Swish, a Bengaluru based 10 minute food delivery startup, has raised $38 million in a funding round led by Hara Global and Bain Capital Ventures, with participation from existing investor Accel. The round also includes venture debt from Alteria Capital and Stride Ventures.

According to Entrackr’s estimates, Swish’s valuation will jump over 2.4X to Rs 1,267 crore or around $140 million post money.

This is the third funding round for the company in a span of 16 months. Previously, the company raised $14 million from Hara Global Capital and Accel. Entrackr exclusively reported this fundraise in March last year. Before that, it raised $2 million in seed capital in November 2024.

The fresh proceeds will be used to support expansion of its operations and to strengthen its quick delivery infrastructure.

Founded in 2024, Swish operates a 10 minute food delivery model through a network of cloud kitchens located close to demand clusters. The company focuses on delivering meals within a limited radius to enable faster turnaround times.

According to the company, daily order volumes have increased to approximately 20,000 from about 5,000 four months ago.

Swish operates in the ultra fast food delivery segment alongside larger players such as Zomato, Swiggy and Zepto. The space has seen multiple rollbacks. Swiggy shut down its 10 to 15 minute delivery app Snacc within a year of launch. Zomato paused its 15 minute service Quick soon after rollout. Zepto also scaled down its quick service vertical Zepto Café and closed around 200 of its 600 outlets as part of restructuring.

Ola has also put its Ola Foods delivery service on hold after a relaunch. Blinkit, owned by Zomato, continues to run its instant food delivery offering Bistro.

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