The Series B round, led by Hara Global and Bain Capital Ventures, also attracted participation from Accel, Stride Ventures, and Alteria Capital. As a result, the round values Swish at $139 million post-money—more than double its valuation from a year ago—and pushes its total funding to $54 million. Meanwhile, the investment comes at a time when ultra-fast food delivery continues to face operational and financial hurdles in India. In fact, larger platforms such as Swiggy, Zepto, and Zomato have recently scaled back or shut down their rapid-delivery experiments, citing cost pressures and execution complexities.

Founded in 2024, Swish operates a full-stack business model; in other words, it owns its kitchens, supply chain, and delivery network. Consequently, the company focuses on dense, hyperlocal clusters with delivery radii of approximately 1 kilometer. According to the startup, this approach enables stronger unit economics compared to marketplace models that depend on third-party restaurant commissions.

At present, Swish delivers nearly 20,000 orders daily, a significant jump from around 5,000 orders just four months ago, as it steadily expands across 10 micro-markets in Bengaluru. Additionally, the company has prioritized automation in kitchen operations to enhance speed and maintain consistency. Co-founder and CEO Aniket Shah emphasized this strategy during an interview.

“We are very dense, very close to the customer, ensuring that we are able to almost act like a restaurant kitchen, bringing food to your table,” he said.

Furthermore, Swish offers a diverse menu of over 200 items spanning meals, snacks, and beverages, with an average order value ranging between ₹200 and ₹250 (approximately $2–$3). Importantly, the platform reports strong repeat usage, with its most active users placing more than 10 orders per month. This trend is especially visible among urban consumers aged 20 to 35, as the company targets multiple daily consumption occasions—from breakfast and teatime to late-night cravings. Moreover, Shah noted that older kitchen clusters have already reached profitability, although he did not disclose per-order margins.

Looking ahead, Swish plans to deepen its presence in Bengaluru while simultaneously expanding into major markets such as Delhi-NCR and Mumbai. However, its growth trajectory remains closely tied to maintaining high order volumes within densely populated urban clusters. Therefore, while investor enthusiasm remains strong, the long-term viability of the model will depend on whether Swish can sustain its operational efficiency in a segment where even established players have pulled back.

Swish’s rapid growth and fresh capital infusion highlight a renewed push toward ultra-fast food delivery in India. Nevertheless, the food delivery startup must continue balancing speed, cost efficiency, and scalability to justify investor confidence and carve out a durable position in an increasingly competitive market.

Although the company has not made a public announcement, sources confirmed the development.

Curefoods plans to raise funds through a fresh issue of shares worth up to ₹800 crore ($304 million), alongside an offer for sale (OFS) of up to 4.85 crore equity shares by existing investors.

The company filed its draft red herring prospectus (DRHP) in late June and subsequently raised ₹160 crore ($18 million) in a pre-IPO placement from Flipkart co-founder Binny Bansal’s 3State Ventures in September.

The management said the company will use the IPO proceeds to expand operations, repay or prepay borrowings, invest in its subsidiaries Fan Hospitality Services and Cakezone Foodtech, drive marketing and sales initiatives, and pursue other strategic objectives.

Investors, including Iron Pillar, Crimson Winter, Accel India, and Chiratae Ventures, are expected to sell shares through the OFS.

On the financial side, Curefoods’ net loss remained nearly flat at ₹169.9 crore in FY25, compared with ₹172.6 crore in FY24. Meanwhile, the company’s operating revenue grew 27.4% to ₹745.8 crore, up from ₹585.1 crore in the previous fiscal year.

With SEBI’s nod, Curefoods joins a growing roster of Indian startups heading to Dalal Street this year. Recently, startups such as Shadowfax, Wakefit, Lenskart, and Capillary Technologies have also obtained SEBI approval for their public listings.

Meanwhile, Curefoods’ competitor Rebel Foods is preparing for its own IPO in 2026. In the lead-up to filing its IPO papers, Rebel Foods reportedly raised $25 million from the Qatar Investment Authority, valuing the company at $1.4 billion last month.

