Infosys co-founder Nandan Nilekani has invested with $5 million additional in E-commerce startup 10i Commerce Services Pvt. Ltd as per a report by Livemint.
10i Commerce Services’ flagship technology platform known as ShopX intends to shift this Ecommerce dominance from simply a little share to the general retail pie, the Indian mass market.
10i is on a mission to expand the general available market by ten times within the next three years by exploiting technology to its best and anchoring the business to a first client expertise.
Amit Sharma, co-founder, 10i Commerce said, “What we are talking about is a payments service – and it’s a service which sits on top of various kinds of infrastructure in the economy – the infrastructure can be IMPS or UPI or the card networks such as Visa and MasterCard. The stand that ShopX has taken is that there’s need for a payments service that utilizes existing infrastructure and provides a seamless experience to customers and retailers.”
“Once a user has the ShopX consumer app, they can make a payment using any of these services. Let’s say, if a customer with a Paytm wallet comes to a retailer, our service will allow him to make a payment using his Paytm credit. And when we roll out the ShopX open payments service, in a sense we are therefore rolling out all the different standards in one go,” Sharma added.
This marks Nilekani’s biggest ever investment during a startup, he antecedently invested $5 million within the startup, transferring entire quantity invested to $10 million.
Launched in 2015 by Amit Sharma and Apoorva Jois, 10i is a venture-funded, mobile and e-commerce business that’s disrupting the standard retail and e-commerce business models using an innovative, hybrid commerce approach. Read more Indian startup news.
Learn Cloud Computing From Experts. Learn Now "Cloud engineers are paid the highest salary and there is a huge shortage in the IT industry".