Not Swadeshi Apps
Indian-origin companies that are no longer Indian-owned
Understanding how foreign acquisitions and investments have changed the ownership landscape of India's tech ecosystem.
Why This Matters
Understanding ownership is crucial for making informed choices
Why Not Swadeshi?
Acquired by American retail giant Walmart in 2018, making it foreign-controlled despite Indian origins
Impact
One of the largest e-commerce acquisitions globally, reduced Indian ownership in the domestic e-commerce sector
Why Not Swadeshi?
Significant foreign ownership from Chinese (Ant Group/Alibaba) and Japanese (SoftBank) investors, though founder retains some control
Impact
Strategic control influenced by foreign investors, raised concerns about data security and national interests
Why Not Swadeshi?
Merged with Chinese travel giant Ctrip (Trip.com), which became the largest shareholder
Impact
India's leading travel platform now controlled by Chinese interests
Why Not Swadeshi?
While founders maintain operational control, SoftBank and other foreign investors hold majority stake
Impact
Significant foreign investment diluted Indian ownership, though still considered Indian-controlled
Why Not Swadeshi?
Majority owned by foreign investment firms, though founders retain operational control
Impact
Foreign investors control majority stake in India's leading food delivery platform
Why Not Swadeshi?
Significant foreign ownership from Ant Group (China) and other international investors, though publicly traded in India
Impact
Mixed ownership with both Indian and foreign stakeholders, concerns over Chinese investment
Why Not Swadeshi?
Substantial foreign investor ownership, though publicly listed in India
Impact
Foreign investment firms control significant portion of India's largest insurance marketplace
Why Not Swadeshi?
Majority owned by American and Middle Eastern investment firms
Impact
India's most valuable edtech startup heavily foreign-funded, facing financial challenges
Why Not Swadeshi?
Owned by American retail giant Walmart after Flipkart acquisition and subsequent separation
Impact
One of India's leading UPI platforms controlled by foreign entity, raising data sovereignty concerns
Why Not Swadeshi?
Majority equity held by US-based venture capital firms. Company relocated legal headquarters to San Francisco in 2017
Impact
Indian-founded but foreign capital-controlled. Founders retain operational control but not majority equity
Why Not Swadeshi?
Foreign investors control majority stake. Founders stepped down from operations (May 2025), with board representatives from SoftBank and General Atlantic
Impact
Foreign institutional investors control India's edtech platform. Strategic decisions influenced by international stakeholders
Why Not Swadeshi?
Delaware C-Corp incorporated in USA with headquarters in San Francisco. $475M foreign funding suggests majority foreign ownership despite Indian founders retaining operational control
Impact
Indian-founded SaaS company now majority foreign-owned with US legal structure
Why Not Swadeshi?
Significant foreign ownership with Tiger Global alone holding 25-30% stake. Despite 2025 reverse flip to India for IPO, foreign investors likely control majority equity
Impact
One of India's leading payment gateways majority-owned by foreign venture capital firms
Why Not Swadeshi?
Delaware-incorporated US company with American CEO (Dennis Woodside since May 2024), headquartered in San Francisco. Majority owned by American institutional investors (~60%+ foreign ownership). Legally and operationally an American company despite Indian origins
Impact
Indian-founded SaaS company transformed into US public company. Founder stepping down from board (Dec 2025). No longer Indian-controlled in equity or operations
Choose Swadeshi Alternatives
Support truly Indian-owned companies that keep innovation, profits, and strategic control within India.