Inventory Model Pivot? Swiggy Seeks Shareholder Nod To Cap Foreign Ownership

by · Inc42

SUMMARY

  • In a clarification filed with the bourses, Swiggy said that the proposed framework is aimed at becoming an IOCC under the country’s foreign exchange laws
  • Under current Foreign Exchange Management Act (FEMA) rules, a company can qualify as an IOCC only if both ownership and control rest with resident Indian citizens or Indian entities
  • The IOCC tag is expected to unlock new opportunities for Swiggy in the quick commerce space, including transitioning to an inventory model