Shareholder approval for Swiggy's foreign ownership cap will let its quick-commerce unit Instamart switch to a potentially more profitable inventory model as the Indian delivery platform plays catch-up with market leader Blinkit in a highly competitive sector.
Instamart has operated under a marketplace model since launching in August 2020, earning commissions on products sold in India's $11.5 billion quick-commerce market. The approval gives Prosus-backed Swiggy the status of an Indian-owned and controlled company (IOCC), required under the country's foreign investment rules to hold inventory.
