Bengaluru-based 10-minute food-delivery startup Swish has raised USD 2 million in its maiden funding round, led by Silicon Valley-based venture capital firm Accel.
The round also saw participation from angel investors such as founders of Urban Company Abhiraj Bhal and Varun Khaitan, former Swiggy Instamart head Karthik Gurumurthy and others.
The funds will be used for expanding operations and scaling its delivery model across most areas of Bengaluru, with plans to extend into other tier-1 cities.
“So far, we have about 70 to 80 unique stock-keeping units (SKUs) on the app, covering a variety of categories including indulgences, snacks, beverages, and meals. We ensure that these items are freshly prepared and delivered within 10 minutes,” cofounder and chief executive Aniket Shah told ET in an interaction.
This highlights the rapid growth of 10 to 30-minute delivery services in urban markets, with quick-commerce platforms attracting significant investment. Zepto is in the process of raising funds, while Blinkit and Swiggy Instamart are already publicly listed. Instamart listed on the bourses on November 14.
Last month, food delivery platform Swiggy rolled out a 10-minute food delivery service Bolt, while Zepto is also scaling up its cafe business–which sells coffee, croissants and other items–across the country aiming to hit an annualised revenue run rate of Rs 1,000 crore within next financial year.
The startup is focusing on busy professionals who lack time between meetings for a quick break, snack, or coffee. “You wake up late in the morning and don’t have time to prepare your own breakfast or wait for it. We’ve been able to tap into all of these use cases, along with solving for your evening or bedtime cravings,” Shah said.
Founded in 2024 by Shah, Ujjwal Sukheja, and Saran S, the startup manages the entire process, from food preparation to delivery, within a small 1.5-2 km radius.
It currently operates several cloud kitchens in Bengaluru’s HSR Layout and Bellandur areas. By the end of November, it will be serving in four areas of Bangalore, including the new additions of Koramangala and Sarjapur.
Swish is aiming to open around 150-200 cloud kitchens in the next six to eight months. The company is also working on expanding its assortment to cater to both immediate cravings and meal times.
“I believe we have just started tapping into the new use cases that can be created because of this 10-minute food delivery. We know that food delivery in India is an infinitely large market, as already proven by a lot of players, but we believe that the incremental demand for food delivery that can be satisfied immediately, is significantly larger than the current total addressable market (TAM),” Shah said.
Commenting on the investment, Abhinav Chaturvedi, partner at Accel, said, “Customer expectations around delivery times have shifted with the rise of quick commerce. Swish is tackling this challenge with a new approach, rethinking the supply chain to bring the same ultra-fast experience to food delivery through their delight centres.”
