Swiggy shareholders greenlight proposal for Indian-owned company status

Swiggy shareholders recently approved a proposal allowing the Indian-owned food delivery and quick commerce firm to cap its foreign ownership at 49.5%. This decision, made in a regulatory filing, clears the way for the company to qualify as an Indian-owned and controlled company (IOCC). IOCC status would enable Swiggy to directly own and manage inventory through its Instamart brand, potentially improving margins and strengthening supply chain control.

Rival Blinkit operates with a similar inventory-led model. In May, Swiggy had failed to secure the necessary shareholder approval to alter its Articles of Association, a requirement for IOCC qualification. In addition to the foreign ownership cap, Swiggy's shareholders also approved an amendment to the company's Articles of Association to comply with India's Foreign Exchange Management Act (FEMA) regulations.

To align with FEMA rules, an IOCC must have both ownership and control held by resident Indian citizens or eligible Indian entities, including through a board composition and nomination framework that supports domestic control. Swiggy also announced expanded leadership roles for three senior executives within its Instamart and Food Marketplace businesses.

Himavant Kurnala has been named Chief Growth and Product Officer for Instamart, Nitesh Garg is the new Chief Technology Officer, and Saurav Goyal will serve as Chief Operating Officer for the Food Marketplace. These appointments come after a series of recent leadership changes, including the promotion of Nandita Sinha to Chief Executive Officer of Instamart and Gautam Swaroop as Chief Business Officer for Instamart.

Swapnil Bajpai was elevated to CEO of Swiggy's Dineout and Scenes business earlier this year. Sidharth Bhakoo remains as Chief Business Officer for Swiggy Food Marketplace. Kurnala, serving as Chief Growth and Product Officer for Instamart, has led the quick commerce platform's product strategy since 2024, with expanded responsibilities now including growth and brand marketing.

Garg, the Chief Technology Officer, brings over seven years of experience at Swiggy, most recently as Senior Vice President overseeing engineering for Instamart and New Initiatives. Goyal, now Chief Operating Officer for the Food Marketplace, has held diverse leadership roles since joining Swiggy in 2020, ranging from business finance for food to Instamart and driver and delivery product and operations.