Swiggy’s IOCC Hurdle Clears Path for Instamart Turnaround

Swiggy is changing how its Instamart grocery business can buy and manage products.

Shareholders approved ownership and governance changes that may help Swiggy qualify as an Indian Owned and Controlled Company.

If approved under the applicable rules, Instamart could buy and hold more products itself instead of relying mainly on outside sellers.

This could help Swiggy negotiate better prices and keep more money from each order.

Equirus Securities estimates the change could add ₹4–5 per order.

However, owning products also means Swiggy must pay for stock and manage products that may not sell quickly.

Instamart has already improved its profitability and reached contribution break-even in May.

Its reported revenue could also rise because an inventory-led model records sales differently, not necessarily because the underlying business suddenly became larger.

The bigger test is whether Instamart can attract frequent orders, fill larger baskets, and use its dark stores efficiently while expanding.