Quick commerce services provider Swiggy has failed to secure the necessary per cent of shareholders’ approval to alter its Articles of Association, in order to qualify as an Indian-owned and controlled company, according to an exchange filing.
The postal ballot on the proposed amendment received 72.36 per cent of votes from shareholders, missing the required threshold by 2.65 per cent, the company said.
Postal ballot also sought approval for appointment of Renan De Castro Alves Pinto as a Non-Executive, Non-Independent Nominee Director which was passed with a majority vote of 98.98 per cent, the filing said.
“The proposed amendment reflects our long-term commitment to ensuring management representation on the Board and advancing our transition toward becoming an Indian Owned and Controlled Company (IOCC) under applicable Indian foreign exchange laws and regulations. These remain enduring priorities for us,” a spokesperson for the company said.
The amendment sought changes to the board nomination framework to make it an Indian Owned and Controlled Company (IOCC) under applicable Indian foreign exchange laws and regulations, as and when the resident shareholding in the company increases beyond 50 per cent with necessary regulatory and shareholder approvals, the company said.
Current FEMA rules stipulate that a company can qualify as Indian-owned and controlled only if both ownership and control rest with resident Indian citizens or eligible Indian entities, including through a board composition and nomination framework that supports domestic control over the board.
Swiggy earlier this month reported that its FY26 full financial year loss widened to Rs 4,154 crore compared to Rs 3,117 crore in the previous fiscal.
However, the company reported a narrowing of its net loss to Rs 800 crore for the quarter ended March 31, 2026, compared to a loss of Rs 1,081 crore in the same period last year.
The online food and grocery delivery platform posted a 45 per cent year-on-year rise in revenue from operations at Rs 6,383 crore in Q4 FY26, up from Rs 4,410 crore in the corresponding quarter of the previous fiscal.
