Meesho, NPCI feature on Time 100 most influential companies list for 2023
1 min read 22 Jun 2023, 07:50 PM ISTMeesho and NPCI are the only Indian brands featured on Time 100 Most Influential Companies list for 2023.
PremiumE-commerce platform Meesho and the National Payments Corporation of India were featured in the Time 100 Most Influential Companies list for 2023 - the only Indian brands to make the cut. Blockchain platform Polygon Labs - originally founded by four Mumbai-based software engineers as Matic Network - also featured on the list.
“This year’s list shows the power of this vision. Accomplishments in AI earned spots for more than a dozen companies, up from five a year ago," wrote Editor in Chief Sam Jacobs.
“Bangalore-based Meesho, the most-downloaded shopping app in the world in early 2022, caters to customers priced out by Amazon and Walmart. Unlike its competitors, Meesho doesn’t charge sellers a commission, which it says enables it to sell 60% of its products for less than $4, in reach for Indian families that make less than $6,000 a year," the Time 100 list noted.
While India is expected to see e-commerce sales nearly double by 2025 to $133 billion, the path to “online-shopping domination" won’t be smooth. Time Magazine noted that the company was likely to face challenges like rising competition from other companies in the days to come.
The Time 100 list also cited NPCI's efforts to create a “more robust payment system" over the past two decades.
“As smartphone and internet use have grown in India, the NPCI launched UPI, which allows instant money transfers via mobile apps and QR codes, and has brought digital payments to nearly 300 million users. It replaced debit and credit cards and enabled e-commerce growth in a country that has long clung to cash," the publication lauded.
It also touched upon the company's international expansion plans. “The company has had huge growth: in 2021–22, it clocked a whopping 45 billion transactions and accounted for 52% of India’s digital payments," the write-up added.