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Next Google Cloud’s big India AI bet; Swiggy crosses key ownership threshold Want this newsletter delivered to your inbox? Also in the letter Google to
Next Google Cloud’s big India AI bet; Swiggy crosses key ownership threshold Want this newsletter delivered to your inbox? Also in the letter Google to host AI models in India for sovereignty push: Google Cloud CEO Thomas Kurian On India plans On topping up the $15 billion data centre investment Also Read Google to invest $15 billion in AI data centre in biggest India investment On AI server manufacturing Swiggy becomes majority Indian-owned as foreign shareholding drops below 50% What's changed Foreign investors now hold 49.76% of its paid-up equity capital on a fully diluted basis as of July 6, according to a stock exchange filing.
Swiggy said this shift does not change its ownership structure on its own and that it will disclose any material developments separately. Why it matters Under India's Foreign Exchange Management Act (FEMA), a company is an IOCC only if it is owned and controlled by resident Indian citizens or eligible Indian entities. IOCC status would allow Swiggy's quick commerce arm Instamart to own inventory directly and operate with fewer FDI restrictions. The catch Despite Indian shareholding crossing 50%, Swiggy is not yet an IOCC. To secure this, a majority of Swiggy's board must comprise Indian directors. A proposal to make this change was voted down by shareholders in May..
The company will now need to seek approval from the Reserve Bank of India to cap foreign shareholding at 49.5%. RBI is pushing interoperability in TReDS platform as three players dominate sector Why this move What interoperability means Businesses on one TReDS platform will be able to transact with participants on other platforms. Lenders will be able to finance invoices across platforms, deepening liquidity and competition, Smaller platforms and newer entrants should get better access to financiers, reducing their reliance on a few large banks. Background The RBI operationalised the TReDS platform in 2016-17. In FY25, it added two players – Bengaluru-based fintech startup KredX and C2FO Factoring Solutions.
In May 2026, TReDS platforms financed about Rs 33 lakh crore worth of trades, according to RBI data. The top three accounted for Rs 30 lakh crore of this. Mid-year ecommerce sales set the stage for upcoming festive season Kicking off sales Yes, and D2C sleep solutions company SleepyCat clocked a 2x YoY jump in ecommerce sales. Luggage brand Nasher Miles reported Amazon Prime Day sales at around 16-20x its average ecommerce business. Other Top Stories By Our Reporters Koo cofounder shuts down new venture PicSee CCI clears Upgrad-Unacademy merger Rainmatter invests in Econovus Global Picks We Are Reading
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