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Riding On Festive Season, ONDC Logs 14 Mn Transactions In October
Inc42
·
8m ago
Medial
State-owned Open Network for Digital Commerce (ONDC) recorded a 7.6% increase in monthly transactions, reaching 14 million in October. This represents a significant 200% surge from the same period last year when there were only 4.5 million transactions. However, ONDC recently reduced the maximum incentive limit for network participants by 84%, lowering it from INR 2.5 crore to INR 40 lakh.
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ONDC logs 14 million transactions in October, cuts incentives
Inshorts
·
8m ago
Medial
Open Network for Digital Commerce (ONDC) recorded 14 million transactions in October, a 7.6% rise from 12.9 million in September and a 200% increase from 4.5 million in October 2023. Recently, ONDC slashed the maximum incentive for network participants by 84%, reducing it from ₹2.5 crore to ₹40 lakh.
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ONDC logs meteoric rise; challenges are climbing fast too
Economic Times
·
1y ago
Medial
The Open Network for Digital Commerce (ONDC) saw a significant surge in transactions, reaching over 3.3 million cumulative transactions in September. This is a considerable increase from just 1,000 transactions in January. ONDC, a government-backed open platform for hyperlocal ecommerce, aims to decentralize ecommerce in India and promote the participation of small sellers and buyers. However, as the platform grows, it also faces numerous challenges.
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UPI reigns supreme in digital payments kingdom
Economic Times
·
7m ago
Medial
During the festive season in India, unified payment interface (UPI) emerged as the most preferred digital payment mode for merchants, surpassing cards and mobile wallets. In October, UPI recorded 10 billion merchant transactions, a significant 53% YoY increase. UPI's popularity continued as it processed a total of 16.5 billion transactions that month. In contrast, credit cards saw a 35% increase in transactions, while debit cards experienced a 24% decline. Mobile wallets also saw a decrease in usage. UPI has become the go-to payment method for Indians, particularly for account-based transactions.
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Two-Wheeler EV Sales Pick Up Pace In October; Ola Electric Regains Some Lost Market Share
Inc42
·
8m ago
Medial
In October, Ola Electric's registration saw a significant increase of 49% with 36,865 units sold, after a recent decline. Overall, electric two-wheeler registrations in India rose by 73% to 1.2 lakh units in October due to festive season sales discounts. Ola Electric regained some of its lost market share (30%) but also offered massive festive season discounts. Competitors like TVS Motor and Ather Energy also experienced growth in registration, with TVS Motor's market share in the EV space increasing to 21.4%. October saw the highest two-wheeler EV sales since March 2021, reaching 1.4 lakh units.
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India's Shoppers Stop posts 83% drop in Q2 profit on weak demand
Reuters
·
1y ago
Medial
Indian retailer Shoppers Stop has reported an 83.2% decline in second quarter profit due to increasing expenses and weaker demand. The delay in the festive season has caused customers to postpone purchases of clothes and cosmetics, which typically contribute to the majority of retailers' annual sales. Shoppers Stop expects demand to improve significantly in the third quarter as the festive season begins in late October. The company is also facing competition from Mukesh Ambani's Reliance Retail Ventures and continues to face challenges in smaller cities.
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ONDC Records 21% Rise In Transactions To $12 Mn In July
Inc42
·
11m ago
Medial
The Open Network for Digital Commerce (ONDC) saw a 21% increase in transactions in July, reaching a total of 12 million compared to the previous month's 10 million. Out of these transactions, 4.4 million came from the mobility domain while the remaining 7.6 million were from the non-mobility domain. ONDC currently has 71 seller applications, 22 buyer applications, and 16 logistics service providers, serving over 570,000 sellers and service providers.
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Startup news and updates: daily roundup (August 26, 2024)
YourStory
·
10m ago
Medial
Velocity, a financing platform, has set aside Rs 400 crore to provide funding for direct-to-consumer (D2C) and ecommerce brands during the festive season sales. This allocation is an increase of over 60% compared to the previous year, indicating higher expectations for this year's festive season. The financing will support brands on various ecommerce platforms, allowing them to expand their product range, improve delivery times, and take advantage of emerging trends. Additionally, InsuranceDekho has launched Heph, a SaaS platform designed to streamline operations for insurance distributors. Fintech startup POP has achieved a monthly run rate of one million UPI transactions.
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Meesho logs 120 crore customer visits during its 10-day festive sale
Economic Times
·
1y ago
Medial
Indian e-commerce platform Meesho reported 120 crore customer visits during its 10-day festive sale, marking a three-fold increase in business. The sale, named "Meesho Mega Blockbuster Sale," saw categories such as home & kitchen, fashion, and beauty garner over 72 orders per second. The company recorded 1.6 crore new app installs and witnessed a surge in kids' wear purchases. Around 14 lakh sellers participated in the sale, offering 12 crore product listings across 30 categories.
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Ola continues to rule 2-Wheeler EV space in Nov; registrations cross 85K mark on festive boost
Inc42
·
1y ago
Medial
Electric two-wheeler registrations in India rose 14% MoM in November, surpassing 85,000 units, driven by festive season demand for top EV manufacturers. Ola Electric retained the lead with a 14% MoM increase, registering 27,331 units. TVS Motor, Bajaj Auto, and Ather Energy followed. Legacy players like Hero MotoCorp also witnessed significant growth. Overall EV registrations in November across vehicle categories reached 143,325 units, marking a YoY increase of over 36%.
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ONDC introduces bonuses of up to Rs 35 lakh per week for buyer-side apps ahead of festive season
Money Control
·
1y ago
Medial
Ahead of the festive season sales, Open Network for Digital Commerce (ONDC) has introduced bonuses of up to Rs 35 lakh per week for buyer-side platforms that can achieve specific order volume milestones. The scheme is graded, starting from Rs 5 lakh for 50,000 orders per week. Additionally, ONDC has increased the maximum number of discounts available to consumers from 2 to 5 per week. The government-backed network aims to reduce the dominance of major e-commerce platforms and hopes to reach 900 million buyers and 1.2 million sellers in the next two years.
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