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Indian Companies Make it to TIME's List of 100 Most Influential Companies 2023

Strategic Insights

— 1 min read

TIME's list of 100 Most Influential Companies 2023 has seen the inclusion of two Indian companies, National Payments Corporation of India (NPCI) and Meesho. The list celebrates companies that have made a significant impact globally. NPCI, founded in 2008, has revolutionized digital payments in India, with its United Payments Interface (UPI) reaching nearly 300 million users. Meesho, launched in 2015, has become the most-downloaded shopping app in the world, catering to customers priced out by Amazon and Walmart. Both companies have demonstrated significant growth and innovation, with NPCI accounting for 52% of India's digital payments in 2021-22, and Meesho expecting to reach profitability this fiscal year.

Key Takeaways:

  • NPCI has launched United Payments Interface (UPI) which has brought digital payments to nearly 300 million users in India, replacing debit and credit cards and enabling e-commerce growth.
  • NPCI has clocked 45 billion transactions in 2021-22 and accounted for 52% of India's digital payments.
  • NPCI is expanding internationally, with Singapore and the UAE now accepting UPI payments outside India.
  • Meesho is the most-downloaded shopping app in the world, having reached this position in early 2022.
  • Meesho doesn't charge sellers a commission, which allows it to sell 60% of its products for less than $4, making it accessible to Indian families that make less than $6,000 a year.
  • Meesho expects to reach profitability this fiscal year, but will have to overcome challenges like rising competition from other companies.

Statistics:

  • 45 billion transactions were clocked by NPCI in 2021-22.
  • NPCI accounted for 52% of India's digital payments in 2021-22.
  • Meesho doesn't charge sellers a commission.
  • Meesho sells 60% of its products for less than $4.
  • India is expected to see e-commerce sales nearly double by 2025 to $133 billion.
  • Meesho is expected to reach profitability this fiscal year.

Sources:

  • Time magazine
  • Contify.com
  • IE Online Media Services Pvt. Ltd.

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