Swiggy shareholders approve IOCC status, cap foreign ownership at 49.5% | Company News

The shareholders of food delivery and quick commerce (qcom) company Swiggy have approved a proposal to become an Indian-owned and controlled company (IOCC) at the firms AGM on Tuesday. 

This approval caps aggregate foreign ownership in the company at up to 49.5 per cent, according to the company’s stock filing on Tuesday. 

In May, Swiggy’s plans to transition into an IOCC faced a setback after shareholders had rejected a key proposal to amend the company’s Articles of Association (AoA). 

Tuesday’ proposal was one of seven resolutions placed before shareholders at Swiggy’s 13th annual general meeting (AGM). The foreign ownership cap was classified as a special resolution and received 99.99 per cent votes in favour. 

This time, the shareholders approved two separate special resolutions for the deletion and alteration of certain provisions of AoA, with 99.98 per cent and 93.97 per cent votes in favour, respectively. 

The approved proposals include amendments to Swiggy’s AoA that allow cofounders Sriharsha Majety and Phani Kishan Adepally to appoint directors and retain majority representation on the board. The company had 585,768 shareholders as of August 11, 2026 

The company said all resolutions listed in the AGM notice were passed with the requisite majority. These included adoption of the standalone and consolidated financial statements for FY26 and the reappointment of non-executive nominee director Ashutosh Sharma, who retired by rotation.

3 senior execs’ roles expanded

 

Swiggy has also expanded the roles of three senior executives across its Instamart and food marketplace businesses. Himavant Kurnala has been named chief growth and product officer of Instamart, Nitesh Garg has taken charge as chief technology officer of Instamart, and Saurav Goyal has been appointed chief operating officer of food marketplace.