Swiggy now majority Indian-owned as foreign holding falls below 50%

Food and grocery delivery platform Swiggy on Tuesday its aggregate foreign investment fell below 50%, becoming a majority Indian-owned company.

In a regulatory filing, Swiggy said aggregate foreign investment, including foreign portfolio investment (FPI), foreign direct investment (FDI) and other indirect foreign investment, stood at approximately 49.76% of its total paid-up equity share capital on a fully diluted basis as of July 6, based on data available from its designated depository.

However, Swiggy said the reduction in foreign investment does not, by itself, result in any change to the ownership or control status of the company.

"It is clarified that the above does not, by itself, result in any change to the ownership or control status of the Company, nor does it have any impact on the share capital, management, business operations, voting rights or rights attached to the equity shares of the Company," it added.

The special resolution received 72.36% votes in favour, falling short of the 75% threshold required for its passage.

"Swiggy acknowledges the outcome of the resolution, which received 72.35% shareholder approval, falling short of the required threshold by 2.65%," a Swiggy spokesperson had said.

"The proposed amendment reflects our long-term commitment to ensuring management representation on the Board and advancing our transition toward becoming an Indian Owned and Controlled Company (IOCC) under applicable Indian foreign exchange laws and regulations. These remain enduring priorities for us," the spokesperson added.