The only two Indian businesses to appear in TIME’s list of the 100 Most Influential Companies 2023 are National Payments Corporation of India (NPCI) and Meesho.
Other firms that made the list included Polygon Labs, which was first known as Matic Network by four Indians, chipmaker Nvidia, Elon Musk’s SpaceX, Apple, Sam Altman’s OpenAI, Crocs, Samsung, Microsoft, and upscale clothing retailer LVMH.
The Reserve Bank of India and the Indian Bank’s Association (IBA) founded NPCI in 2008 with the goal of establishing more reliable payment systems in the countries.
“As smartphone and internet use have grown in India, the NPCI launched United Payments Interface (UPI), which allows instant money transfers via mobile apps and QR codes, and has brought digital payments to nearly 300 million users, replacing debit and credit cards and enabling e-commerce growth in a country that has long clung to cash,” Time magazine said in its list.
NPCI, “has had huge growth: in 2021–22, it clocked a whopping 45 billion transactions and accounted for 52% of India’s digital payments.”
Since Singapore and the UAE are now accepting payments using this method, NPCI has lately launched UPI payments outside of India.
the e-commerce app The 2015 by Vidit Aatrey and Sanjeev Barnwal-founded Meesho also made TIME’s list because the country is “expected to see e-commerce sales nearly double by 2025 to $133 billion.”
“Bangalore-based Meesho, the most-downloaded shopping app in the world in early 2022, caters to customers priced out by Amazon and Walmart,” TIME wrote.
Meesho claims that by not charging sellers a fee, unlike its rivals, it is able to offer 60% of its products for less than $4, making them affordable for Indian families earning less than $6k annually.
“But the path to online-shopping domination won’t be smooth: while it expects to reach profitability this fiscal year, it’ll have to overcome challenges like rising competition from other companies.”
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