Food delivery and quick-commerce (qcom) company Swiggy has become an Indian-owned company as its domestic ownership has crossed the 50 per cent mark, according to a stock exchange filing on Tuesday. Shares of the Bengaluru-based firm closed at Rs 266.15 per share, up 6.8 per cent.
This is a significant milestone for the company in its efforts to shift to an Indian-owned company.
The company, however, is yet to be an Indian-controlled company, meaning it is still one step away from achieving Indian-owned and controlled company (IOCC) status. This will then allow the company to move to an inventory-based model.
According to the company filing, as of July 6, 2026, aggregate foreign investment in Swiggy, including foreign portfolio investment (FPI), foreign direct investment (FDI), and other indirect foreign investment, stood at approximately 49.76 per cent of the company's fully diluted paid-up equity share capital. As a result, domestic ownership now stands at 50.24 per cent.
Swiggy clarified that this development does not by itself change the company's ownership or control status, nor does it affect its share capital, management, business operations, voting rights or the rights attached to its equity shares.
In May this year, the company's shareholders did not approve a resolution to classify the company as an IOCC. Swiggy had then told stock exchanges that it failed to win the shareholder approval needed to amend its Articles of Association, a key step in its efforts to qualify as an IOCC.
It fell short after securing 72.36 per cent shareholder support, below the 75 per cent threshold required for approval.
Notably, securing an IOCC status can prove to be important for the company as it would allow its qcom arm, Instamart, to directly own inventory, resulting in improved unit economics and offering greater control over procurement, warehousing and supply chains.
-- Udisha Srivastav, Business Standard