This strategic move will enable Curefoods to expand into North India and take charge of Krispy Kreme’s growth across the country, the company said in a statement.

Previously holding exclusive distribution rights for South India, Curefoods has now broadened its reach by taking over 11 Krispy Kreme outlets in the Delhi NCR region.

These include seven retail stores and four cloud kitchens in prominent locations such as Worldmark Aerocity, Select City Walk Mall in Saket, Ambience Mall in Gurgaon, Promenade Mall in Vasant Kunj, and Mall of India in Noida.

Looking ahead, Curefoods plans to strengthen its footprint in other regions of the country, including western markets like Mumbai.

Following this expansion, Curefoods will operate more than 100 Krispy Kreme locations nationwide, comprising both dine-in stores and cloud kitchens.

Ankit Nagori, founder, Curefoods, said, “With full national rights now under our umbrella, we are excited to build a unified strategy for brand growth, customer experience, and innovation across the country. Delhi NCR is the beginning, and we are committed to scaling Krispy Kreme in a way that’s sustainable, accessible, and exciting for our consumers.”

Nagori founded Curefoods in 2020, and since then, the company has built a diverse portfolio of brands, including EatFit, CakeZone, Nomad Pizza, Sharief Bhai Biryani, and Frozen Bottle. Currently, Curefoods operates over 200 cloud kitchens and offline outlets, offering more than 10 cuisines across 15 cities in India.

In recent months, Curefoods strengthened its brand presence by bringing Bollywood actor Hrithik Roshan on board as both an investor and brand ambassador for its flagship brand, EatFit. Furthermore, the company has repositioned EatFit under a broader umbrella called ‘Kitchens of EatFit.’ This umbrella now houses eight sub-brands: EatFit (EF), HRX by EatFit, Great Indian Khichdi (GIK), Homeplate, Chaat Street, Rolls on Wheels, Millet Express, and Madras Curd Rice Company.

Meanwhile, Curefoods has started gearing up for a public listing. It recently began discussions with bankers to pitch its upcoming IPO and expects to finalize advisers in the coming days. As part of its preparation, the company has already converted into a public entity.

Looking ahead, Curefoods plans to launch its initial public offering in the second half of the financial year 2025–26 (FY26). Backed by Accel, the startup reportedly aims to raise between $300 million and $400 million through its IPO, aligning itself with the growing wave of startup listings anticipated in 2025.

Founded in 2014 by Varun Madan in the Delhi-NCR region, Salad Days offers a range of healthy food products, including salads, oatmeal bowls, soups, cold-pressed juices, smoothies, and desserts. The company operates through cloud kitchens and its outlets.

“With the current fundraising, the idea is to support future expansion. We have learned some things in the last three years. We would further accelerate the opening of our cloud kitchens; in six to nine months, we will look at more formats also and drive subscriptions,” said Madan, founder & CEO of Salad Days. 

Cloud kitchens will lead to future expansion. “We should add between 15 to 20 kitchens per annum,” he said. Salad Days also operates an organic farm for fresh produce in Delhi.

The company operates through a network of 25 cloud kitchens, with 12 outlets in Delhi-NCR, 9 in Bengaluru, and 4 in Mumbai. “Profitability remains an important lever for us. We would definitely want to get into new cities, but the focus is on growing in existing markets,” he said.

A report from Redseer Strategy Consultancy released this week states that the Indian food services market is valued at $80 billion in 2024 and projects a compound annual growth rate (CAGR) of 10-11% through 2030.

The market already includes major global chains like Pizza Hut, Domino’s, Burger King, and McDonald’s. Additionally, the rise of aggregators like Swiggy and Zomato has further contributed to the market’s growth.

“The plug-and-play model of cloud kitchens facilitates scalability, with new brands reaching ₹100 crore revenue in as little as 2-3 years, significantly faster than the 6-10 years typically taken by dine-in-focused brands,” said Rohan Agarwal, partner, Redseer Strategy Consultancy.

