NSDL buys 5.6% stake in ONDC for Rs 10 crore

Main central securities depository Nationwide Securities Depository Restricted (NSDL) has acquired 5.6 per cent stake or 10,00,000 fairness shares in Open Community for Digital Commerce (ONDC) at Rs 100 every. NSDL has pumped in Rs 10 crore in ONDC beneath the non-public placement route. 

Commenting on the deal, NDSL MD and CEO Padmaja Chunduru stated, “This strategic deal will additional strengthen the digital ecosystem to take digital e-commerce to the individuals of India.” ONDC MD and CEO T Koshy famous, “We’re glad to have NSDL as a stakeholder which might be of strategic profit contemplating their expertise in attain and know-how.” 

NSDL has a market share of 89 per cent when it comes to custody worth viz. $4 trillion and its buyers are current in 99.2 per cent of pincodes in India. 

The Commerce Ministry rolled out ONDC to present larger thrust to retail e-commerce penetration in India. ONDC is a non-profit firm established by the Division for Promotion of Business and Inside Commerce (DPIIT) and has three parts– buyer-side apps, seller-side apps and logistics suppliers. 

It’s open to the general public in components of Bengaluru. Customers can place orders in groceries and eating places by way of purchaser apps within the ONDC community. Mystore, Paytm and Spice Cash can be found as consumers apps on ONDC at current. 

Spice Cash is the one rural fintech participant and one of many 4 buyer-side apps to be on ONDC which is dwell for beta in Bengaluru City district.

Vendor apps resembling Uengage, Development Falcons, eVitalrx, e-Samudaay, Go Frugal, Innobits Mystore, Bizom, Digit, nStore, Ushop and SellerApp. Apps like Shiprocket, Dunzo and Loadshare will present logistical assist whereas Protean eGov Applied sciences will present gateway companies. 

Additionally learn: How’s ONDC fixing small sellers’ discoverability and fee considerations on e-commerce