Swiggy's Foreign Shareholding Falls Below 50%; Ownership Status Unchanged

Swiggy's foreign shareholding has declined from nearly 60% in September 2025 to 49.76% as of 6 July 2026. The figure includes foreign portfolio investment, foreign direct investment and other indirect foreign holdings.

The development brings the company closer to meeting one of the key conditions required for an Indian-owned and controlled company (IOCC) status, although Swiggy said the change does not automatically alter its ownership or control classification.

Swiggy shares are up 7.17% at ₹266.19 as of 7 July 2026.

What Does The Drop In Foreign Shareholding Mean?

The fall below the 50% level is important because it changes the composition of Swiggy's shareholding base. Foreign investment now accounts for less than half of the company's fully diluted equity capital.

However, Swiggy clarified that the development does not automatically change its ownership or control status. The company said there is no impact on management, voting rights, business operations, share capital or rights attached to its equity shares.

It also stated that any material development relating to ownership or control would be disclosed separately in accordance with regulatory requirements.

Why Is Swiggy Pursuing Indian-Owned Company Status?

The development comes weeks after shareholders voted against a proposal that would have classified Swiggy as an Indian-owned and controlled company.

Under FEMA regulations, ownership alone is not sufficient. Control must also rest with resident Indian citizens or eligible Indian entities through governance and board structures.

Swiggy CEO Sriharsha Majety had earlier told ET that the company had engaged with shareholders after the vote and believed investors had a better understanding of the proposal. He did not indicate when the resolution might be brought back.

How Could Instamart Benefit If Swiggy Qualifies As An IOCC?

An IOCC classification can remove some of the restrictions that apply to foreign-owned companies. For Instamart, that could eventually open the door to direct inventory ownership instead of relying solely on marketplace structures.

The model has already been adopted by Blinkit parent Eternal.

In April 2025, Eternal approved a plan to cap foreign ownership at 49.5%, helping it secure IOCC status. Blinkit's inventory-led structure subsequently allowed the company to recognise the full value of goods sold as revenue.

For the March quarter, Eternal reported revenue of ₹17,292 crore, up three times from a year earlier, while net profit rose 4.5 times to ₹174 crore.

Swiggy reported operating revenue of ₹6,383 crore during the same quarter, a 45% increase year-on-year. Its net loss narrowed by 26%.

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The discussion around ownership structures has also extended to IPO-bound Zepto, which combines wholesale operations with a marketplace model and recognises revenue from product sales alongside commissions, logistics income and advertising revenue.