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Venture capital giant <keyword id="144381" type="COMPANY" weightage="100" keywordseo="Accel-Partners">Accel Partners</keyword> and <keyword id="3267567" type="UNKNOWN" weightage="100" keywordseo="Infosys-cofounder-Nandan-Nilekani">Infosys cofounder Nandan Nilekani</keyword> has funded the robotics firm <keyword id="3267189" type="UNKNOWN" weightage="100" keywordseo="Systemantics">Systemantics</keyword>, which builds industrial robots for the manufacturing sector. The last time it had received funding was in 2013, when <keyword id="592779" type="ORGANIZATION" weightage="100" keywordseo="Blume-Ventures">Blume Ventures</keyword> had invested in the firm. 
 Systemantics was founded by IIT-Madras alumni <keyword id="3267568" type="UNKNOWN" weightage="100" keywordseo="Jagannath-Raju">Jagannath Raju</keyword> in 1995. 
 
This is the seventh venture that Nilekani has backed. He has earlier invested in early-stage start-ups which he believes to be building highly impactful disruptive ideas. 
 In the past one year, Nilekani has backed Team Indus, Fortigo, Mubble, Juggernaut, Lets-Venture and <keyword id="1501494" type="UNKNOWN" weightage="100" keywordseo="Power2sme">Power2SME</keyword>, while co-investing in a number of these ventures with Accel, including Fortigo and Power2SME. 
 Even though Systemantics likes to keep a low profile, it has quietly worked on custom robotics projects with the Government, as well as with tech giants like <keyword id="6359357" type="COMPANY" weightage="100" keywordseo="Titan">Titan</keyword> and Hindustan Aeronautics (<keyword id="68124" type="COMPANY" weightage="100" keywordseo="HAL">HAL</keyword>). 
 
"Systemantics is Make In India truly at work - with India's cost structure advantages and innovative design efficiency at full strength. This core belief drove our decision to back them. Their seasoned management team's executional ability, coupled with deep-tech IP, could eventually challenge global incumbents," Sanjay Nath, managing partner at Blume Ventures, told ET. 
 
<a href="http://4.bp.blogspot.com/-GqZVMuglEzo/TsuDQiMhpGI/AAAAAAAAAR8/WEFieIp16N8/s1600/Nandan+Nilekani.jpg">Image source</a>

Nandan Nilekani funds robotics firm Systemantics

<ul><li>Infosys Chairman <keyword id="44604" type="PERSON" weightage="20" keywordseo="Nandan-Nilekani">Nandan Nilekani</keyword> believes Indians will be data rich before they will be economically rich. </li><li>This will lead to new business models like <keyword id="8177326" type="UNKNOWN" weightage="20" keywordseo="flow-based-lending">flow based lending</keyword>. </li><li>Flow-based lending will allow small businesses to access small and short-term working capital loans. </li></ul>More and more Indians are coming online as Internet penetration and connectivity improves in the country. "Indians will be data rich before they will be economically rich," stated Nandan Nilekani, the chairman of Infosys at the <keyword id="33239" type="PERSON" weightage="20" keywordseo="India-Economic-summit">India Economic Summit</keyword> in New Delhi. He explained that data being leveraged in India is very different to how it is leveraged in the West. People were online 10 -15 years earlier and their data flowed without any restrictions. In India, the online ad market is still only at $2 billion and people are very aware of how and where their data is going. Even so, as data increases, it will bring about new business models — like flow-based lending. Chairman of Wipro, <keyword id="197349" type="PERSON" weightage="20" keywordseo="Rishad-Premji">Rishad Premji</keyword>, feels that big data can be harnessed and that India has only "scratched the surface," of new technologies. Credit will follow the data "Historically, lending in India has been to big guys in large amounts for a long time for assets. A lot of challenges we have today are because of that," stated Nilekani. The boom in data can be a boon for small businesses. Flow-based lending means that small businesses will be able to raise small, short-term working capital loans. In cash flow lending, companies are allowed to borrow money based on the projected future cash flows. "So, millions of businesses that don’t have access to credit today will get access," he said. Around seven to eight businesses have in-principle approval from the RBI for account aggregation and 30-40 startups working on flow based lending. Even big banks are showing interest in this model. "Credit will be first example of data being empowered for users," said Nilekani.

