Swiggy achieves IOCC status

Swiggy, an Indian food delivery and quick commerce company, announced on July 7, 2026, that its aggregate foreign investment had fallen to 49.76% of its total paid-up equity share capital on a fully diluted basis as of July 6, 2026. This reduction below the 50% threshold qualifies Swiggy as an Indian Owned and Controlled Company (IOCC) under the Foreign Exchange Management (Non-Debt Instruments) Rules, 2019. The company had previously failed to secure shareholder approval in May 2026 to amend its Articles of Association for IOCC qualification. The organic shift in shareholding, driven by foreign investors reducing stakes, now enables Swiggy to qualify for IOCC status, which would allow its quick commerce arm Zomato — Instamart to own inventory directly, potentially improving margins and supply chain control. Swiggy clarified that the change does not alter its ownership or control structure. The stock rose 7.21% on the day of the announcement. Swiggy follows One97 Communications (Paytm) and Eternal Limited (Zomato — Blinkit) in pursuing IOCC status.