This research paper proposes a novel commerce principle – Multi-layered Value Co-creation Principle (MLVC). This principle explains the changing nature of value creation in digital, platform-based economies where traditional bipolar business models have limited relevance. The MLVC principle proposes value co-creation across four interconnected layers: (1) Physical, (2) Digital, (3) Social, and (4) Systemic. This research tests the viability and relevance of this principle in the Indian context through three detailed case studies of UPI, ONDC, and digital public infrastructure (India Stack). Data collected through mixed-methods approach (20 interviews, survey of 500 businesses, and document analysis) reveals that the MLVC principle is not only effective in explaining business strategies but can also predict their sustainability and growth. This research makes significant contributions to the fields of commerce theory, business strategy, and digital economics.