NPCI, Meesho Among Time's 100 Most Influential Companies Of 2023

The NPCI was introduced in 2008 as a collaborative initiative between the Reserve Bank of India (RBI) and the Indian Bank's Association (IBA)

Government-backed retail digital payments firm National Payments Corporation of India (NPCI) and shopping app Meesho has been featured on Time's list of 100 most influential companies 2023 list released on Thursday. Additionally, Polygon Labs, originally founded as Matic Network by four Indians, also found its mention in the list. 

NPCI was introduced in 2008 as a collaborative initiative between the Reserve Bank of India (RBI) and the Indian Bank's Association (IBA). The firm has been credited for significantly contributing to the widespread adoption of digital payments within the country.

"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 said about the company.

After domestic success, NPCI is expanding internationally with several countries, including Singapore and UAE, now accepting UPI payments.

Founded in 2015 by Vidit Aatrey and Sanjeev Barnwal, Meesho is a shopping app based in Bengaluru. Setting itself apart, the platform operates without charging sellers any commission, allowing it to offer more than 60 percent of its products at prices below $4. "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," Time said.

Among the featured companies was Polygon Labs. It was previously known as Matic Network. Founded in 2017 by four software engineers hailing from Mumbai – Jaynti Kanani, Sandeep Nailwal, Anurag Arjun, and Mihailo Bjelic – the company underwent a rebranding in February 2021, adopting the name Polygon. With a vision to establish a multi-chain blockchain system that harmonises with Ethereum, Polygon employs a proof-of-stake consensus mechanism to facilitate on-chain transaction processing, much like Ethereum.

"Polygon Labs is pushing blockchain into the mainstream, enabling companies like Starbucks, Nike, and Meta to build more-­secure applications using the distributed recordkeeping mechanism that is revolutionizing the way we keep track of what we own—from currency and investments to event tickets," Time wrote about the company. 

Times 2023 list also highlighted other companies including chip maker Nvidia, Elon Musk's SpaceX, Sam Altman's OpenAI, popular footwear brand Crocs, fast food chain Taco Bell, electric vehicle manufacturer BYD, luxury fashion brand LVMH, and defense contractor Lockheed Martin. In addition, prominent tech giants such as Apple, IBM, Samsung, Microsoft, and Siemens secured their spots on the list, further emphasising their influence and impact in their respective industries.