Food delivery and quick commerce company Swiggy has crossed the 50% domestic ownership mark after its foreign shareholding dropped below 50%. The milestone brings the company closer to becoming an Indian Owned and Controlled Company (IOCC), although Swiggy said the change does not automatically alter its ownership or control status.
Swiggy has reached 50.24% domestic ownership after its aggregate foreign investment fell to 49.76% of its total paid-up equity share capital on a fully diluted basis as of July 6, 2026. The company shared the update in a stock exchange filing on Tuesday.
According to the filing, the company’s aggregate foreign investment comprises foreign direct investment (FDI), foreign portfolio investment (FPI), and other indirect foreign investments.
With foreign shareholding now below the 50% mark, domestic investors hold a majority stake in the company. This is one of the key requirements for a company seeking to qualify as an Indian Owned and Controlled Company (IOCC) under the Foreign Exchange Management (Non-Debt Instruments) Rules, 2019.
However, Swiggy clarified that this change in shareholding does not automatically make it an IOCC. The company said the reduction in foreign ownership does not, by itself, change its ownership or control status. It also said there is no impact on its share capital, management, business operations, voting rights, or the rights attached to its equity shares. Swiggy added that it will inform the stock exchanges if there are any further material developments.
The company has been working towards IOCC status for some time. Earlier, it announced changes to its governance structure to meet the required conditions. In May 2026, however, shareholders did not approve a proposal related to the company’s IOCC classification. The latest development marks another important step in that process.
Achieving IOCC status is strategically important for Swiggy as it continues to expand its quick commerce business, Instamart. The status could give the company greater flexibility under India’s foreign investment rules.
Swiggy, which was listed on the stock exchanges in November 2024, has seen its shareholding change over the past year as several early foreign investors reduced their stakes. Those stake sales helped bring the company’s aggregate foreign ownership below the 50% threshold.
Swiggy follows One97 Communications, the parent company of Paytm, which became a majority Indian-owned company in April this year. While Swiggy has now crossed the majority domestic ownership mark, the company has clarified that its transition to an Indian Owned and Controlled Company is still in progress.
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