Infosys co-founder Nandan Nilekani has invested an undisclosed amount in the eCommerce start-up 10i Commerce. This is the first time Nilekani is investing as an angel investor.
10i Commerce Services Private Ltd. has raised Rs. 25-30 crore from Nilekani. Nilekani is also the company's only investor with a minority stake, according to the Economic Times.
The start-up aims to expand the reach of electronic and mobile Commerce in India to a majority of retail traders (who are currently excluded from the ecosystem) through its billing and inventory platform, ShopX. The company plans to expand and bring small retail stores on board the eCommerce market, says the report.
"To me, a big part of what's going to happen in the next 10 years is the formalisation of the economy, where the entire informal sector, be it small businesses or individuals who are out of the system, will become part of the system," Nilekani told ET.
"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," he added.
10i Commerce refused to comment on the funding.
"Technology was always a passion. I always wanted to use technology to solve problems for India at a large scale...not the elite few people who stay in large cities, who have access to a lot more," Amit Sharma, co-founder, said.
Previous start-ups which attracted funds from Nilekani such as Power2SME, RailYatri and Drishti also conform to the angel investor's core philosophy of disruptive technology that caters to the masses.