Nandan Nilekani, Co-founder of Infosys, has put a lot of effort behind an ecommerce startup for the first time backing a venture that seeks to help small conventional shops fight online and organized retailers with the use of technology.
After running successfully for over a year, 10i, a Bengaluru- based e-commerce service startup, is intending to broaden swiftly across hundreds of towns and cities in India and empower traditional small retail stores with its technology platform ShopX, at a time when they are facing separation from new age e-commerce firms. Nilekani is the sole investor in the startup with a small and the company has raised Rs25-30 crore from him as to be believed a source close to the company. Amit Sharma, cofounder of 10i and Nilekani have confirmed their association but refused to comment on funding.
10i is Infosys Co-founder’s largest investment I a startup since he parked close to $7.5 million in Sedemac, which builds controls for small engines and powertrains. As 10i is looking for investors other than Nilekani and aiming to scale up. The directors of this startup includes Aadhaar project architect, Pramod Verma and former L’Oreal executive Jagdish Kini.
“I was reluctant to get involved at first, but they kept cajoling me. And, as I looked deeper at what they were trying, I thought it was extremely interesting,” said Nilekani in an interview, certifying that 10i was the “stealth-mode” startup.
“What 10i is trying to do with ShopX is provide the traditional, small retailer the same level of technology, logistics, sophistication and supply which ecommerce or organised retail gives. So, that’s what attracted me to it — using technology you can aggregate hundreds of thousands of small retailers and give them access to the best products, give them access to the best technology and so on,” said Nilekani.
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