Happy Friday! Swiggy’s move to become an Indian-owned company hit a setback after the shareholder vote fell short. This and more in today’s ETtech Morning Dispatch.Also in the letter:■ OpenAI courts India’s coders■ Innovaccer’s latest acquisition■ Viral ‘Cockroach Janta Party’ blocked on XSwiggy fails to secure requisite shareholder approval for altering AoA to become Indian-owned entity Sriharsha Majety, CEO, SwiggySwiggy has not secured the shareholder approval needed to amend its Articles of Association, a step it had intended to help qualify as an Indian-owned and controlled company. Driving the news: The proposal got 72.36% of votes, falling short of the required 75% threshold, the company informed the exchanges on Thursday.A separate resolution to appoint Renan De Castro Alves Pinto as a non-executive, non-independent nominee director was approved with 98.98% support.Technical details: Swiggy said the board-related changes were part of a broader effort to become an Indian Owned and Controlled Company (IOCC) under the Foreign Exchange Management Act (FEMA) rules.A company can qualify as an IOCC only if both ownership and control rest with resident Indian citizens or eligible Indian entities.Why this will help: As of September last year, foreign investors held just under 60% of Swiggy's shares. With the IOCC status, Swiggy's quick commerce arm, Instamart, will be able to operate with fewer restrictions under India’s FDI policies, which limit internationally funded ecommerce platforms from holding their own inventory.Rival Eternal's board approved the proposal to cap foreign ownership in the firm at 49.5% in April 2025.Also Read: Swiggy Q4 revenue surges 45%, net loss narrows to Rs 800 croreWalmart’s international sales growth in Q4 driven by Flipkart, China units John Furner, CEO, WalmartFlipkart stayed at the centre of Walmart’s growth story in the first quarter of FY27, with the US retailer singling out its India ecommerce arm as a major driver in its earning commentary.Lifting up: Walmart International’s net sales rose 18% year-on-year to $35.1 billion in the quarter.Operating income for the international business jumped 23.9% to $1.6 billion.The company said the performance was led by Flipkart and China units, aided by lower ecommerce losses and a favourable business mix.Minutes growth: The India narrative was about speed and quick commerce. On the earnings call, John Furner, president and CEO, Walmart, said, "Flipkart now operates more than 800 micro-fulfilment centres for Flipkart Minutes and is delivering items in less than 13 minutes on average."This follows Furner’s recent India visit, where he told employees at a Flipkart town hall that Walmart remains bullish on rapid delivery.Also Read: Walmart cuts 1,000 roles to simplify operations, source saysNykaa Q4 results: Profit soars 4x YoY to Rs 79 crore; revenue climbs 28% Falguni Nayar, CEO, NykaaNykaa parent FSN E-Commerce Ventures on Thursday reported a fourfold jump in its March quarter consolidated net profit.Financials (March quarter):Consolidated net profit: Rs 79 crore vs Rs 19 crore a year earlier.Revenue from operations: Rs 2,648 crore, up 28% year-on-year.Gross merchandise value (GMV): Up 28% year-on-year to Rs 5,241 crore.Ebitda: Increased 67% YoY to Rs 223 crore.For full year FY26:Operating revenue: Up 26% at Rs 10,022 croreProfit: More than doubled to Rs 204 crore.Nykaa sales: Crossed Rs 10,000 crore for the first time.Honasa Consumer Q4 profit rises to Rs 69.4 crore, declares dividend of Rs 3 per share Varun Alagh and Ghazal Alagh, founders, Honasa ConsumerMamaearth parent Honasa Consumer also delivered a sharp rise in quarterly profit and revenue.Financials (For January-March quarter):Operating revenue: Up 23% to Rs 657 crore from Rs 533.5 crore in Q4 FY25.Net profit: Up 177.6% YoY to Rs 69.4 croreDividend: Rs 3 per shareExpenses: Rs 594 crore vs Rs 522 crore a year earlierFor the full FY26:Operating revenue: Up 15.7% to Rs 2,392 crore from Rs 2,067 crore a year agoNet profit: Rs 200 crore, up from Rs 72.6 crore in FY25.Also Read:Wakefit reports profit of Rs 122 crore in Q4, revenue up 15% YoYOpenAI goes all out to charm Indian coders OpenAI is ramping up efforts to get developers and startups in India to build on Codex, while also tightening its links with investors and local developer communities.India focus: The company has been spending more time on the ground in India to tune its products for local needs, including work on Windows support – a key requirement in the Indian market. In March, Singapore-based Thomas Jeng, APAC head of startups, and solutions architect Sun Weiran, were in India.In April, Codex developer experience engineers Gabriel Chua and Vaibhav Srivastav were in Bengaluru for a hackathon.Yes, and: OpenAI has started hiring in India for startup GTM, applied AI and deployment engineering roles, and is setting up outposts in Bengaluru and Mumbai.It is also partnering with firms such as Lightspeed, Accel, Elevation Capital, and Antler to tap developers through community events, cloud credits, early access, and hands-on technical support.Competition: An online survey by VC firm Activate AI in February, covering 244 developers and builders in India, found:Claude Code leads with 42% of respondents using the platform.OpenAI’s Codex is used by 7%.However, the gap appears to be narrowing as OpenAI improves performance and rolls out computer-use capabilities.Also Read: OpenAI to invest in YC startups using $2 million worth of tokens; here’s what it meansHealthtech unicorn Innovaccer acquires CaduceusHealth amid AI push Silicon Valley-based healthtech unicorn Innovaccer has acquired 29-year-old billing firm CaduceusHealth, marking its fifth acquisition in two years.Deal details: Sources pegged the deal at about $66 million.The acquisition will add nearly 200 employees to Innovaccer’s rolls, cofounder Abhinav Shashank told us.It will bring 4,000 US healthcare providers and nearly $5 billion in annual medical billing onto Innovaccer’s Flow platform. Scapia secures $63 million funding from General Catalyst, Peak XV Partners and Z47 Anil Goteti, CEO, ScapiaTravel-focused fintech startup Scapia has closed a $63 million in a round led by General Catalyst, with existing investors Peak XV Partners and Z47 participating.ET had first reported on March 15 that the fundraise was underway. Tell me more: Cofounder Anil Goteti did not disclose how much each investor contributed, but said some doubled down to maintain their shareholding on a pro rata basis.The startup plans to use the fresh capital to expand its product suite across financial services and travel.Other Top Stories By Our Reporters Cockroach Janta Party's X account withheld: The viral Cockroach Janta Party’s X account has been withheld in India—just hours after it surged past the ruling Bharatiya Janata Party (BJP) on Instagram. Its Instagram handle remains live, and has reportedly blown past 12 million followers.GCCs on office space in India: The boom in global capability centres (GCCs) is influencing how multinational firms view office space in India, with experts saying flexible workspaces are emerging as long-term operating hubs rather than mere beachheads.Snabbit forays into beauty services: Instant house help platform Snabbit on Thursday announced its entry into the beauty services category with a salon-at-home offering. Under this, Snabbit will connect customers with trained beauty professionals within minutes, similar to its other domestic services.Global Picks We Are Reading■ A hacker group is poisoning open source code at an unprecedented scale (Wired)■ Inside SpaceX’s audacious IPO plan (FT)■ Pushing back from Big Tech: Africa’s hard road to AI sovereignty (Rest of World)