Swiggy shareholders approve resolution to turn it into Indian-owned company, with 49.5% cap on foreign ownership
Swiggy said on Tuesday that its shareholders have approved a proposal to cap foreign ownership in the company at 49.5%. This move will help Swiggy qualify as an Indian-owned and controlled company (IOCC).
The latest approval comes after shareholders rejected a similar proposal in May.
Under India's foreign investment rules, a company can qualify as an IOCC if more than 50% of its beneficial ownership is held by domestic entities or individuals. Resident Indians must also retain control, including the right to appoint a majority of directors or to make key policy decisions.
As of July 6, aggregate foreign investment in Swiggy stood at 49.76% on a fully diluted basis, while domestic investors owned 50.24%.
Swiggy's foreign investors include Prosus, SoftBank, Tencent and Accel, while its Indian investors include SBI Mutual Fund, ICICI Prudential Asset Management and HDFC Mutual Fund, according to data compiled by LSEG.
Swiggy announces expanded leadership roles for 3 senior executives
Swiggy on Tuesday announced expanded leadership roles for three senior executives at its Instamart and Food Marketplace businesses.
Himavant Kurnala has been appointed Chief Growth and Product Officer, Instamart, Nitesh Garg the Chief Technology Officer, Instamart, and Saurav Goyal the Chief Operating Officer, Food Marketplace.
This follows a Swiggy's series of recent leadership appointments, including Nandita Sinha as Chief Executive Officer, Instamart, and Gautam Swaroop as Chief Business Officer, Instamart.
Earlier this year, Swapnil Bajpai was elevated as the Chief Executive Officer of Swiggy's Dineout and Scenes business. Sidharth Bhakoo continues as the Chief Business Officer, Swiggy Food Marketplace, Swiggy said.
- Kurnala, Chief Growth and Product Officer, Instamart, has led the quick commerce platform's product charter since 2024, later expanding his remit to include growth and brand marketing.
- Garg, Chief Technology Officer, Instamart, has spent over seven years at Swiggy, most recently as Senior Vice President leading engineering for Instamart and New Initiatives.
- Goyal, Chief Operating Officer, Food Marketplace, has held a wide range of leadership roles since joining Swiggy in 2020, spanning business finance for food, Instamart and, more recently, driver and delivery product and operations.
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