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Cross-border trades to be a game-changer for ONDC: CEO T Koshy

Livemint

Livemint · 1y ago

Cross-border trades to be a game-changer for ONDC: CEO T Koshy

The Indian government's Open Network For Digital Commerce (ONDC) is set to boost e-commerce penetration in India to 25% from the current 4-5%, according to ONDC CEO T Koshy. The network aims to reach 900 million buyers and 1.2 million sellers, with a potential gross merchandise value of $48 billion. Additionally, ONDC is expanding into the mobility sector, integrating multiple transport modes for seamless travel. It has conducted its first international transaction with a Singapore-based business network, Proxtera. ONDC aims to be an enabler for innovation and complement existing platforms rather than compete with them.

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ONDC seller apps seek unique ID for network’s vendors

Economic Times

Economic Times · 1y ago

ONDC seller apps seek unique ID for network’s vendors

Multiple seller apps on the ONDC network are facing duplication issues with vendors onboarding, leading to loss of commission for companies and confusion for consumers. Some companies suggest implementing a unique identifier, such as GSTN number or PAN number, to address the problem. ONDC CEO T Koshy stated that sellers have the right to explore multiple seller apps, but buyer apps prioritize more reliable listings. The ONDC network has facilitated 16.5 million orders since its launch.

Expect ONDC to hit 200,000 transactions a day by year-end: T Koshy

Money Control

Money Control · 2y ago

Expect ONDC to hit 200,000 transactions a day by year-end: T Koshy

T. Koshy, the managing director of the On-Demand Car (ONDC) platform, anticipates the platform to reach 200,000 transactions per day by the end of the year. He highlighted the platform's robust growth and projected a significant increase in daily transactions. Koshy expressed confidence in ONDC's ability to cater to the growing demand for convenient and flexible transportation services in India.

ONDC Chief Thampy Koshy to step down

YourStory

YourStory · 3m ago

ONDC Chief Thampy Koshy to step down

Thampy Koshy, the managing director and CEO of India's Open Network for Digital Commerce (ONDC), has resigned after a three-year tenure, transitioning his responsibilities to an executive committee while remaining available for advice over the next three months. Prior to ONDC, Koshy was a Partner at EY and worked at NSDL. His departure follows Shireesh Joshi's earlier exit. ONDC, connecting sellers and buyers across various sectors, recently reached 200 million transactions.

Fintech players in various stages of onboarding: ONDC’s Koshy

Economic Times

Economic Times · 1y ago

Fintech players in various stages of onboarding: ONDC’s Koshy

Fintech players like Aditya Birla Finance, Karnataka Bank, Tata Capital, Canara Bank, and Bajaj Finserv are integrating with the government-backed Open Network for Digital Commerce (ONDC), according to the CEO T Koshy. ONDC has specified protocols for financial sector players to onboard the network. The initial pilot involved providing small loans to individuals or proprietary concerns, with DMI Finance as the lender and Easypay as the buyer. Now, the entities are refining and scaling up operations, with more transactions expected in February. Other enterprises, including insurers and mutual fund companies, are also integrating with ONDC.

Users want ONDC to be faster and more responsive, survey reveals

Business Today

Business Today · 1y ago

Users want ONDC to be faster and more responsive, survey reveals

Indian customers believe that the Open Network for Digital Commerce (ONDC) will be a game-changer in the e-commerce space, after it addresses a few gaps. A survey by D2C logistics platform Shiprocket revealed that users did not face any problem while using the ONDC app during on-boarding, but they did “wish” the process was faster and the customer care segment was “more responsive.”

ONDC reaches 50,000 restaurants

IndianStartupNews

IndianStartupNews · 1y ago

ONDC reaches 50,000 restaurants

The ONDC, backed by the Indian government, announced that its platform now hosts 50,000 restaurants available for order across 172 cities in India, a significant increase from the previous count of 500 restaurants in February 2023. ONDC's CEO, T. Koshy, highlighted the growth, emphasizing the role of Seller Network Participants (NPs) such as Magicpin, uEngage, and others in bringing restaurants on board. The initiative plans to double this count by year-end. Established in December 2021, ONDC aims to establish an interconnected digital commerce platform and has partnered with applications like Paytm for facilitating ordering services.

Cross-border fintech stands out in Y Combinator’s Winter 2024 cohort

TechCrunch · 1y ago

Cross-border fintech stands out in Y Combinator’s Winter 2024 cohort

Y Combinator's Winter 2024 batch of fintech startups showcased a focus on cross-border fintech and international payments. Some notable startups include Numo, which provides offshore banking for international contractors and Cleva, which offers a US bank account for Africans to receive funds and convert them into local currency. xPay acts as an international reseller for businesses in India and Southeast Asia, while Swift aims to provide instant money movement anywhere in the world. Furthermore, Infinity is building cross-border banking solutions for small businesses in India, tapping into the $700 billion cross-border trades market.

ONDC appoints Vibhor Jain as acting CEO after T Koshy completed tenure

YourStory

YourStory · 2m ago

ONDC appoints Vibhor Jain as acting CEO after T Koshy completed tenure

Open Network for Digital Commerce (ONDC) has appointed Vibhor Jain as acting CEO, continuing its search for a permanent chief executive. Jain, part of the executive committee, succeeds Thampy Koshy, who stepped down after three years. Suresh Sethi, a board member, expressed confidence in Jain’s leadership during this transition. ONDC, a government-backed ecommerce network, connects various sectors and surpassed 200 million transactions in March, showing significant growth since its inception.

ONDC aims to enable global trade, help Indian biz tap international markets: T Koshy

YourStory

YourStory · 10m ago

ONDC aims to enable global trade, help Indian biz tap international markets: T Koshy

Open Network for Digital Commerce (ONDC) is focused on enabling cross-border trade and providing Indian businesses with access to global markets. Their vision is to level the playing field for small and medium-sized enterprises (SMEs) and break down barriers to entry, reducing the dominance of large e-commerce players. ONDC aims to foster collaboration between nations and integrate with other digital commerce networks globally. Interoperability and advanced technologies like blockchain and AI will play crucial roles in ensuring transparency, security, and efficiency in cross-border transactions, addressing challenges such as fraud and data privacy.

ONDC Independent Director Arvind Gupta Steps Down

Inc42 · 21d ago

ONDC Independent Director Arvind Gupta Steps Down

Arvind Gupta, an independent director and founding member of the Open Network for Digital Commerce (ONDC), has resigned after completing a three-year term. His exit marks another high-profile departure from the government-backed ecommerce network. Despite stepping down, Gupta remains a strong supporter of ONDC's mission and intends to continue supporting the network. This follows the recent resignations of ONDC’s managing director T. Koshy and chief business officer, Shireesh Joshi.

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