Swish is raising additional funds from a new and distinguished institutional investor known as Bertelsmann India Investments. The new round follows a similar schedule and comes only months after the last fundraise, indicating that investor interest in the 10-minute food delivery model continues to be strong.

The company plans to raise ₹224.54 crore (approximately $24 million) in a second bid for the extended Series B round, according to regulatory documentation. The capital infusion is led by Bertelsmann India Investments, alongside its ongoing network of investors. The funding round follows a successful $38 million investment round in March led by Bain Capital and Hara Global.

Investment details and shareholding structure

Regulatory disclosures obtained from the Registrar of Companies indicate that Swish’s board approved a special resolution to register 4,123 Series B2 compulsory convertible preference shares. 

These shares are being issued at an issue price of ₹544616 per share to successfully raise the targeted amount of ₹224.54 crore. Bertelsmann India Investments has also made a major financial contribution of ₹143.34 crore (approximately $15 million), making it the first investor in Swish’s cap table. 

Bain Capital Ventures, the existing institutional backer, will invest ₹62 crore (approximately $6.5 million), while Accel and Hara Global are investing ₹14.32 crore and ₹4.8 crore, respectively. In June, Moneycontrol reported that Swish was in advanced discussions with Bertelsmann India Investments for a $20-million funding round.

It is estimated that Swish will cross ₹1,653 crore (approximately $175 million), marking a more than 30% increase in the post-money valuation. This is a huge jump over the previous valuation of ₹1,268 crore in the series of funding round for $38 million that it received earlier in the year. 

After the formal allocation of Swish shares in this round, incoming lead investor Bertelsmann India Investments will hold up to 8.67% of the company. Accel will maintain its majority interest in the startup, which is currently 23.48%. 

Hara Global is expected to have a 17.93% ownership stake in the firm, and Bain Capital Ventures will hold 9.97%. An equity stake of 10.98% each will be held by the company’s co-founders, Aniket Shah, Sureshkumar Saran, and Ujjwal Sukheja.

Business model and competitive landscape

Established in 2024, Swish has adopted a specialized 10-minute same-day food delivery model served by a focused network of proprietary cloud food spaces in proximity to large markets. 

The primary business of the company is to prepare freshly made food and deliver locally within a short radius, thus achieving the objective of quick turnaround with the urban consumers. 

Before the most recent round, the company had raised approximately $54 million across its previous venture financing rounds, including an earlier round of $14 million in March 2025. 

Before looking at its initial financial numbers, Swish reported total revenue of ₹4 crore and total loss of ₹19 crore for the first eight months of its operations in FY25. Its official FY26 financial results have yet to be filed.

Swish has grown in a competitive field, where its rivals are also well-resourced corporate teams. Blinkit, Zepto Cafe, and Swiggy with its Bolt are major competitors trying out different business models to meet the demand for quick food. 

In the larger fast food and supply chain category, established cloud kitchen brands like Rebel Foods and Curefoods add another layer of market competition. 

The key strategic hurdle for Swish in the future is going to be scaling up the degree of order density and repeat customer demand needed to support its hyper-focused delivery model, when compared to larger services with longer distribution rails and built-in consumer flow.

Conclusion

This larger $24 million Series B round at a post-money valuation of $175 million signals investor confidence in Swish’s niche 10-minute food delivery execution. The company raised $ 15 million from lead investor Bertelsmann India Investments, with Accel Capital, Bain Capital Ventures, and Hara Global also supporting the investment round.

Beyond initial launch and product development, unit economics, order density, and differentiation from its massive rivals in the rapidly changing quick food delivery landscape will be critical to Swish’s long-term market standing.