Rapid Food Delivery platform Swish secures $14 million in Series A
Hara Global Capital and current investor Accel India led the 10-minute meal delivery service Swish's Series A investment round, which raised Rs. 122.32 crore (about $14 million). Three months have passed since its $2 million seed round.
According to its regulatory filing obtained from the Registrar of Companies, the board of Swish has approved a special resolution to issue 4,762 Series A compulsory convertible preference shares at an issue price of Rs. 2,56,334 apiece in order to raise Rs. 112.3 crore, or $14 million.
Accel India contributed Rs. 52.18 crore, while Hara Global Capital led the round with Rs. 69.56 crore. Gaurav Munjal, CEO of Unacademy, and Sumer Juneja, an investment adviser at SoftBank, contributed Rs. 20.5 lakh, Rs. 5 lakh, and Rs. 30.7 lakh, respectively, to the Kunal Shah-led QED initiative.
Entrackr estimates that the company's post-allotment valuation is around Rs. 522 crore, or $60 million. The possible deal was covered by Moneycontrol in January.
Following the latest round of fundraising, Accel India will control 27.24% of the business, while Hara Global Capital will own 13.33%. After the Series A financing, co-founders Aniket Sunil Shah, Sureshkumar Sarana, and Ujjwal Sukheja will each keep 16.38% of the company.
Founded in 2024, Swish's 10-minute delivery strategy uses cloud kitchens known as "delight centers" to operate within a 1.5–2 km radius, guaranteeing that fresh and hygienic food is delivered quickly thanks to its optimized full-stack approach.
Zomato, Swiggy, and Zepto dominate the rapidly growing instant meal delivery business, in which Swish is a competitor.
According to its regulatory filing obtained from the Registrar of Companies, the board of Swish has approved a special resolution to issue 4,762 Series A compulsory convertible preference shares at an issue price of Rs. 2,56,334 apiece in order to raise Rs. 112.3 crore, or $14 million.
Accel India contributed Rs. 52.18 crore, while Hara Global Capital led the round with Rs. 69.56 crore. Gaurav Munjal, CEO of Unacademy, and Sumer Juneja, an investment adviser at SoftBank, contributed Rs. 20.5 lakh, Rs. 5 lakh, and Rs. 30.7 lakh, respectively, to the Kunal Shah-led QED initiative.
Entrackr estimates that the company's post-allotment valuation is around Rs. 522 crore, or $60 million. The possible deal was covered by Moneycontrol in January.
Following the latest round of fundraising, Accel India will control 27.24% of the business, while Hara Global Capital will own 13.33%. After the Series A financing, co-founders Aniket Sunil Shah, Sureshkumar Sarana, and Ujjwal Sukheja will each keep 16.38% of the company.
Founded in 2024, Swish's 10-minute delivery strategy uses cloud kitchens known as "delight centers" to operate within a 1.5–2 km radius, guaranteeing that fresh and hygienic food is delivered quickly thanks to its optimized full-stack approach.
Zomato, Swiggy, and Zepto dominate the rapidly growing instant meal delivery business, in which Swish is a competitor.
