Bangalore-based ecommerce startup 10i Commerce Services has raised an undisclosed amount of funding from Infosys co-founder Nandan Nilekani.
Founded last year by Amit Sharma and Apoorva Jois, 10i provides the same level of technology, logistics, sophistication and supply to traditional small retailer, which ecommerce or organised retail gives. Apart from the founding members the startup includes big names under its management team including former L’Oreal executive Jagdish Kini and Aadhaar project architect Pramod Varma.
With the funding raised the startup plans 10i Commerce Services is planning to expand quickly across hundreds of towns and cities in India and empower traditional small retail stores with its technology platform, ShopX.
The startup believes in a mission of expanding the ecommerce to 100% of the population. It opines that while ecommerce is developing rapidly in India, only 1% of urban areas benefit from it.
As per the reports, 10i commerce has raised INR 25-30 Cr so far from Nilekani alone. Nilekani is the sole investor in the startup with a minority stake.
Nandan Nilekani has been actively investing in early-stage startups. Nilekani has also backed startups like Rail Yatri, Systemantics, Fortigo, Team Indus, Mubble, Juggernaut, and Power2SME.
The development was first reported by ET.
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