Small Industries Development Bank of India (SIDBI), India’s apex Financial Institution for financing and development of MSMEs, has acquired 7.84% stake in the open public digital infrastructure framework entity named Open Network for Digital Commerce (ONDC) through an investment of Rs 10 crore .
The DPIIT (Department for Promotion of Industry and Internal Trade) has launched Open Network for Digital Commerce (ONDC) to control digital monopolies and make the industry more inclusive for buyers and sellers alike. It is a government initiative to promote open networks for all aspects of the exchange of goods and services over digital networks.
ONDC has been recently incorporated on December 30, 2021, with an objective to create a first of its kind open public digital infrastructure to develop and transform the Indian digital commerce ecosystem for both goods and services.
Shri S Ramann, CMD, SIDBI said “We are confident that our investment in ONDC will help develop digital infrastructure which aims to democratize digital commerce in the country. The infrastructure created would serve as a public good by augmenting market access for MSMEs, particularly micro enterprises and retailers by lowering cost and effort for them to onboard the e-commerce market places. SIDBI, along with its network of Institutions, shall actively engage with ONDC to make this ambitious national project a success. ”