Swiggy has secured shareholder approval for key changes aimed at helping the company qualify as an Indian-owned and controlled company, clearing a major hurdle after a similar proposal was rejected by investors in May. At its August 18 annual general meeting, shareholders approved a special resolution to amend the company’s Articles of Association, with 93.97% of votes cast in favour. The proposal had secured only 72.36% support in May, falling short of the 75% threshold required for a special resolution. Shareholders also overwhelmingly approved a separate resolution to cap Swiggy’s aggregate foreign ownership at 49.5% on a fully diluted basis, with 99.9996% of votes in favour. Both approvals are considered important to Swiggy’s renewed efforts to secure IOCC status. In its AGM notice, Swiggy said the foreign ownership cap was proposed to preserve its status and help the company qualify as an Indian-owned and controlled entity. The governance amendments, meanwhile, are intended to satisfy the “control” requirement under India’s foreign exchange regulations. Swiggy currently operates its quick-commerce platform, Instamart, under a marketplace model, with inventory owned by third-party sellers. The company said that qualifying as an IOCC would provide greater flexibility, subject to applicable laws and business requirements, to transition towards an inventory-led model.

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