Swiggy’s India-Control Plan Fails After Shareholders Reject Key Proposal

Swiggy has suffered its first major post-listing shareholder setback after investors rejected a key proposal linked to the company’s ambition of becoming an Indian-owned and controlled company, or IOCC. The move was aimed at changing Swiggy’s governance structure and expanding founder CEO Sriharsha Majety’s board nomination powers. However, the proposal failed to secure the mandatory 75% shareholder approval, receiving only around 72% votes in favour. The setback comes at a crucial time as Swiggy looks to strengthen its quick commerce business and compete aggressively with rivals in the fast-growing inventory-led delivery model. Investor concerns around governance, founder control and regulatory oversight appear to have played a major role in the outcome.