Quick commerce provider Swiggy did not obtain enough shareholder votes to amend its Articles of Association and meet the criteria for being an Indian-owned and controlled company, as per an exchange filing. The proposed alteration received 72.36% of votes, falling short of the required threshold by 2.65%.
Additionally, the postal ballot included a vote on appointing Renan De Castro Alves Pinto as a Non-Executive, Non-Independent Nominee Director, which passed with a significant majority of 98.98%.
“The proposed amendment signifies our commitment to ensuring management representation on the Board and progressing towards becoming an Indian Owned and Controlled Company (IOCC) under Indian foreign exchange laws,” stated a company spokesperson. The amendment aimed to adjust the board nomination framework to align with Indian foreign exchange laws, contingent upon resident shareholding exceeding 50% with regulatory and shareholder approvals.
Swiggy recently reported a widened full-year loss of Rs 4,154 crore for FY26, compared to Rs 3,117 crore in the previous fiscal year. However, the company saw a reduced net loss of Rs 800 crore for the quarter ending March 31, 2026, down from Rs 1,081 crore in the same period last year. Revenue from operations in Q4 FY26 surged by 45% year-on-year to Rs 6,383 crore, up from Rs 4,410 crore in the corresponding quarter of the prior fiscal year.
