SBI Mutual Fund Doubles Down On Swiggy, Buys Stock Worth ₹300 Cr
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SBI Mutual Fund, under its various schemes, acquired an additional 1.18 Cr equity shares of Swiggy via open market transactions on Tuesday, the foodtech major informed the bourses earlier today.
Following the purchase, its total shareholding in Swiggy rose to 14.16 Cr equity shares or around 5.1% of Swiggy’s total equity.
Assuming the trades were executed at that day’s closing price of ₹253.90, the mutual fund giant would have spent over ₹300.6 Cr to pick up the additional stake.
The transaction raised SBI Mutual Fund’s aggregate holding across its various schemes past the mandatory 5% disclosure threshold under SEBI rules.
It previously held a 4.7% stake, with 7.11 Cr shares or 2.58% held by its holding entity SBI Equity Hybrid Fund.
Overall, domestic mutual funds held a cumulative 22.8% stake in Swiggy as of June 30, 2026. For comparison, their holding in rival Eternal stood at 31.7% on the same date. SBI Mutual Fund holds around 4% stake in Eternal as well.
The stake purchase comes about a month after the company secured shareholder approval to cap its foreign ownership at 49.5%, gaining the tag of an Indian-owned and controlled company (IOCC).
The move allows Swiggy to pivot the business model of its quick commerce arm Instamart to an inventory-led model. While it currently serves as a marketplace that hosts seller entities, the new model will allow it to sell products after directly procuring them from brands. This is expected to help lift up Instamart’s revenues and margins.
The move followed Eternal doing the same last year as the two sought to restructure their quick-commerce businesses.
“The move supports management’s plan for a 1P (inventory-led) model at Instamart, which could drive a 80 bps margin upside,” brokerage Jefferies had said at the time.
On the financial front, Swiggy’s net loss in Q1 FY27 narrowed by nearly 34% YoY to ₹791 Cr while operating revenue rose 36.8% YoY to ₹6,812 Cr. It also managed to achieve a milestone towards profitability with Instamart achieving contribution margin breakeven in the quarter.
Shares of Swiggy ended 4.88% lower at ₹238 on the BSE.
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