Swiggy’s Indian ownership tops 50%

Swiggy on Tuesday became majority Indian-owned after its foreign shareholding fell below the 50% mark for the first time, taking the food and quick commerce platform a step closer to restructuring Instamart into an inventory-led business that could improve margins and give it greater control over pricing and supply chains.

In a stock exchange filing, the company said its aggregate foreign portfolio investment, foreign direct investment and indirect foreign investment stood at 49.76% of its paid-up equity capital on a fully diluted basis as of July 6, based on data received from its designated depository.