Swiggy becomes majority Indian-owned as foreign shareholding drops below 50%

Swiggy’s foreign investment share fell to 49.76% of its paid-up equity capital on a fully diluted basis as of July 6, slipping below the 50% mark, the company said in a stock exchange filing on Tuesday.

“...as of July 06, 2026, the aggregate foreign investment in Swiggy Limited including foreign portfolio investment, foreign direct investment and other indirect foreign investment stands at approximately 49.76% of the total paid-up equity share capital of the Company on a fully diluted basis, as per data available from the designated depository,” the company said in its filing.

The shift is significant for the food delivery and quick commerce major. In May, its shareholders had failed to pass a resolution to classify it as an Indian-owned and controlled company (IOCC), a status that would let its quick commerce arm Instamart own inventory directly, improving margins and supply chain control.


Swiggy, however, clarified that the dip does not change the company’s ownership, and said any material development would be disclosed as required.

“It is clarified that the above does not, by itself, result in any change to the ownership or control status of the Company, nor does it have any impact on the share capital, management, business operations, voting rights or rights attached to the equity shares of the Company,” it said.

The shift is significant for the food delivery and quick commerce major. In May, its shareholders had failed to pass a resolution to classify it as an Indian-owned and controlled company (IOCC), a status that would let its quick commerce arm Instamart own inventory directly, improving margins and supply chain control.

In an exclusive chat with ET, Swiggy CEO Sriharsha Majety said, "We could have handled this better through engagement. Since the vote, we’ve been in touch with shareholders, and we already feel they have a much better understanding of the rationale. That’s why we feel very confident about this going through when we come back the next time." However, he had not given a timeline for this.

As of September last year, Swiggy’s foreign investors held just under 60% of its shares.

Under India’s current Foreign Exchange Management Act (FEMA) rules, a company can qualify as an IOCC 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.

IOCC status would allow Instamart to operate with fewer restrictions under India's FDI policies and allow it to own its inventory, like Blinkit, the market leader.

Blinkit parent Eternal's Board approved a proposal to cap foreign ownership at 49.5% in April 2025, helping it achieve the IOCC status. This boosted Eternal’s revenue as Blinkit moved to an inventory-led model, letting it recognise the entire value of goods sold as revenue.

Eternal's revenue for the March quarter grew threefold year on year (YoY) to Rs 17,292 crore, while net profit rose 4.5 times to Rs 174 crore.

Meanwhile, Swiggy reported a 45% YoY rise in operating revenue for the March quarter at Rs 6,383 crore, while narrowing its net loss by 26% on reduced cash burn and a one-time exceptional income.

Unlike its rivals, IPO-bound Zepto combines wholesale operations with a marketplace, recognising gross revenues from product sales alongside commissions, logistics, advertising and other fees, which has led to regulatory question marks from analysts and investors, ET reported on July 2.

Also Read: ETtech Interview | Quick commerce industry unlikely to sustain as many players as today: Swiggy's Sriharsha Majety