Swiggy reported in regulatory filings on Tuesday that its aggregate foreign investment has fallen below the 50% mark, amounting to 49.76% of the total paid-up share capital on a fully diluted basis. This figure includes foreign portfolio investments, foreign direct investments, and other indirect foreign investments.
This change is significant because Swiggy aims to meet the criteria for an Indian-owned and controlled company (IOCC). In May, the company failed to obtain the necessary shareholder approval to amend its Articles of Association, which was part of its plan to achieve IOCC status.
Swiggy clarified that the decrease in foreign shareholding does not entail any changes to its ownership or control status, nor does it affect the share capital, management, business operations, voting rights, or rights associated with the company's shares. In its filing, the company stated: 'Any material development in this regard will be disclosed in accordance with applicable law.'
Achieving IOCC status would allow Swiggy's quick commerce division, Instamart, to directly hold inventory, potentially improving margins and supply chain control. Swiggy went public in November 2024, and since then, the company's share capital structure has changed due to sales by foreign owners in the open market.
In response to these events, Swiggy's stock price rose by 7.21%, closing trading at 266.27 rupees. IOCC status is not unique to Swiggy; Eternal, the parent company of Blinkit's quick commerce business, also passed a board resolution in April 2025 limiting foreign ownership in the company to 49.5% to achieve the same status. Furthermore, fintech company Paytm announced in April this year that it had become predominantly an Indian company.
The quick retail platform Swiggy Instamart appointed Gautam Swarup to the position of Chief Business Officer (CBO) on Wednesday.
In his new role, Swarup will oversee Instamart's commercial activities. This area includes managing customer base growth, product category management, brand partnerships, and business expansion.
This appointment came a week after Hari Kumar, who previously held this position, resigned. Around the same time, Operations Director Ankit Jain also left.
Gautam Swarup has over twenty years of experience in consulting, pharmaceuticals, and technology. He began his career at McKinsey & Company, where he spent a decade working on strategy and operations transformation. Later, he joined Dr. Reddy's Laboratories, where he helped increase the company's revenue in emerging markets from $37 million to $190 million.
Recently, Swarup served as the Chief Executive Officer of International Business at the tech hospitality firm Oyo, where he managed operations across the US, UK, Europe, China, and Latin America, leading the business to profitability. Swarup stated: 'I am excited to join Instamart at such a crucial point in its growth journey. I look forward to collaborating with teams across the business to drive growth, create a stronger experience for consumers and partners, and generate long-term value as we scale.'
Girish Menon, Swiggy's HR Director, noted that Instamart is at a critical stage of expanding its assortment across various categories and consumption occasions, as well as deepening brand partnerships. Menon emphasized: 'Gautam possesses deep expertise and proven experience in scaling businesses in dynamic, fast-changing industries, and his leadership will be valuable as we continue to provide consumers with unparalleled convenience.'
Swarup's appointment is part of a broader strengthening of Instamart's leadership team. In addition to him, the platform has also appointed Shikhar Adavi as Vice President of Advertising Monetization and Hardeep Kaur as Associate Vice President of Category (FMCG) among other senior employees.
Currently, Instamart operates in over 131 cities, utilizing more than 1143 dark stores, and boasts 13.3 million average monthly transacting users.
