ETtech Explainer: Has Swiggy become Indian-owned after a drop in foreign ownership?

Short summary

Swiggy's foreign shareholding has dropped below 50%, raising questions about whether it qualifies as an Indian Owned and Controlled Company (IOCC). IOCC status would let Swiggy's quick-commerce arm Instamart own inventory directly, improving margins and supply chain control. However, despite the reduced foreign ownership, Swiggy has not yet achieved IOCC status.

• •Swiggy's foreign ownership has dropped below 50%
• •IOCC status would allow Instamart to own inventory, improving margins
• •Swiggy has not yet achieved IOCC status despite the ownership shift

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