Swiggy's aggregate foreign shareholding declined to 49.76% as of July 6, 2026, making it eligible to begin the process of qualifying as an Indian-Owned-and-Controlled Company (IOCC) under FEMA regulations.
According to a report by JM Financial, reducing foreign ownership below 50% is only one of the conditions for obtaining IOCC status and the company will also need to complete the requisite governance changes, including demonstrating that ownership and control vest with resident Indian citizens/entities.
