Swiggy Shareholders Approve Indian-Owned Status Move

Swiggy said on Tuesday that shareholders have approved a proposal to cap aggregate foreign ownership at 49.5%, clearing a key hurdle for the food and grocery delivery company to qualify as an Indian-owned and controlled company (IOCC).

The move could allow Swiggy’s quick-commerce business, Instamart, to shift from a marketplace model to an inventory-ownership model, giving it greater strategic and operational flexibility. Shareholders had rejected a similar proposal in May.

As of July 6, foreign investment in Swiggy stood at 49.76% on a fully diluted basis, compared with 50.24% held by domestic investors. Its foreign investors include Prosus, SoftBank, Tencent and Accel, while domestic investors include SBI Mutual Fund, ICICI Prudential Asset Management and HDFC Mutual Fund.