food delivery, with customers already familiar with short delivery timelines. Expansion into Delhi could therefore give Swish access to a large urban customer base, although the company has not disclosed a specific timeline or detailed plans for launching in the city.
The latest funding gives Swish additional capital to compete in the 10-minute food delivery segment while its valuation continues to increase. At the same time, its reported losses show that the startup remains in an expansion phase and will need to balance rapid delivery with sustainable unit economics.
