Domestic institutional confidence in Swiggy keeps rising. SBI Mutual Fund, through various schemes, bought 1,18,38,465 shares (roughly 1.18 crore, or 0.43% of equity) of Swiggy in open-market transactions on September 29, 2026, worth approximately ₹300–300.6 crore at about ₹253–254 per share.
The purchase lifted SBI MF's holding from 12.97 crore shares (4.70%) to 14.15 crore shares (5.12%), crossing SEBI's 5% disclosure threshold. The fund house disclosed the move on September 30.
The buy lands in a turbulent period for Swiggy's ownership structure. The company's IOCC transition — capping foreign ownership at 49.5% — triggered its exclusion from MSCI and FTSE indices, sparking around $400 million in passive outflows. Domestic mutual funds have been steadily filling the gap: they held 22.8% of Swiggy as of June 30, 2026. SBI MF also holds roughly 4% in Eternal (Zomato's parent), signalling a firm domestic-institution bet on India's food-delivery duopoly.
The disclosure shows a steady accumulation: SBI MF’s various schemes moved from 12.97 crore shares to 14.15 crore shares with this single-day purchase of 1,18,38,465 shares on September 29, disclosed the next day. With domestic mutual funds already holding 22.8% of Swiggy as of June 30, 2026, the institutional backstop against foreign passive selling is firmly in place — and SBI MF’s simultaneous ~4% holding in Eternal shows the bet extends across India’s food-delivery duopoly.
Why it matters for founders
When India's largest mutual fund doubles down on a listed startup amid foreign passive selling, it's a signal about where domestic long-term capital thinks value sits. If you're scaling a consumer or quick-commerce business, the takeaway is structural: domestic MF ownership of new-age companies is only going up, and a credible path to public markets matters more to your cap table than ever.