Bengaluru-based food delivery startup Swish has raised $24 million in a funding round led by Bertelsmann India Investments (BII), according to an announcement.
Existing investors Accel, Bain Capital Ventures and Hara Global also participated in the round, the startup said in a statement on Thursday (Sept. 10).
Swish said it will use the fresh capital proceeds to expand its kitchen network and supply chain infrastructure, while increasing its capacity to meet growing demand.
Founded by Aniket Shah, Ujjwal Sukheja, and Saran S., Swish operates a vertically integrated network of neighbourhood kitchens, with each kitchen serving customers within an average radius of about one kilometre. It offers fresh food delivery in about 10 minutes.
“The food services market is about $100 billion in size, with online food delivery still capturing less than 10% of the market today. An average Indian consumer consumes food 90–100 times a month, but orders online only 4 times out of it. Getting fresh, delicious food at the best prices in 10 minutes is an incredibly delightful experience, and our ambition is to make this possible for 100 million consumers and capture a large share of this $100B opportunity,” said Aniket Shah, Co-founder and CEO, Swish.
Over the past six months, the company has expanded its operations to Bengaluru, Gurugram, Noida, Delhi and Ghaziabad. Its monthly order volume has tripled since March to more than 1 million orders, according to the company.
Swish has also expanded its menu to more than 250 SKUs across over 20 food categories.
The latest round comes as competition intensifies in India’s quick food delivery segment, with companies investing in localised kitchen networks and shorter delivery times.
“BII has invested in India for over a decade, and our conviction has stayed the same: the country’s largest consumer businesses will be built by founders willing to own the entire problem rather than a convenient slice of it. We have seen it before in fresh non-veg food at Licious, and we see it again with Swish,” said Pankaj Makkar, Managing Director, Bertelsmann India Investments.
