Food delivery and quick commerce firm Swiggy has achieved 50.24% domestic ownership, crossing the majority threshold as it works towards becoming an Indian Owned and Controlled Company (IOCC). In a stock exchange filing on Tuesday, the company said its aggregate foreign investment stood at 49.76% of its total paid up equity share capital on a fully diluted basis as of July 6, 2026. The figure includes foreign direct investment (FDI), foreign portfolio investment (FPI), and other indirect foreign investment. With foreign holding now below 50%, domestic ownership in the company has crossed the majority mark, for qualifying as an Indian Owned and Controlled Company under the Foreign Exchange Management (Non-Debt Instruments) Rules, 2019. Swiggy, however, clarified that the change in foreign shareholding does not, by itself, result in any change to the ownership or control status of the company. It added that the development has no impact on its share capital, management, business operations, voting rights, or the rights attached to its equity shares. The company said it will disclose any further material developments in accordance with applicable regulations. Swiggy had earlier informed stock exchanges about its efforts to qualify as an Indian Owned and Controlled Company by making changes to its governance structure. The latest disclosure marks another step in that process. Achieving IOCC status is considered strategically important for companies operating in sectors with foreign investment restrictions. For Swiggy, it could provide greater flexibility for its fast-growing quick commerce business, Instamart, under India's foreign investment rules. Swiggy, which went public in November 2024, has seen its shareholding pattern evolve over the past year as several early foreign investors trimmed their stakes, helping bring aggregate foreign ownership below the 50% threshold. Swiggy follows One97 Communications, the parent of Paytm, which became amajority Indian owned companyin April this year, making it the second listed new age technology company to attain the status in 2026. Bareback Media has recently raised funding from a group of investors. Some of the investors may directly or indirectly be involved in a competing business or might be associated with other companies we might write about. This shall, however, not influence our reporting or coverage in any manner whatsoever. You may find a list of our investorshere.
