Swiggy shareholders approve foreign ownership cap for Instamart

Swiggy shareholders approved a 49.5% foreign ownership cap, enabling Instamart to shift to an inventory-led model. The move could improve margins by Rs 4-5 per order, though Jefferies estimates $400 million in potential passive fund outflows. Instamart needs 2.5x scale-up and 4 percentage-point margin improvement for breakeven.