Arjun Vaidya, co-founder and managing partner at V3 Ventures, stated that India is transforming its approach to food, and Salad Days perfectly aligns with this shift. V3 Ventures is the venture capital arm of the Belgian investment firm Verlinvest.

The organized restaurant sector, which now makes up about half of the market, is growing faster than the unorganized sector, thanks to the rise of online food delivery and an influx of branded food options. According to Redseer, urban consumers, particularly in metro and tier-I cities, are increasingly choosing to order food in or dine out.

Salad Days sells healthy food through its website, centralized phone lines, and major food aggregators like Swiggy, Zomato, and ONDC.

This fund addresses the unique challenges faced by F&B businesses, offering a solution to the difficulties they encounter in obtaining financing from traditional institutions like banks and NBFCs. By providing funding cash-flow-based, Velocity helps restaurants and cloud kitchens manage capital expenses and working capital, open new locations, purchase equipment, and launch sub-brands without affecting operational profits.

A Swiggy and Bain & Company report predicts that India’s food delivery and dining-out market will grow from about $66 billion to $108 billion by 2030.

Velocity’s fund is aligned with this growth, aiming to empower modern restaurants and cloud kitchen brands, particularly those partnering with food aggregator platforms like Zomato and Swiggy. The fund provides fast, scalable, and flexible financing solutions to help F&B brands capitalize on emerging market opportunities, expand their operations, and meet rising consumer demand.

Since its inception in 2020, Velocity has invested in numerous F&B brands, including IDC Kitchen, Smoor, Daily Sushi, Brahma Brew Works, Milano Ice Cream, Imperio, Amore Gelato, Jamie’s Pizza, and Baba’s Chicken. These brands have used the funds to grow their operations, improve supply chains, and boost marketing efforts.

India’s F&B sector is experiencing rapid evolution, fueled by trends like quick commerce, cloud kitchens, and ultra-fast delivery models. Services like Zepto, Swiggy Instamart, and Blinkit have pioneered 10-minute delivery options, with new offerings like Zepto Cafe, Bolt, and Bistro. Bigbasket and Magicpin are also preparing to enter this space, while rising startups such as Swish and Zing are gaining momentum.

Velocity, founded in 2020 by Abhiroop Medhekar, Atul Khichariya, and Saurav Swaroop, is a cash-flow-based financing platform for digital-first businesses. It leverages online data and cash flows to provide innovative financing solutions. Velocity has disbursed over Rs 1,000 crore to more than 1,200 businesses, helping them manage working capital challenges. The Bengaluru-based fintech company has raised $30 million in equity funding from Peter Thiel’s Valar Ventures. Its portfolio includes D2C brands such as Soulflower, Chumbak, and Off Duty.

“By way of the proposed transaction, Royce proposes to acquire certain equity shares and compulsorily convertible preference shares of Rebel Foods (on a fully diluted basis) by way of a secondary purchase,” a notice submitted to the CCI said.

Rebel Foods, founded in 2011 by Jaydeep Barman and Kallol Banerjee, is a Mumbai-based company operating 450 cloud kitchens across ten countries, including India, Indonesia, the UK, and the UAE.

There are no horizontal overlaps or vertical/ complementary links between the activities of the parties (Royce Asia Holdings II and Rebel Foods) and their respective groups/ affiliates in India.

“Accordingly, absent any horizontally overlapping and or vertically/ complementary business activities of the parties in India, the relevant market need not be defined and may be left open as the proposed transaction will not lead to any adverse effect on competition in India,” the notice said.

Under the green channel route, transactions that pose no significant risk to competition receive automatic approval upon notifying the Competition Commission of India (CCI). In line with this, reports last week suggested that Rebel Foods was in advanced talks to secure $50-70 million in fresh funding from global investment firm KKR at a $800-860 million valuation.

