Swiggy alters governance, seeks IOCC status to protect quick commerce
Swiggy is shaking up its governance so it can officially count as an "Indian-Owned and Controlled Company" (IOCC) under India's foreign investment laws.
This means not just having Indian shareholding, but also making sure big decisions, like picking board members and using veto powers, are in Indian hands.
The move matters because Swiggy's quick commerce business would face tougher restrictions if it stayed foreign-controlled.
Prosus and SoftBank face governance limits
Foreign investors like Prosus (32%) and SoftBank (8%) own big chunks of Swiggy, so the company is updating agreements to limit their say in governance, including who gets a seat on the board.
This helps keep control with Indian shareholders and avoids regulatory headaches.
Swiggy isn't alone here: Eternal, the parent of Blinkit and Zomato, has made similar changes to stay on the right side of these rules while still having global investors on board.