Swiggy plans to become wholly Indian company as FEMA rules reshape its board

Foreign investors still hold 60 percent of Swiggy shares

Swiggy is revamping its board structure to qualify as a wholly Indian concern under FEMA rules. The move is driven by stakeholder inquiries as the company manages foreign investment that accounts for roughly 60% of its shares. With India’s food delivery market fiercely competitive, the shift could give Swiggy greater autonomy and control in the next phase of growth.