Swiggy caps foreign ownership at 49.5%

Swiggy's board approved a proposal to cap aggregate foreign ownership at 49.5% on a fully diluted basis, as part of its effort to qualify as an Indian-owned-and-controlled company (IOCC). The proposal requires shareholder approval at the AGM on August 18, 2026. The board also approved amendments to the Articles of Association to align with FEMA norms and reclassification of preference share capital into equity share capital. IOCC status would allow Swiggy to directly own and sell inventory through its quick commerce brand Zomato — Instamart, potentially improving margins and supply chain control. This follows a similar move by Eternal, parent of Zomato and Zomato — Blinkit, and comes after Swiggy failed to secure shareholder approval for related changes in May 2026.