After logging nearly 35X from the initial public offering of food delivery firm Swiggy this month, Accel seems to be replicating its strategy by betting early on Swish, a rapid food delivery platform, amid rising demand for ultra-fast food delivery in India.
An early backer of Swiggy, Accel led Swish’s $2-million seed funding round to cash in on the growing demand for quick food delivery. With consumers already accustomed to receiving groceries and essentials at the click of a button within minutes, companies are now shifting their focus to delivering freshly prepared meals to doorsteps in under 15 minutes.
Industry giants like Swiggy, Zepto, and Zomato’s Blinkit, which have already established themselves as household names through their grocery delivery apps, are expanding into this new segment. At the same time, smaller challengers like Swish are stepping up to seize the opportunity.
“Customer expectations around delivery times have shifted with the rise of quick commerce. Swish is tackling this challenge with a new approach, rethinking the supply chain to bring the same ultra-fast experience to food delivery through their delight centres,” Accel partner Abhinav Chaturvedi said in a statement.
Founded by Aniket Shah, Saran S and Ujjwal Sukheja, Swish claims to deliver a range of food offerings in under 15 minutes through its app. The startup plans to open about 150 centres across major areas in Bengaluru, it said in a statement.
Angel investors such as ex-Swiggy Instamart head Karthik Gurumurthy and Urban Company founders Abhiraj Bhal and Varun Khaitan also participated in Swish’s funding round.
Despite past failures in the quick food delivery segment — most notably Zomato’s decision to shut down Zomato Instant in 2023 — there’s a renewed optimism that this time around, the outcome might be different.
Experts tracking the sector believe that consumer habits have evolved since then. Indians have grown accustomed to the convenience of 10-15 minute grocery deliveries, and their expectations have expanded to include meals and snacks.
While Swiggy launched its new 10-minute food delivery service called Bolt in select cities in India last month, Zepto, too, has re-entered the space with Zepto Café, offering Vietnamese iced coffee, rawa upma, chilli cheese toast, and popcorn shakes.
Blinkit, meanwhile, is looking to add a ‘cafe’ feature for delivering snacks and beverages, according to media reports.