SBI Mutual Fund Raises Its Swiggy Stake Above 5% After a Rs 300 Crore Share Purchase

SBI Mutual Fund Raises Its Swiggy Stake Above 5% After a Rs 300 Crore Share Purchase

SBI Mutual Fund has increased its stake in food delivery and quick commerce major Swiggy to over 5%, after acquiring an additional 1.18 crore shares through open-market transactions on September 29. The purchase, estimated at around Rs 300 crore based on Swiggy's closing price of Rs 253.70 that day, took SBI Mutual Fund's holding from 12.97 crore shares to 14.15 crore shares.

Here's the regulatory detail that made this move newsworthy. The 1,18,38,465 shares acquired represented a 0.4289% stake, enough to push SBI Mutual Fund's overall holding from 4.70% to 5.12%, crossing the 5% threshold that triggers mandatory disclosure under Regulation 29(1) of SEBI's Substantial Acquisition of Shares and Takeovers Regulations. SBI Funds Management duly submitted this disclosure to Swiggy, the National Stock Exchange and BSE on September 30. Notably, the exact acquisition price per share wasn't disclosed in the regulatory filing itself.

The timing here isn't incidental. This stake increase comes roughly a month after Swiggy shareholders approved capping the company's aggregate foreign ownership at 49.5%, a key step in its transition toward becoming an Indian-owned and controlled company, or IOCC. Swiggy's domestic ownership had already crossed 50% in July, with foreign ownership recorded at 49.76% around that time. Overall, domestic mutual funds collectively held about 22.8% of Swiggy as of June 30, 2026, making SBI Mutual Fund's move part of a broader pattern of growing domestic institutional confidence.

The business backdrop adds useful context too. In Q1 FY27, Swiggy's net loss narrowed nearly 34% year-on-year to Rs 791 crore, while operating revenue grew 36.8% YoY to Rs 6,812 crore, numbers that suggest the underlying business is genuinely improving, not just attracting speculative capital.

The reality check worth flagging here: a mutual fund increasing its position is a signal of financial-investor confidence, not a strategic partnership, control transaction, or guarantee of future share-price performance. It reflects India's largest asset manager choosing to deepen its exposure, nothing more, nothing less.

From crossing the IOCC threshold to crossing SEBI's disclosure threshold, Swiggy's ownership story in 2026 keeps generating headlines, and this time, it's domestic capital doing the talking.

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— Sandeep Raiza