Swiggy cofounder and group CEO Sriharsha Majety is confident that the recent surprise defeat of a shareholder resolution on a corporate recast at the food delivery and quick commerce platform will be reversed soon, downplaying concerns over the governance implications of the proposal.
“On balance, it (the amendment) actually gives more than it takes,” he said in his first interview since the setback. “As part of the overall amendment, some permanent nomination rights are also being removed, and any additions would be subject to approval by the NRC (nomination and remuneration committee), the board, and shareholders. So we don’t see this as a governance issue at all.”
Majety said Swiggy plans to put the plan to vote again soon.
The resolution sought to amend Swiggy’s articles of association as part of a broader push to become an Indian Owned and Controlled Company (IOCC). It failed to secure the required 75% supermajority from shareholders, falling short by a slim margin at the meeting on May 21. Becoming an IOCC will allow Swiggy to operate its quick commerce business on an inventory model. Currently, in accordance with the foreign investment rules, it runs as a marketplace of sellers.
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A transition to owning inventory would let the company unlock better unit economics and give it greater control over operations. Swiggy’s biggest rival, Zomato and Blinkit parent Eternal, became an IOCC in April 2025 and subsequently transitioned its quick commerce unit into a platform that now holds the inventory of goods it sells.
