Swiggy wins nearly 94% backing to become Indian-owned and controlled
Business
Swiggy just scored nearly 94% approval from shareholders to make some big governance changes, all aimed at becoming officially Indian-owned and -controlled.
This includes updating company rules so co-founders Sriharsha Majety and Phani Kishan Addepalli can nominate directors to the board.
Shareholders approve 49.5% foreign ownership cap
Shareholders also OK'd a cap on foreign ownership at 49.5%, which Swiggy needs to get the Reserve Bank of India's green light.
Plus, these moves will let Instamart (Swiggy's quick commerce arm) switch to an inventory-led model, meaning more control over what it stocks and hopefully better profits and efficiency.
The company says this transition could take up to a year after all approvals come in.