Rebel Foods, the parent company behind popular brands like Faasos, Behrouz Biryani, and Oven Story, is in direct competition with key players like Binny Bansal-backed Curefoods and Tiger Global-funded Eatclub in the fast-growing cloud kitchen market.

Adding to its momentum, CCI cleared a deal for Singapore’s sovereign wealth fund TemasekHoldings to acquire a stake in Rebel Foods. This move signalled growing investor confidence in the global expansion and leadership of the food-tech giant.

The company’s revenue from operations increased slightly to ₹1,420 crore in FY24, up from ₹1,195 crore in the previous year, while expenses remained steady at ₹1,857 crore, according to regulatory filings accessed by business intelligence platform Tofler.

“We are able to address large food categories from a single infrastructure through strong brands. Also during the year, we further strengthened our portfolio on the back of strong customer insights and culinary innovations,” the company said on Friday. “The board of directors are confident that the company will break even soon and will have a high growth rate in the years to come.”

In July, the Mumbai-based firm plans to invest up to ₹200 crore to expand its physical presence, including its EatSure food court format, as dining out regains popularity post-pandemic.

This expansion aligns with Rebel Foods’ broader strategy, as the company aims for a potential stock market listing in FY26. This shift towards offline growth comes as the post-pandemic boom in cloud kitchens slows in favor of in-store dining.

Currently, Rebel operates over 450 cloud kitchens across 75 cities in India, the Middle East, North Africa, Indonesia, and the UK. The company also manages 150 Wendy’s outlets in India and runs eight outlets under its EatSure food court format.

Founded in 2011 by Jaydeep Barman and Kallol Banerjee, Rebel Foods competes with both major fast-food chains and independent cloud kitchen operators.

India’s food services market is expected to nearly double to ₹9 trillion by the end of the decade, up from ₹5.5 trillion, driven by a growing customer base, increased consumption, and a surge in new eateries, according to a report by Bain & Company and Swiggy.

The smaller ghost kitchens are reassessing their strategies as competition increases and costs rise. Many of these smaller players, who have adopted an omnichannel approach with both online and offline presences, are now considering downsizing operations or merging with larger entities, highlighting the challenges even established businesses face in this evolving market.

Established in 2018, Shy Tiger operates five multi-brand cloud kitchens across Ahmedabad. Under the leadership of Milapsinh Jadeja, Director at Shy Tiger, the company quickly gained traction, achieving an annualized run rate (ARR) of INR 5 crore. Shy Tiger’s portfolio includes well-known brands like KBOB’s and The Black Chimney. By acquiring Shy Tiger, Ghost Kitchens aims to enhance its presence in Gujarat by incorporating its existing brands into Shy Tiger’s infrastructure.

Commenting on the acquisition, Karan Tanna, Founder & CEO, Ghost Kitchens, said, “KBOB’s and The Black Chimney are 15 years old brands in Ahmedabad. We saw this as an opportunity to scale these brands and expand our presence into Ahmedabad and Gujarat markets. Moreover, brand affinity and customer repeat ratio give us a strong position to build a business. Apart from plugging our brands in their existing kitchens, we could improve the unit economics and get a substantial yield from each kitchen and the entire state.”

In early 2022, Ghost Kitchens acquired WTF, a technology company, enabling them to develop their proprietary technology. This technology streamlines their operations, improving efficiency, better customer experiences, and increased profitability. Furthermore, in February 2023, Ghost Kitchens expanded its portfolio by acquiring Speak Burgers, owned by celebrity Chef Vicky Ratnani. The company plans to expand this partnership by establishing 25 offline retail stores within 18-24 months.

Milapsinh Jadeja, Director, Shy Tiger welcomed Ghost Kitchens and said, “I have been closely observing Ghost Kitchens’ model and was specifically impressed by how they are leveraging technology to manage and optimize business. With their current team capabilities, process driven approach and in-house tech stack, they will be able to take Shy Tiger’s portfolio brands to pan India level. Hence, I decided to partner with the brand and invested in their current round, endorsing and validating their business model.”

