The Open Network for Digital Commerce (ONDC), the government’s digital commerce initiative, is being eyed by the National Payments Corporation of India (NPCI) for a 9–10% stake.
According to sources cited in an ET report, the NPCI has already received approval to invest roughly INR 10 Cr in ONDC. The process is anticipated to be finished within the next 10 days, according to the report.
In addition to the NPCI, the Bank of India and the National Securities Depository Limited (NSDL) are interested in buying shares of ONDC. It is wise to note that the State Bank of India (SBI), Punjab National Bank, Axis Bank, Kotak Mahindra Bank, and HDFC Bank are already stakeholders in ONDC.
The ONDC would have 20 stakeholders, including private and public banks, according to a source cited in the report. The following three (NPCI, NSDL, and Bank of India) are expected to be completed in the next ten days thanks to the government’s digital commerce strategy, which finished the paperwork for 17 businesses by March of this year. The ONDC, a project led by T Koshy and run by the Department for Promotion of Industry and Internal Trade (DPIIT), will be unveiled near the end of 2021. India’s eCommerce environment is anticipated to benefit from ONDC’s ownership. More than 60% of India’s eCommerce market is currently held by Amazon India and Flipkart.