Swish, a food delivery startup based in Bengaluru, has secured $38 million in its latest funding round, as the 18-month-old company maintains investor interest with its 10-minute fresh food delivery service.

The Series B round, spearheaded by Hara Global and Bain Capital Ventures, also included contributions from Accel, Stride Ventures, and Alteria Capital. It estimates Swish at $139 million after investment, over twice its worth from a year prior, and raises total funding to $54 million.

The funding arrives as the ultra-fast food delivery sector continues to face difficulties in maintaining operations in India. In recent months, larger platforms like Swiggy, Zepto, and Zomato have reduced or halted their rapid-delivery trials, citing difficulties in operations and cost challenges.

Established in 2024, Swish employs a comprehensive business model, controlling its kitchens, supply chain, and delivery system, concentrating on concentrated, hyperlocal areas with delivery ranges of approximately 1 kilometer. Swish claims this provides them with improved economics compared to marketplace platforms that depend on commissions from third-party restaurants.

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The startup claims it is currently fulfilling around 20,000 orders daily, increasing from approximately 5,000 four months prior, as it grows in 10 micro-markets in Bengaluru. Co-founder and CEO Aniket Shah states that Swish is concentrating on automating kitchen processes to enhance delivery speed and ensure consistency.

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"We are extremely compact and closely connected to the customer, allowing us to operate almost like a restaurant kitchen, serving food directly to your table," he states.

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Swish provides over 200 products in meals, snacks, and drinks, with an average order value ranging from Rs.200 to Rs.250 (approximately $2-$3). It indicates that usage is largely driven by repetition, with leading users placing over 10 orders per month, primarily among young city dwellers aged 20 to 35, as it caters to various daily dining moments from breakfast and tea-time to late-night requests.