Indians will be data rich before they’re economically rich, said Nandan Nilekani

The government's Open Network for Digital Commerce (ONDC) platform will democratise e-commerce for millions of small retailers in <keyword id="3658" type="General" weightage="50" keywordseo="india" source="Orion">India</keyword>, paving the way for the rise of more dedicated distribution and logistics companies, Infosys Chairman and Co-founder <keyword id="44604" type="General" weightage="80" keywordseo="nandan-nilekani" source="Orion">Nandan Nilekani</keyword> said on Tuesday. According to him, ONDC will not be limited to a few players but everyone in India - a person owning a small grocery store, a small electronics retailer or a restaurant owner - bringing millions of such people to the e-commerce marketplace and buyers will come from any consumer app. "Today, India has achieved financial inclusion in about seven-eight years with homegrown technologies like Aadhaar, UPI, QR code and more. The next step is to connect millions of small retailers to mainstream e-commerce with ONDC to create a robust digital public infrastructure," <keyword id="36748" type="General" weightage="100" keywordseo="nilekani" source="Orion">Nilekani</keyword> said during a <keyword id="6357886" type="General" weightage="80" keywordseo="phonepe" source="Orion">PhonePe</keyword> launch event. The fintech major announced the launch of a new Shopping app called "<keyword id="4310825" type="General" weightage="80" keywordseo="pincode" source="Orion">Pincode</keyword>", built on top of the ONDC platform. The app will focus on hyperlocal commerce and is now available for download on Google Play Store and <keyword id="115504" type="General" weightage="50" keywordseo="app-store" source="Orion">App Store</keyword>. Pincode is currently live only for customers in Bengaluru and will launch in other cities very soon, said the company. Nilekani said that the government is going to democratise e-commerce to take it to the masses. PhonePe said ONDC can foster the rapid growth of a new hyperlocal e-commerce business model. Apart from local buyers and sellers, such a model will also benefit other ecosystem participants like the last mile logistics and inventory management players "Pincode is built on the ONDC network, which allows us to generate demand for merchants digitized by various seller platforms in an inclusive manner while creating new opportunities for growth and driving innovation at scale," said Sameer Nigam, CEO and Founder PhonePe. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/sports/news/ipl-2023-rajasthan-royals-and-royal-challengers-bangalore-emerge-as-experts-top-picks/articleshow/99243483.cms">IPL 2023: Rajasthan Royals and Royal Challengers Bangalore emerge as experts' top picks</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/personal-finance/news/two-tax-regimes-rise-of-freelancers-drive-people-to-tax-experts-chartered-accountants/articleshow/99243392.cms">Two tax regimes &amp; rise of freelancers drive people to tax experts, chartered accountants</a>

ONDC to foster hyperlocal ecommerce business model in India: Nandan Nilekani

Bengaluru, <keyword id="3658" type="General" weightage="50" keywordseo="india" source="Orion">India</keyword> has reached only halfway on its digital journey and the big question lurking at us is how to create a digital-first economy and society, leveraging the power of modern technology, Infosys Chairman and Co-founder <keyword id="44604" type="General" weightage="80" keywordseo="nandan-nilekani" source="Orion">Nandan Nilekani</keyword> said here on Thursday. Speaking at Microsoft's 'Future Ready Technology Summit', <keyword id="36748" type="General" weightage="100" keywordseo="nilekani" source="Orion">Nilekani</keyword> told the company's Chairman and CEO Satya Nadella that the ultimate goal is to improve the lives of more than 1 billion people with digital tools. "We need to ensure a more equitable, more inclusive, open access digital transformation," said Nilekani. He hailed digital initiatives like Aadhaar (which he himself executed successfully) UPI-based digital payments and account aggregator systems that is "democratising the digital transformation". Payments through the UPI interface touched a record high of Rs 12.82 lakh crore in December, registering 782 crore transactions. On Open Network for Digital Commerce (<keyword id="5862596" type="General" weightage="80" keywordseo="ondc" source="Orion">ONDC</keyword>), Nilekani said that the government initiative will transform the e-commerce landscape in the country in years to come. The government's ONDC has established its baby footprint in 85 cities with 800 merchants and 26 participants and is set for a fruitful 2023 with the support of industry players, according to T. <keyword id="1749653" type="General" weightage="80" keywordseo="koshy" source="Orion">Koshy</keyword>, Managing Director and CEO, ONDC. With 26 participants and more than 800 merchants, ONDC is rapidly expanding its footsteps and is on its way of transforming digital commerce in India, Koshy said last week. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/tech/news/hyderabadi-satya-nadella-insulted-by-his-own-software-as-it-calls-biryani-a-tiffin/articleshow/96756350.cms">Hyderabadi Satya Nadella 'insulted' by his own software as it calls Biryani a tiffin</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/science/space/news/microsoft-join-hands-with-isro-to-empower-spacetech-startups-in-india/articleshow/96758712.cms">Microsoft join hands with ISRO to empower spacetech startups in India</a>

India only reached halfway on its digital journey: Nandan Nilekani

<a href="http://www.businessinsider.in/searchresult.cms?query=nandan+nilekani&amp;sortorder=effectivedate">Infosys cofounder Nandan Nilekani</a> has invested a Bengaluru-based startup-10i Commerce Services, which is helping small shops fight online and organised retailers. 
 
