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The internet in U.S has broadly grown on the back of high advertising revenue of $862 per capita shifting online. Whereas the number of India is as low as $7 per capita

ONDC to create new class of e-commerce users, to propel online purchases to 500 mn users: Nandan Nilekani

The internet in U.S has broadly grown on the back of high advertising revenue of $862 per capita shifting online. Whereas the number of India is as low as $7 per capita

Infosys chairman Nandan Nilekani has said that e-commerce companies would need Open Network for Digital Commerce (ONDC) as that would propel the online purchases to grow to 500 million transacting users. Currently, the transacting users are 80 million.
"ONDC will create a new class of e-commerce users. Suddenly, people who didn't think of e-commerce earlier will start thinking of it for convenience and order from their neighbourhood stores via ONDC," Nilekani said while speaking at an event organised by management consulting firm Redseer.
He also said that the west's internet infrastructure would not be applicable for India. This, he argued that the internet in US has broadly grown on the back of the high advertising revenue of $862 per capita shifting online. However, the number of India is as low as $7 per capita. He said that India's internet is led by transaction rather than advertisement.
&ldquo;We needed a different kind of internet infra than West... Essentially, Indian internet is not advertising led, but transaction led... Your transaction history is itself a form of capital that will be unlocked at scale,&rdquo; he said
While speaking at the event, he also said that India's digital public infrastructure has grown rapidly and that it has increased the bank account penetration from around 20% to over 80% in less than a decade.

As funding and startup winter sets in another company is frozen out, ShopX. Backed by Nandan Nilekani and Fung Investment this kirana connect e-commerce platform has filed for bankruptcy.Since the business model has not succeeded, it has not been able to generate enough cash flow from operations or raise new capital and is therefore unable to meet its various payment obligations and has ceased to be a going concern,” according to the regulatory filings.Entrackr reports Nilekani alone invested $18 million in the company which has raised more than $56 million since its inception. Founded in 2015 by Amit Sharma and Apoorva Jois ShopX started as a platform that enabled local kirana stores and small retailers to manage transactions on a single platform. It then went onto offer an assisted e-commerce solution which included sourcing, supply chain and credit line for five years.This model clearly did not work as the startup laid off half its employees within the last one year. 

Nandan Nilekani-backed ShopX shuts shop, files for bankruptcy

Funding winter, startups start to freeze

Move comes over a year after the company reportedly laid off half its workforce.&nbsp;

As funding and startup winter sets in another company is frozen out, ShopX. Backed by Nandan Nilekani and Fung Investment this kirana connect e-commerce platform has filed for bankruptcy. Since the business model has not succeeded, it has not been able to generate enough cash flow from operations or raise new capital and is therefore unable to meet its various payment obligations and has ceased to be a going concern,&rdquo; according to the regulatory filings. Entrackr reports <a href="https://www.editorji.com/business-news/nasscom-tech-leadership-forum-2022-cut-the-clutter-with-nandan-nilekani-1645185836608">Nilekani</a> alone invested $18 million in the company which has raised more than $56 million since its inception.&nbsp; Founded in 2015 by Amit Sharma and Apoorva Jois ShopX started as a platform that enabled local kirana stores and small retailers to manage transactions on a single platform. It then went onto offer an assisted e-commerce solution which included sourcing, supply chain and credit line for five years. This model clearly did not work as the startup laid off half its employees within the last one year.&nbsp;
Read More:- <a href="https://www.editorji.com/business-news/nasscom-tech-leadership-forum-2022-cut-the-clutter-with-nandan-nilekani-1645185836608">Nasscom Tech &amp; Leadership Forum 2022: Cut the clutter with Nandan Nilekani</a> &nbsp;

nandan nilekani

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