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Online classes short term answer, need to make schools resilient: Nandan Nilekani

15Jun By Press Trust of IndiaNo Comments

Entrepreneurs Talk

Online classes short term answer, need to make schools resilient: Nandan Nilekani

The rapid shift to teaching and learning activities online prompted by the closure of schools due to the Covid-19 pandemic is only a "short-term response" and we need to fundamentally reimagine schools as a resilient system which can function under continuous turbulence, according to Infosys Chairman Nandan Nilekani. Classroom should not be the only location, teacher the only facilitator and textbook not the only medium, is the roadmap laid by Nilekani for a "resilient" school system while delivering the keynote address at a virtual conference on 'Future of Schools: Overcoming Covid-19 challenge and beyond' organsied by Ashoka University. "The rapid shift to move everything online, zoom classes, teaching through smart phones, all of this is part of a short-term response which was ne...

Railyatri Raises $14 Million from Nandan Nilekani, Samsung Venture

24Feb By AnkitaNo Comments

FUNDING

Railyatri Raises $14 Million from Nandan Nilekani, Samsung Venture

Railyatri, now known as IntrCity by RailYatri raises around $14 million (over Rs 100 crore) led by Infosys Chairman Nandan Nilekani. The round saw Samsung Venture Investment coming on board as a strategic investor. Existing investors Omidyar Network and Blume Ventures also participated, a statement said. Nilekani is also an existing investor in the company. The intercity mobility startup has so far raised a total of USD30 million (about Rs 215 crore). We have grown over 500 per cent in the last year with the entire growth costs being met from our internal revenue generation, and we are projecting 300 per cent growth over the next three consecutive years," IntrCity by RailYatriCo-founder KapilRaizada said. The latest investments will help us further expand our IntrCity Smar...

Infosys conduct independent investigation on whistleblower allegations: Nandan Nilekani

22Oct By AdityaNo Comments

BUSINESS

Infosys conduct independent investigation on whistleblower allegations: Nandan Nilekani

Infosys Chairman Nandan Nilekani on Tuesday said the company's audit committee will conduct an independent investigation on whistleblower allegations of CEO Salil Parekh and CFO Nilanjan Roy indulging in "unethical practices" to boost short-term revenue and profits. The committee began consultation with independent internal auditors EY, and has retained law firm, Shardul Amarchand Mangaldas & Co. to conduct an independent investigation, Nilekani noted in his statement to the stock exchanges. Nilekani said one board member had received two anonymous complaints on September 30, 2019 and one dated September 20, 2019, titled Disturbing unethical practices and an undated note with the title, Whistleblower Complaint. He said both had been placed before the audit committee on Octobe...

22Apr By PriyankaNo Comments

INDIA

Modi led Indian Government saved $9 billion after Aadhar implementation: Nandan Nilekani, Infosys Co-founder

Nandan Nilekani, the co-founder and former CEO of Infosys said, the Indian government's Aadhaar card scheme, which has enrolled more than 1 billion people, has helped the exchequer save about USD 9 billion by eliminating fraud in beneficiary lists". The Aadhar card is a biometric identification obtained by residents of India. The program was launched by the previous UPA government under former PM Manmohan Singh and now supported by the current Narendra Modi led Government. It has really been a bipartisan thing, Nilekani said while participating in a World Bank panel discussion on Digital Economy for Development yesterday. He said that it is easier for the developing countries to leapfrog by building a right digital infrastructure. Aadhaar now has more than a billion people re...

9Jan By reutersNo Comments

INDIA

India Forms Panel for Digital Payments, led by Infosys’ Chairman Nandan Nilekani

India’s central bank has constituted a panel with Infosys chairman Nandan Nilekani as its head in a bid to deepen digital payments in Asia’s third-biggest economy. The five-member panel, which includes a former deputy governor of the Reserve Bank of India (RBI), will identify ways to widen financial inclusion via the use of digital payments and suggest measures to “strengthen the safety and security of digital payments”, the central bank said in a statement. In 2017-18, card payments in India rose 43 percent from the previous year to 10.61 trillion rupees ($151.21 billion), while payments through state-backed unified payments interface rose 16 times year-on-year to 1.01 trillion rupees, according to RBI data released in August. India’s digital payments are expected to grow five-f...

UPI 2.0 to be Launched Today by RBI Governor Urjit Patel

16Aug By Gauri SinghNo Comments

INDIA

UPI 2.0 to be Launched Today by RBI Governor Urjit Patel

Following a number of delays and a few hurdles, the updated version of UPI which is commonly called UPI 2.0 is set to be introduced to the people by the National Payments Corp of India. The UPI 2.0 will be launched today at an event in Mumbai. Urjit Patel, the Governor of The Reserve Bank of India along with Rajnish Kumar, State Bank of India chairman and Nandan Nilekani, the non-executive chairman of Infosys are looking forward to formally launch the updated version. It has been reported that around 10 banks will join UPI 2.0 from the beginning which includes: - SBI - HDFC Bank - Axis Bank - ICICI Bank - Yes Bank However, the other banks are in multiple stages of updating the payment product. "NPCI wanted the updated UPI to be launched by the Governor himse...