10i is giving traditional small retail stores a technology platform-ShopX-to fight disruption from <a href="http://www.businessinsider.in/searchresult.cms?query=etailers&amp;sortorder=effectivedate">e-tailers</a>. 
 
Nilekani invested Rs 25-30 crore in the startup and is the sole investor in it. 
 
As per reports, this is Nilekani's largest investment in a startup after funding around $7.5 million in Sedemac. This is also Nilekani’s 12th investment in a <a href="http://www.businessinsider.in/searchresult.cms?query=startup&amp;sortorder=effectivedate">startup</a>. 
 
"Technology was always a passion. I always wanted to use technology to solve problems for India at a large scale. The ambition was always to reach the masses. Always wanted to do something that reaches hundreds of millions of people, not the elite few people who stay in large cities, who have access to a lot more," 10i co-founder Amit Sharma told ET. 
 
"I was reluctant to get involved at first, but they kept cajoling me. And, as I looked deeper at what they were trying, I thought it was extremely interesting," Nilekani told ET, confirming that 10i was the "stealth-mode" startup that he has been helping over the course of the past year. 
 
"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. So, that's what attracted me to it - using technology you can aggregate hundreds of thousands of small retailers and give them access to the best products, give them access to the best technology and so on," said Nilekani.

Nandan Nilekani has invested in a startup that is helping shops to fight online retailers

<ul><li><keyword id="339164" type="POSITION" weightage="20" keywordseo="Infosys-chairman">Infosys chairman</keyword> <keyword id="44604" type="PERSON" weightage="20" keywordseo="Nandan-Nilekani">Nandan Nilekani</keyword> told analysts that not ‘even God’ can change the company’s numbers. </li><li>He said that the company’s finance team is feeling insulted by the whistleblower allegations. </li><li>Nilekani also told analysts that <keyword id="6354512" type="COMPANY" weightage="20" keywordseo="Infosys">Infosys</keyword>’ clients will continue to conduct business with the company as the investigation continues. </li></ul>Infosys chairman Nandan Nilekani, believes that Infosys is untouchable. He said that not ‘even God’ can change its numbers, in an analyst call. This came after <a href="https://www.businessinsider.in/business/corporates/news/infosys-whistle-blowers-accuse-ceo-and-cfo-of-concealing-information-from-board-auditors/articleshow/71682975.cms">whistleblowers </a>accused the company of sweeping $50 million under the rug. "Infosys has strong processes, even God can’t change the numbers of this company. Our finance team is feeling insulting by these allegations. But I don’t want to bias the investigation," Nilekani told analysts, according to <a href="https://economictimes.indiatimes.com/tech/ites/infosys-chairman-nilekani-says-even-god-could-not-change-its-numbers/articleshow/71935467.cms?utm_source=newsletter&amp;utm_medium=email&amp;utm_campaign=NewsDigest1&amp;utm_content=Tech&amp;utm_term=3&amp;ncode=713096360c19bccffc5e1c392fb2beaf">ET</a>. During the meeting, Nilekani also said that the company’s clients aren’t going to hold back spending just because of an ongoing investigation. He assured analysts that he had already reached out to clients and proactively told them that there was nothing to worry about. "Customers are extremely supportive. Customers have faith in Infosys and deal flow continues to be as good ever," said Nilekani. On November 4, Infosys and Siemens Gamesa Renewable Energy (SGRE) inked a multi-year deal. The tech giant said that it’s going to help SGRE’s digital transformation but the financial details of the deal were not disclosed. Infosys’ story so far Infosys is conducting an internal audit with Ernst &amp; Young and hired Shardul Amarchand Mangaldas to investigate the whistleblower claims. <a href="https://www.businessinsider.in/business/news/infosys-to-vigorously-defend-itself-against-whistleblower-allegations/articleshow/71751120.cms">The company</a>’s CEO <keyword id="328377" type="PERSON" weightage="20" keywordseo="Salil-Parekh">Salil Parekh</keyword>, and CFO Nilanjan Roy are accused of unethical practices — such as inflating deal numbers to show larger margins and asking the sales team to hide information to report higher revenue. On Monday, Infosys reported that it has not been able to find any ‘prima facie’ evidence to support the whistleblower’s allegations. "Given the circumstances at this stage, where there is complete absence of prima facie evidence and the Anonymous Complaints are still under investigation, the Company is not in a position to determine the concreteness, credibility and materiality of the anonymous complaints," the <a href="https://www.businessinsider.in/business/news/infosys-clear-ceo-and-cfo-of-whistleblower-allegations/articleshow/71935085.cms">company said in a statement</a> to the National Stock Exchange (NSE) on Monday. Infosys is currently being investigated by the Securities and Exchange Commission (SEC) and the Securities and Exchange Board of India (SEBI). There <a href="https://www.businessinsider.in/business/corporates/news/infosys-is-in-more-trouble-as-a-class-action-lawsuits-gather-steam-in-the-us/articleshow/71705319.cms">at least one class action lawsuit</a> filed against the company based on the allegations. See also: <a href="https://www.businessinsider.in/business/news/infosys-to-vigorously-defend-itself-against-whistleblower-allegations/articleshow/71751120.cms">Infosys to ‘vigorously’ defend itself against whistleblower allegations</a> <a href="https://www.businessinsider.in/business/corporates/news/infosys-is-in-more-trouble-as-a-class-action-lawsuits-gather-steam-in-the-us/articleshow/71705319.cms">Infosys is in more trouble as a class action lawsuits gather steam in the US</a> <a href="https://www.businessinsider.in/careers/news/benching-firing-and-re-deploying-the-story-of-20000-employees-at-tech-majors/articleshow/71934414.cms">Benching, firing and re-deploying — the story of 20,000 employees at tech majors</a>

