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Quick food delivery startup Swish is once again in the fundraising market, barely two months after closing its $38 million Series B round, as investor appetite for the fast-growing rapid food delivery segment remains strong.
The Bengaluru-based startup is in advanced discussions to raise around $20 million (Rs 190 crore) from Bertelsmann India Investments (BII) and other investors as part of a broader funding round.
A source familiar with the matter said, "Swish has reached advanced discussions to raise about $20 million (Rs 190 crore) from Bertelsmann India Investments (BII) and other investors as part of a broader funding round that the company intends to expand over time."
Another source added, "It is still early days, but if the current discussions progress as expected, Swish could raise around $40-50 million. That said, the company may choose to close the round at a lower amount depending on how the process evolves."
The company is currently seeking a pre-money valuation of around $150-200 million in the ongoing negotiations. Swish and Bertelsmann India Investments did not respond to queries regarding the proposed transaction.
Founded in 2024, Swish operates a 10-15 minute food delivery platform across parts of Bengaluru and Gurugram, offering a menu that includes snacks and complete meals. Popular items on the platform include chai, poha and samosas.
The startup's fundraising journey has accelerated rapidly over the past two years. It raised a $2 million seed round led by Accel in October 2024, followed by a $14 million Series A round in March 2025 led by Hara Global, with participation from Accel. In March 2026, Swish secured $38 million in a Series B round led by Hara Global, with Bain Capital joining as a new investor while Accel increased its stake. The round doubled the company's valuation to $140 million.
Industry observers attribute Swish's momentum to stronger execution and a relatively less competitive market. An investor who had previously evaluated the startup but chose not to invest had earlier said, "We failed to understand what Swish's moat is. Blinkit has Bistro, Swiggy is scaling Snacc, and Zepto is investing in Zepto Cafe – the competition is intense."
Several months later, the same investor acknowledged the company's progress, saying, "We have tracked Swish ever since we passed – the turnaround has really impressed us. The team's execution has improved dramatically and the scale is looking impressive."
The competitive scene has also shifted in Swish's favour. Since its Series A round in 2025, Swiggy has discontinued Snacc, Zepto has recalibrated its Cafe strategy, and Blinkit has reported significant losses in Bistro, reducing competitive pressure in the rapid food delivery category.
Sources said Swish has now crossed an annualised revenue run rate (ARR) of over Rs 165 crore, with an average order value (AOV) of Rs 220 and more than 630,000 monthly orders.
The ongoing fundraising discussions underscore continued investor confidence in India's quick food delivery sector, where companies are increasingly being evaluated on execution, operational efficiency and their ability to scale sustainably.