Ravi Venkatesan Resigns as Infosys Independent Director

12May By Lavina TolaniNo Comments

News

Ravi Venkatesan Resigns as Infosys Independent Director

IT Major Infosys has announced the resignation of its independent director, Ravi Venkatesan which would mark the first board-level departure since Nandan Nilekani took over the chairmanship of the company more than eight months back. Ravi who became Independent Director in 2011 has decided to leave the company to acquire "an exciting new role", said the Bengaluru headquartered company in a statement. Venkatesan in a statement said, I joined the Board at a time when Infosys was beginning the complex journey of transitioning from founder-led to professional management. This was also a time of tectonic industry shifts. I am pleased that this mission has been accomplished. Infosys is strong, in good hands, and is gaining momentum. Venkatesan has considered his Infosys tenure to be "e...

Nandan Nilekani Invests 12.99 Crore in E-commerce Platform

17Apr By NitishNo Comments

FUNDING

Nandan Nilekani Invests 12.99 Crore in E-commerce Platform

SHOPX, India’s fastest growing digital offline platform, fueling retailers in India, has received ₹12.99 Cr of fresh capital from existing investor, Nandan Mohan Nilekani. ShopX has so far raised a total of ₹122 Crore of which Mr Nilekani's contribution has been almost all of it. The former UDAI Chairman and Infosys co-founder, Nandan Nilekani has been a strategic investor in ShopX. His first investment of ₹3 Cr in ShopX was as early as April 2015. He has been since then backing the startup with a steady infusion of funds every now and then. Founded by Amit Sharma and Apoorva Jois, ShopX claims to enable retailers to earn 30 to 40 percent more than the traditional retail model. Bangalore-based SHOPX is India’s fastest growing digital offline platform, which provides significant...

11Apr By Sheldan RungasamyNo Comments

FUNDING

TravelTriangle Raises Funding From Nandan Nilekani and Others

Travel Triangle, India’s fastest growing travel marketplace recently raised Rs 78 crore Series C funding from Fundamentum, a growth-capital fund for mid-stage tech startups in India financed by Nandan Nilekani and Sanjeev Aggarwal. This funding round also saw the participation of several existing investors such as SAIF Partners, Bessermer Venture Partners, RB investments and a handful of angel investors. This marks the first Fundamentum investment and the capital fund will join the board of TravelTriangle. The funds raised will serve to enhance the TravelTriangle’s technology as the firm looks into improving their customer interaction segment with Artificial Intelligence (AI) and machine learning. Data analytics will serve to set up a recommendation engine. The company is also lookin...

15Feb By RishabhNo Comments

FUNDING

RailYatri To Raise $10 Million Funding From Omidyar Network

Indian Railway query platform RailYatri is in talks to secure a funding of $10 million from its existing investor Omidyar Network, a philanthropic investment firm. This third round of funding will also see participation from its other existing investors including Blume Ventures, Helion Venture, Nandan Nilekani according to the source ET. “While the talks are on with our existing investors, the quantum of capital we will raise will depend on the scale we wish to achieve over the next 12-18 months,” Manish Rathi, co-founder of RailYatri told the source. The fresh capital will be used to expand the firm's offerings to capture the long-distance market through penetration in geographical spread of buses, along with the introduction of long-distance taxis. RailYatri will also be aiming ...

Aadhaar Helped Indian Govt Save USD 9 Billion: Nandan Nilekani

13Oct By Press Trust of IndiaNo Comments

News

Aadhaar Helped Indian Govt Save USD 9 Billion: Nandan Nilekani

The Indian governments Aadhaar card scheme, which has enrolled more than 1 billion people, has helped the exchequer save about USD 9 billion by eliminating fraud in beneficiary lists, its architect Nandan Nilekani has said here. The system, launched by the previous UPA government, has been "enthusiastically" supported by the current government led by Prime Minister Narendra Modi, and Finance Minister Arun Jaitley, said the 62-year-old non-executive chairman of Infosys, India's second largest software services firm. It has really been a bipartisan thing, Nilekani said while participating in a World Bank panel discussion on Digital Economy for Development yesterday. He said that it is easier for the developing countries to leapfrog by building a right digital infrastructure. Aadh...

Infosys Founders Will Sell 13000 Crore Worth Stake

28Aug By AdityaNo Comments

News

Infosys Founders Will Sell 13000 Crore Worth Stake

Infosys founders are likely to sell some of their stake in the company's under Rs 13,000-crore share buyback programme, the company said today. The promoters keenness to participate in the buyback comes within days of a silent coup by founders led by N R Narayana Murthy to seize control of Indias second-biggest software services firm. The founders and their families between them hold some 12.75 per cent (29.28 crore shares) of Infosys. Murthy declined to comment on if he would participate in the buyback. The buyback price of Rs 1,150 is higher than the current stock trading price of Rs 941.15 and is considered "reasonably good" by the firms former CFO V Balakrishnan. Founded in 1981 by seven engineers, all former employees of Patni Computer Systems with an initial capital of $2...