Bengaluru-based Swish, a 10-minute food delivery start-up, secured $14 million in Series A funding. The round was led by Hara Global from the UK, with participation from Accel. Notable angel investors like Gaurav Munjal, QED Innovation, and Sumer Juneja from Softbank also took part.
After funding, Hara Global and Accel will own 13.33% and 27.24% of Swish, respectively. Swish’s co-founders – Sureshkumar Sarana, Aniket Sunil Shah, and Ujjwal Sukheja – will retain a 16.28% stake. This follows a $2 million seed round led by Accel in November.
The competitive 10-minute food delivery sector sees new players like Swiggy’s Bolt, Snacc, Zepto Cafe, and Bistro by Blinkit entering. BigBasket is also preparing to join. This increased interest from major companies may pose challenges for smaller startups like Swish lacking substantial resources or investor backing.
Despite rising competition, Swish is praised as a pioneer in 10-minute food delivery, having seized the opportunity first. But, to compete with industry giants like Swiggy, Blinkit, and Zepto, Swish must execute its strategy effectively, as advised by a partner from a prominent venture capital firm.
Sources News From Various Digital Platforms, Websites, Journalists, And Agencies.
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