Swiggy Becomes Indian-Owned Company as Domestic Shareholding Crosses 50%

Swiggy has become an Indian-owned company after domestic investors acquired a majority stake in the food delivery and quick commerce platform, according to a regulatory filing made on Tuesday. The development follows domestic ownership rising above the 50% threshold, though the company has not yet achieved the status of an Indian-owned and controlled company (IOCC).

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As of July 6, 2026, aggregate foreign investment in Swiggy stood at about 49.76% of its fully diluted paid-up equity share capital, the company said in its stock exchange filing. The remaining 50.24% was held by domestic investors, resulting in Indian ownership moving into the majority.

Swiggy also clarified that the change in ownership does not alter its management structure, voting rights, business operations or the rights attached to its equity shares.

IOCC Status Still Pending

While the latest milestone changes Swiggy’s ownership classification, the company is still awaiting IOCC status, which requires both majority Indian ownership and control.

In May, shareholders voted on a proposal to amend the company’s Articles of Association to facilitate the transition to an IOCC. The resolution garnered 72.36% of support but fell short of the 75% mark needed for passage.

The attainment of the IOCC category is believed to be crucial to the quick commerce segment of Swiggy, known as Instamart. According to the existing rules, an IOCC can be allowed to own its inventory rather than being confined to the marketplace model only.

Financial Performance Strengthens

The consolidated revenue from operations of Swiggy in FY26 was at ₹23,053 crore, as compared to ₹15,227 crore in FY25.

The company also reduced its quarterly losses. Net loss narrowed to ₹800 crore in the fourth quarter of FY26 from ₹1,081 crore in the corresponding period of the previous year. It also improved sequentially from a net loss of ₹1,065 crore reported in the preceding quarter.

This is in line with Swiggy expanding its footprint in both food delivery and quick commerce services and increasing operational efficiency.

Trend within the industry of Majority Ownership by Indians

There have been a number of similar instances in the past, with the recent one being that of Eternal, which owns companies like Zomato and Blinkit. Earlier, Eternal had capped the foreign ownership at 49.5% because of the majority ownership by Indians, resulting in Blinkit changing its business model from marketplace to inventory-led.

This made Eternal realise the value of product sales over just commissions and it led to earnings of ₹17,292 crore in the March quarter of FY26.

Since the domestic ownership exceeds 50%, Swiggy has successfully completed the first step towards the same business model. Nevertheless, it would be necessary for Swiggy to get the required shareholder approval for achieving the IOCC status.