India, Aug. 18 -- At Swiggy's 13th Annual General Meeting (AGM), the foodtech giant's shareholders voted to cap its aggregate foreign ownership at 49.5% and to tweak the company's Articles of association (AoA) accordingly.

The board of directors had already approved the proposal last month as it was seeking to be classified as an Indian owned and controlled company (IOCC) under the Foreign Exchange Management Act (FEMA).

More than 99.9% of the shareholders have now voted in favour of these two proposals' implementation.

This now enables Swiggy to rejig the business model of its quick commerce arm Instamart. While it currently serves as a marketplace that hosts seller entities, it can now adopt an inventory-led model and sell products a...