Bad news for Swiggy, Zomato, Zepto as this company raises Rs 168767600, set to intensify war for…

Swish has intensified the Rapid food delivery market by raising USD 2 million from Accel.

Rapid food delivery company Swish has intensified competition in the quick food delivery market, posing a significant challenge to major players such as Swiggy, Zomato, and Zepto. Swish has raised USD 2 million from Accel and other angel investors to compete with offerings like Swiggy’s Bolt, Zomato Everyday, and Zepto Café. This development comes at a time when several companies are planning to enter the quick commerce market in India to capitalize on their profit potential.

Quick Commerce Market In India

It is noteworthy that quick commerce in India has become a USD 5.5 billion industry that too in just less than four years. This has happened because of the users who are now opting to purchase from rapid delivery platforms at the comfort of their homes, instead of going to kiranas and legacy e-commerce websites like Flipkart and Amazon.

Rapid Food Delivery

After the massive success of 10-minute grocery delivery, rapid food delivery is the next big thing. Zepto, which has earned a massive success in the 10-minute grocery delivery market, has introduced Zepto Cafe for the same 10-minute food delivery service. The company has clocked an annual revenue run rate (ARR) of Rs 160 crore, with a projection to reach Rs 1,000 crore by the financial year 2026.

Swish Raised USD 2 Million

Swish not only raised USD 2 million (nearly Rs 17 crore) from Accel but other investors such as Urban Company’s Abhiraj Singh Bhal and Varun Khaitan, Swiggy executives Karthik Gurumurthy and Karan Arora, and Scapia’s Arindam Roy and Anil Goteti also invested majorly in the company.

What Does Swish’s CEO Said?

“Swish began with a bold goal—to deliver delicious, fresh food in 10 minutes. With this fundraise, Swish is all set to build India’s fastest and most delightful food delivery platform,” co-founder and CEO of Swish, Aniket Shah, stated in a LinkedIn post.

It is noteworthy that Accel, which churned out a whopping 26X return on a USD 19.85 million investment in Swiggy, is now expecting the same from Swish.

Founders of Swish

In May 2024, Shah, Ujjwal Sukheja, and Saran S set their own venture in motion, a startup they named ‘Swish’. They had previously teamed up at Pillow, a Web3 technology-based neobank, which unfortunately had to shut down in July 2023. Shah recently expressed in his blog post how they had formed a tight-knit unit during their tenure at Pillow, which prompted them to stick together. Thus, during a casual evening talk, they resolved to quit their current job roles and pursue their entrepreneurial ambitions together.

Swiggy CEO Majety reacted on 10-minute food delivery and said, “There are many times when you can’t plan your life around 30 to 40-minute food deliveries. If you’re, for example, taking off for your office commute in 20, you feel like you want to get a coffee, maybe you can’t do that. If you’re in between meetings at the office and you forgot to get your lunch, you only have a 20-30-minute break; you can’t plan your life around it,” he said.

With changing lifestyles, people are prioritizing convenience and increasingly turning to rapid grocery and food delivery apps.