Established in 2019, Ghost Kitchens manages over 15 company-owned and operated cloud kitchens in Mumbai and Ahmedabad and 1200 internet restaurants across 40 Indian cities. The company prioritizes expanding its company-owned and operated presence, introducing celebrity brands, and venturing into retail stores. With these initiatives, Ghost Kitchens targets an annualized revenue of around INR 200 crore within the next two years.

“Two startups kept their transaction details undisclosed,” the report mentioned. 

In the week of March 11-16, approximately 30 startups secured around $287 million in funding, with 20 early-stage and six growth-stage companies. Bengaluru-based startups led the funding with 14 deals, followed by Delhi-NCR with three deals. 

Among the growth-stage deals, nine startups raised $420.35 million in funding last week.

Healthtech firm Engrail secured the highest funding at $157 million. Following closely behind were the audio series platform Pocket FM, healthtech startup Ultrahuman, and content-to-commerce company The Good Glamm Group, which received $103 million, $35 million, and $30 million in funding, respectively.

Additionally, Atlan, a data collaboration software provider, Curefood, a cloud kitchen startup, Jumbotail, a B2B marketplace and retail platform, Dvara KGFS, an NBFC operating in remote rural areas, and SubKo Coffee, a coffee brand, also successfully raised funds last week.

Moreover, 11 early-stage startups collectively secured $27 million in funding.

Optimo Loan, an MSME-focused lending-tech startup, led the pack, followed by gaming startup Liquidnitro, boutique hotels firm Brij Hotels, and climate tech platform Sprih.

These funds will fuel the expansion of Ghost Kitchens’ operations, allowing the platform to venture into retail stores for existing hero brands and new celebrity brands. The investment will also enhance the partner program, expanding the network of company-owned cloud kitchens and QSR stores.

Karan Tanna, founder and CEO of Ghost Kitchens, said, “We are happy that investors have appreciated and backed our plans to build a profitable F&B company led by innovation in technology. We have created 10X value for our earlier investors, and we are sure to continue with this performance for new backers. We are excited for the coming years, where we will focus on building iconic brands through customer loyalty and love for our food.”

In 2022, Ghost Kitchens India acquired WTF, a technology company, to develop its proprietary technology. This in-house SaaS (Software as a Service) solution streamlines business operations, aiming for enhanced organic revenue, improved customer experiences, and increased profitability. Utilizing this technology, Ghost Kitchens aims to achieve profitability within the next 12-15 months by focusing on its hero brands and establishing new partnerships with celebrity brands.

Kamal Bansal, MD, Gujarat Venture Finance Limited, said, “We have closely observed Ghost Kitchens’ journey for over three quarters before partnering with them. Their execution is focused and frugal, with a clear path of profitability. We were particularly excited about repeat customers of their brands and the in-house tech that they have, which helps to optimize the aggregator algorithm better for organic growth. We are looking forward to the launch of celebrity brands as well. We are looking forward to what the future has for Ghost Kitchens in terms of growing a profitable, sustainable business.”

In February 2023, Ghost Kitchens India acquired SpeakBurgers, a venture by celebrity Chef Vicky Ratnani. The company plans to expand this partnership by opening 25 offline retail stores within 18-24 months.

Chef Vicky Ratnani said, “I joined hands with Ghost Kitchens a year ago and their infrastructure to scale brands has helped SpeakBurgers to evolve tremendously. I wish Ghost Kitchens and all its backers a huge congratulations and with the new capital in place, Ghost kitchens can realize its dream of an IPO in the next 5 years. Most importantly, I am glad that we will be able to spread love to more customers through good food.”

Established in 2019, Ghost Kitchens India currently runs more than 15 company-owned and operated cloud kitchens in Mumbai and Ahmedabad, along with 1200 internet restaurants spanning 40 cities in India. The company is dedicated to expanding its company-owned operations, introducing celebrity brands, and venturing into retail stores to reach an annual revenue of around 200 crores in the next two years.