Infosys untouchable, ‘not even God’ will find evidence of fraud

Too much humdrum over Unique Identification Authority of India (<keyword id="6355252" type="CITY" weightage="20" keywordseo="UIDAI">UIDAI</keyword>) has finally resulted in something remarkable. The ambitious project of the UPA government has turned out to be probably the world's largest biometric identification programmes in the world. 
As per a news report by The Economic Times, Data showed that the UIDAI has issued 81.78 crore cards, covering nearly 67% of the population. Uttar Pradesh had the highest number of enrolments with 10.48 crore cards while Maharashtra had 9.19 crore and West Bengal 6.12 crore up to April 20. 
 Available data shows that the <keyword id="44723" type="ORGANIZATION" weightage="20" keywordseo="Federal-Bureau-of-Investigation">Federal Bureau of Investigation</keyword> (FBI) biometric database is way behind with 15 crore and with more Indians expected to register for Aadhaar, it could emerge as the largest programme of its kind globally. 
 The government persisted with Aadhaar after the former chairman of <keyword id="2825736" type="ORGANIZATION" weightage="20" keywordseo="UIDAI-Nandan-Nilekani">UIDAI Nandan Nilekani</keyword> detailed the benefits of the Aadhaar card to PM Narendra Modi. 
 
The government is using it extensively in targeting cooking gas subsidies in the petroleum sector. 
 
"It is a very scientific and useful instrument. Although, we have not made it mandatory for the Aadhaar card for claiming subsidies, our experience has been positive," petroleum minister Dharmendra Pradhan told TOI. 
 
The government is leaning heavily on the JAM Number Trinity " Jan Dhan Yojana, Aadhaar and Mobile " to better targsubsidies. 
 
According to the Economic Survey, Aadhaar card enrolments were increasing at a rate of 2 crore per month. The government had seeded over 10 crore bank accounts with registered Aadhaar numbers by December 2014. 
 
(Image: Reuters)

Aadhaar beats even the FBI’s
data base fair and square, becoming the world’s largest biometric database

