Swiggy Caps Foreign Ownership At 49.5% To Become Indian-Owned, Controlled Company

•Swiggy's board has approved capping foreign ownership at 49.5% to become an Indian-owned and controlled company (IOCC).

•The IOCC status would allow Swiggy to directly own and sell inventory through Instamart, improving margins and supply chain control.

•Swiggy's board has also approved changes to its Articles of Association (AoA) to align with FEMA norms and reclassify authorised preference share capital into equity share capital.

•The company will seek shareholder approval for the move, which would enable it to qualify as an IOCC under the Foreign Exchange Management Act (FEMA).

•Swiggy aims to shift its quick commerce arm, Instamart, to an inventory-led model, which would directly procure products from brands and sell them on its platform.