Bengaluru-based quick food delivery startup Swish is set to raise around $24 million (Rs 224.54 crore) in an extended Series B round, as investors continue to back the emerging 10-minute food delivery segment. The round is being led by Bertelsmann India Investments, with existing investors Bain Capital Ventures, Accel and Hara Global also participating.
The fresh fundraise is expected to take Swish’s post-money valuation to around $175 million (Rs 1,653 crore), representing a rise of more than 30% from its previous valuation of Rs 1,268 crore following its $38 million Series B round earlier this year.
According to regulatory filings accessed by Entrackr, Swish’s board has approved the issuance of 4,123 Series B2 compulsory convertible preference shares at an issue price of Rs 5,44,616 per share.
Bertelsmann India Investments will contribute Rs 143.34 crore ($15 million), making it the largest investor in the latest round and adding the firm to Swish’s cap table for the first time.
Existing investors are also participating. Bain Capital Ventures will invest Rs 62 crore ($6.5 million), while Accel and Hara Global will put in Rs 14.32 crore and Rs 4.8 crore, respectively.
Following the proposed allotment, Bertelsmann India is expected to hold an 8.67% stake in Swish. Accel will remain the company’s largest shareholder with a 23.48% stake, followed by Hara Global at 17.93% and Bain Capital Ventures at 9.97%.
Swish’s three co-founders Aniket Shah, Sureshkumar Saran and Ujjwal Sukheja will each retain a 10.98% stake, according to the estimates.
Founded in 2024 and launched in July that year, Swish is built around a proposition that sits at the intersection of quick commerce and cloud kitchens.
