May 20, 2024
More than 125 ecosystem stakeholders, including startups and unicorns, have signed Letters of Intent to join Open Network for Digital Commerce (ONDC)
Startups are crucial in fostering innovation, competition, and consumer choice within ONDC
ONDC, a not-for-profit entity, oversees network infrastructure and establishes engagement rules
The Department for Promotion of Industry and Internal Trade (DPIIT) stated that transactions on the ONDC crossed 70 lakh in April this year
The DPIIT revealed a diverse and vibrant ecosystem on the ONDC platform. Over 5 lakh sellers have joined, with more than 70% being small or medium-sized. Additionally, over 125 ecosystem stakeholders, including startups, unicorns, and businesses, have expressed their intent to join ONDC, highlighting the platform’s potential for growth and innovation.
Sanjiv Singh, Joint Secretary of DPIIT, emphasized the pivotal role of startups and small to medium-sized enterprises in driving the ONDC ecosystem. He highlighted their contribution in fostering innovation, competition, and expanding consumer choice. Over 125 startups have committed to joining the ONDC network, demonstrating the momentum of this national initiative.
In a statement, the ministry underscored the ONDC platform’s benefits for startups and small-scale businesses. It stated that the platform addresses the challenge of creating and discovering markets by lowering entry-barriers to digital commerce. It provides a level playing field for all e-commerce players, especially those who have been digitally excluded, thereby promoting inclusivity and fostering a competitive environment.
The ONDC entity, a not-for-profit company incorporated under Section 8 of the Companies Act 2013, manages and operates the ONDC Network. It is responsible for building and maintaining the underlying infrastructure and defining the rules of engagement and code of conduct for the Network Participants through the ONDC Network Policy and the ONDC Network Participant Agreement.
Source: Indian Express