India is establishing the standard for innovation and distinctive goods: Ajit Mohan
According to Mohan, a decade ago, India used to discuss effective Western models that could be adopted there. You have a strategy that had been successful elsewhere; you could apply it to India, he added.
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According to Ajit Mohan, who was just named president of Snap's APAC region, India is setting the standard for innovation and goods that are unavailable anyplace else.
During a fireside chat with Ananth Narayanan, founder of Mensa Brands, at the Ascent conclave 2022, Mohan, the former country head of Meta India, stated: "It is clear that now India is setting the benchmark, whether it is in innovation or products and services that do not exist anywhere."
On November 3, Mohan abruptly resigned from Meta (formerly Facebook) India, ending a nearly four-year employment with the organization. He is now a member of the executive team and leads the Asia Pacific region for Snap, a rival to Meta in the social media space.
He continued by saying that a decade ago, India used to make reference to effective Western models that could be adopted there. You have a strategy that had been successful elsewhere; you could apply it to India, he added.
According to Mohan, models are currently emerging in India that are largely specific to that country and may eventually gain traction internationally.
800 million Indians now have access to high-speed internet, and during the past two years, they have been made aware of a digital way of life, claims Mohan. Over the next ten years, he predicts dramatic changes in commerce, healthcare provider preferences, and education. "The journey really just started for us. And only the base has been built," he said.
Narayanan of Mensa Brands attributed the development to fundamental modifications taking place in India, including platforms for mobile internet use, the Unified Payments Interface (UPI), and Open Network for Digital Commerce (ONDC).
"When compared to the rest of the world, the penetration of mobile internet and data costs are lower. The UPI, which allows for nearly free financial transactions over mobile phones, is the second layer. And now, Narayanan noted, platforms like ONDC are beginning to gain traction.
Early in 2021, Mensa Brands, a roll-up e-commerce startup, was established by Narayanan. The company raised $300 million in just six months, making it India's unicorn with the fastest rate of growth.
Before starting Mensa Brands, Narayanan co-founded Medlife, an online pharmacy and consultation platform. He also served as the CEO of Myntra Jabong, one of the biggest online retailers of clothing in India.
