The aggregate foreign investment in food delivery and quick commerce major Swiggy has dipped to approximately 49.76 per cent of the total paid-up equity share capital on a fully diluted basis, falling below the 50 per cent mark, the company said in an exchange filing on Tuesday.
The company emphasised that the figure includes foreign portfolio investment, foreign direct investment and other indirect foreign investment. The company clarified that this does not 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. Any material development in this regard will be disclosed in accordance with applicable law,” Swiggy pointed out in the exchange filing.
The Failed Resolution
The shift is significant for the company. In May 2026, Swiggy failed to obtain the shareholder backing required to amend its Articles of Association, a move that was central to its plans to eventually qualify as an Indian-owned and controlled company (IOCC) under foreign exchange regulations.
The company said the special resolution seeking approval for changes to its Articles of Association secured 72.36 per cent of shareholder votes, missing the mandatory approval threshold by 2.65 percentage points. The proposal had been put before shareholders through a postal ballot conducted via remote e-voting.
Later, the company clarified that the proposal would not have given any additional control to the founders of the company. “The proposed amendments do not create any veto rights, affirmative voting rights, committee nomination rights, quorum rights, permanent board seats or any right to appoint a majority of the board,” the company said in an exchange filing in May.
Reports noted that the proposal had raised governance concerns among some institutional investors. Investors were concerned over the possibility of an increased management influence over board decisions. |
