Food delivery and quick commerce platform Swiggy has become an Indian-owned company after domestic shareholding crossed the 50 per cent threshold, according to a stock exchange filing on Tuesday. However, the company has yet to qualify as an Indian-owned and controlled company (IOCC), a designation that would enable its quick commerce arm, Instamart, to adopt an inventory-led business model.
As of July 6, 2026, aggregate foreign investment in Swiggy—including foreign direct investment (FDI), foreign portfolio investment (FPI) and other indirect foreign investment—stood at around 49.76 per cent of the company’s fully diluted paid-up equity share capital. Consequently, domestic ownership rose to 50.24 per cent.
Swiggy said the change in ownership composition does not, by itself, alter the company’s ownership or control status. It also does not affect the company’s share capital, management, business operations, voting rights or the rights attached to its equity shares.
The development marks an important milestone for the Bengaluru-based company but stops short of granting it IOCC status. In May, Swiggy’s shareholders failed to approve a resolution to amend the company’s Articles of Association, a prerequisite for obtaining IOCC status. The proposal received 72.36 per cent shareholder support, falling short of the 75 per cent approval required for passage.
Obtaining IOCC status is considered strategically significant for Swiggy’s quick commerce business, Instamart. It would allow the platform to directly own inventory instead of operating purely as a marketplace, potentially improving unit economics through better control over procurement, warehousing and supply chain operations.
Swiggy has reported strong financial growth over the past year. On a consolidated basis, revenue from operations rose to Rs 23,053 crore in FY26 from Rs 15,227 crore in FY25. The company’s net loss narrowed to Rs 800 crore in the fourth quarter of FY26 from Rs 1,081 crore in the corresponding quarter a year earlier and Rs 1,065 crore in the preceding quarter.
Swiggy’s transition mirrors a similar move by Eternal, the parent company of Zomato and Blinkit. After domestic investors gained majority ownership, Eternal capped foreign ownership at 49.5 per cent, enabling Blinkit to shift from a marketplace model to an inventory-led structure.
The transition also had a significant impact on financial reporting. Eternal reported revenue of Rs 17,292 crore in the March quarter of FY26 after recognising the full value of product sales under the inventory model, instead of recording only commission income under the marketplace model.