Tuesday, May 17, 2022
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Tech ObserverNewsGovTechSIDBI acquires 7.84% stake in Open Network for Digital Commerce for Rs 10 crore

SIDBI acquires 7.84% stake in Open Network for Digital Commerce for Rs 10 crore

SIDBI has invested Rs 10 crore to purchase a 7.84 per cent share in the Open Network for Digital Commerce (ONDC).

SIDBI has invested Rs 10 crore to purchase a 7.84 per cent share in the Open Network for Digital Commerce (ONDC).

The Small Industries Development Bank of India () has invested Rs 10 crore to purchase a 7.84 per cent share in the (), an open public digital infrastructure architecture.

“We are optimistic that our investment in ONDC would contribute to the development of digital infrastructure aimed at democratising digital commerce in the country,” said SIDBI’s CMD, S Ramann in a statement.

“The infrastructure developed would serve as a public good by enhancing market access for MSMEs, particularly micro firms and retailers, by minimising the cost and effort associated with their adoption of e-commerce marketplaces. SIDBI, in collaboration with its network of Institutions, will collaborate with ONDC to ensure the success of this project,” Ramann explained.

The Department for Promotion of Industry and Internal Trade (DPIIT), Ministry of Commerce and Industry has initiated Open Network for Digital Commerce (ONDC) in 2021. The project aims at promoting open networks developed on open-sourced methodology, using open specifications and open network protocols independent of any specific platform.

Once finalised, the expectation is that it will digitize the entire value chain, standardize operations, promote inclusion of suppliers, improve efficiencies in logistics and enhance value for consumers.

It has been said that ONDC will move from a platform-centric model to an open network model. And it is also being touted as what UPI is to the digital payment domain, ONDC will be to e-commerce in India.

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