<ul><li>The Securities Exchange Board of India and the Bombay Stock Exchange is looking for further clarification from Infosys. </li><li>Nandan Nilekani's statement filed with the Securities Exchange Commission (SEC) does not include any disclosures as per Regulation 30. </li><li>Infosys is also under threat of class action lawsuits from US law firms. </li></ul>Infosys filed a statement with the Securities Exchange Commission (SEC) yesterday too soothe its investors. But the Indian regulatory authorities aren't satisfied. The Securities Exchange Board of India (SEBI) and the Bombay Stock Exchange (BSE) are looking for further clarification. "Infosys vide an announcement date October 22, 2019, titled "Statement", submitted statement attributable to Nandan Nilekani, Chairman of Infosys, wherein it is mentioned that Infosys had received whistleblower complaints," said SEBI in a statement. "However, it is observed that Infosys Ltd has not made any disclosures under <a href="https://www.corporate-cases.com/2016/10/regulation-30-of-sebi-lodr-disclosure-of-events-or-information.html">Regulation 30</a> of SEBI (LODR) Regulations, 2015, w.r.t. receipt of whistleblower complaint mentioned in the announcement," it added. While the news of whistleblower complaints became public, day before yesterday on 21 October 2019, these complaints had been filed on September 30. The regulators believe that they should have been notified of such stock sensitive information beforehand. It does not help Infosys' case in this matter that a <a href="https://www.businessinsider.in/stock-market/markets/news/infosys-share-price-signs-of-insider-trading-before-the-complaint-against-ceo-salil-parekh/articleshow/71698615.cms">large bet on a possible </a>fall of stock price as early as October 18. As many as 1.8 million shares were involved in the put option in the futures and options market, which is basically when investors make bets that either a stock would gain or lose in the future. The timing of this put option is so close to the news break, is suspicious. As investors lose billions yesterday, this individual or group could have made million using the insider information which Infosys had failed to disclose in a timely manner. A little better but a little worse Yesterday, Infosys saw its value crash by ₹53,000 crore— its largest ever cap erosion in a single day — closing 16.21% lower at ₹643.30 on BSE. But, the Indian tech giant managed to erase early losses on Wednesday and is currently trading 1.18% up at ₹ 651.15 per share. In addition to addressing the whistleblower complaint, Infosys is also under threat of a class action with two US law firms looking to file a class action lawsuit against the company. Infosys has been in hot water since Monday with a group of whistleblowers accusing the company's CEO and CFO of <a href="https://www.businessinsider.in/business/corporates/news/infosys-whistle-blowers-accuse-ceo-and-cfo-of-concealing-information-from-board-auditors/articleshow/71682975.cms">concealing information</a> from the board.

Infosys will have to answer tough questions from market regulators — like a suspicious bearish bet

New Delhi, Mar 2 () Online used car retailing platform Spinny on Monday said it has raised USD 43.7 million (about Rs 315 crore) funding led by Fundamentum Partnership (FP), a growth-capital fund backed by Nandan Nilekani and Sanjeev Aggarwal. The series-B round also saw participation from new investors, US-based General Catalyst Partners, Korea-based KB Financial Group and existing investors Accel, SAIF Partners and Alteria Capital as co-investors, a statement said. Ashish Kumar, Partner, FP will join the Spinny board, it added. The funds will be used to invest in technology, strengthen business teams, enhance customer experience and, expand to newer cities, it added. Spinny had raised its seed round from Blume Ventures and Simile Ventures, and most recently it had closed its Series A round of USD 13.2 million co-led by SAIF Partners and Accel in April last year. It is currently present across four cities in India and has sold close to 10,000 cars through its platform. "The FP team was impressed with Spinny team's ability to use technology to solve for operational friction in the business, and thereby build a sustainable advantage," Nandan Nilekani, co-founder and Chairman, FP said. This fits into FP's thesis of backing long term-oriented entrepreneurs to solve complex business problems using technology and who aspire to build a company at scale and to last, he added. "With the closure of this round of funding, we are excited to have on-board new investors Fundamentum, General Catalyst and KB Financial Group in our journey and, look to leverage their vast experience across both venture and operating roles," Spinny co-founder and CEO Niraj Singh said. According to industry reports, for every new car sold in India, approximately 1.3 used cars are sold. Currently, the Indian pre-owned car market stands at about 4.3 million units sold annually, growing at about 14 per cent CAGR. However, only about 18 per cent of the market is organised. Founded in 2015 by Niraj Singh, Mohit Gupta and Ramanshu Mahuar, Spinny is a tech-enabled pre-owned car platform. Its online-to-offline (O2O) model allows customers to discover cars online on Spinny's website and make the final purchase offline at a Spinny Car Hub. SR ANSANS

Spinny raises USD 43.7 mn funding led by Fundamentum Partnership

Markets watchdog Sebi is likely to call for a forensic audit of the books of Infosys as it continues to probe whistleblower allegations of alleged financial irregularities at the company, according to sources.
 Following the whistleblower complaints that emerged last year, the regulator had initiated a probe into the matter.
 The sources said Sebi is likely to call for a forensic audit of Infosys' books to have a thorough understanding about the allegations.
 In November, Sebi Chairman <keyword id="6377754" type="PERSON" weightage="20" keywordseo="ajay-tyagi">Ajay Tyagi</keyword> said a probe was on into the Infosys matter. At that time, he had also said one needs to ask either Nandan Nilekani or God on the IT major chairman's assertion about even God can't change the company's numbers.
 The National Financial Reporting Authority (NFRA), which comes under the corporate affairs ministry, is also looking into the allegations.
 In October, Infosys informed stock exchanges about the anonymous whistleblower complaints alleging certain unethical practices.

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