Swiggy Shareholders Vote To Cap Foreign Ownership At 49.5%
At Swiggy’s 13th Annual General Meeting (AGM), the foodtech giant’s shareholders voted to cap its aggregate foreign ownership at 49.5%…
At Swiggy’s 13th Annual General Meeting, the company’s shareholders voted to limit foreign ownership to 49.5% and modify the Articles of Association accordingly. The board had already approved this proposal earlier, aiming to be classified as an Indian owned and controlled company (IOCC) under the Foreign Exchange Management Act.
Over 99.9% of shareholders have now voted in favor of implementing these proposals. This change will allow Swiggy’s quick commerce arm, Instamart, to switch from a marketplace model to an inventory-led business, where products are procured directly from brands. Swiggy sought this IOCC status in May but only received around 72% shareholder approval initially.
Similar to Eternal, which also achieved IOCC status, Swiggy hopes to improve growth and margins by adopting this model. Instamart alone reported a net loss of ₹651 crore in Q1 FY27, while Swiggy’s consolidated net loss was ₹791 crore. Controlling costs associated with quick commerce could significantly improve Swiggy’s financial performance.
Written by urgent.news from Inc42's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
