Swiggy on Tuesday received shareholders’ approval to cap its aggregate foreign ownership at 49.5 per cent, months after they rejected a similar proposal in May, paving the way for the company to qualify as an Indian-owned and controlled company (IOCC).
The shareholders approved a special resolution in this regard, Swiggy informed in a regulatory filing on Tuesday.
The Indian owned and controlled company status would allow Swiggy to directly own and sell inventory through its quick commerce brand Instamart, a move expected to improve margins and strengthen supply chain control.
Rival Blinkit, owned by Eternal, follows an inventory-led model.
The food delivery and quick commerce firm has been trying to qualify as an IOCC. In May, Swiggy failed to secure the requisite shareholder approval to alter its Articles of Association, through which it had aimed to qualify as an IOCC.
Besides approving the foreign ownership cap proposal, Swiggy’s shareholders also approved an alteration to the Articles of Association (AoA) to align with India’s FEMA (Foreign Exchange Management Act) regulations.
Under current FEMA rules, a company can qualify as Indian-owned and controlled only if both ownership and control rest with resident Indian citizens or eligible Indian entities, including through a board composition and nomination framework that supports domestic control over the board.
Published on August 19, 2026
