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Why Should Lenders Capitalise On ONDC For Growth?

Inc42 · 1y ago

Why Should Lenders Capitalise On ONDC For Growth?

The ONDC network aims to promote financial inclusion through digital inclusion. One of the key benefits of ONDC is the seamless transfer of participant data, which promises improved financial services. The network also provides opportunities for institutions to expand their partnership lending and connect with various players in the ecommerce sector, allowing them to scale their operations.

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Related News

ONDC is bulking up financial services play with consumer-facing apps

Economic Times

Economic Times · 1y ago

ONDC is bulking up financial services play with consumer-facing apps

Tata Neu and Paisabazaar are conducting pilot studies to enable credit disbursals through the ONDC network. Lenders such as DMI Finance and Aditya Birla Finance have already integrated with ONDC to provide loans. Tata Neu and Paisabazaar will serve as consumer-facing applications to source customers for these lenders. The credit on ONDC pilot has recently begun with five LSPs.

ONDC expands to financial services; launches quick digital lending

YourStory

YourStory · 1y ago

ONDC expands to financial services; launches quick digital lending

Open Network for Digital Commerce (ONDC) has entered the financial services sector with the launch of its digital lending initiative. The platform will provide paperless loans in just six minutes, offering unsecured credit to both salaried and self-employed individuals. ONDC has partnered with several buyer applications and lenders to facilitate this service, and is working towards expanding its digital credit model and increasing financial inclusion. In addition to unsecured loans, ONDC plans to introduce GST invoice financing loans and other financial products in the future. The platform recently recorded 12 million monthly transactions and expects to reach 40-50 million by year-end.

Adya.ai Partners Google Cloud To Boost ONDC Adoption Across Enterprises

Inc42 · 1y ago

Adya.ai Partners Google Cloud To Boost ONDC Adoption Across Enterprises

Enterprise tech startup Adya.ai has partnered with Google Cloud to launch a platform called ATMA (Aatmanirbhar Technology Marketplace) to boost the adoption of the Open Network for Digital Commerce (ONDC) among businesses. This platform allows enterprises to quickly build and customize ONDC-compliant apps and deploy them on Google Cloud within 24 hours. In July, ONDC experienced a 21% growth in transactions, reaching 12 million, and making a significant impact in the food delivery market.

ONDC targets GeM and PLI beneficiary business for growth

Livemint

Livemint · 1y ago

ONDC targets GeM and PLI beneficiary business for growth

The Open Network for Digital Commerce (ONDC) plans to target small and medium enterprises (SMEs) by focusing on businesses at the government e-marketplace (GeM) and beneficiaries of production-linked incentive (PLI) schemes. ONDC aims to triple its business by onboarding SMEs and increasing transactions from 12.5 million per month to 30-40 million by FY25. The organization is also attracting diverse domains, such as media, gaming, and spirituality, to join its network. Additionally, ONDC has been asked to tap into the GeM and PLI beneficiary market for further growth.

Why are creditors going after bankruptcy professionals now?

Livemint

Livemint · 1y ago

Why are creditors going after bankruptcy professionals now?

Bankruptcy resolution professionals (RPs) in India are facing increasing challenges and criticism from lenders as the country's insolvency resolution landscape undergoes significant changes. RPs have been accused of wrongful classification of creditors, collusion with previous managements, and mismanagement of affairs. These clashes with lenders are causing delays in the resolution process as cases reach the courts. The insolvency law is still evolving, and there is a need for clarity and guidance from the Insolvency and Bankruptcy Board of India (IBBI) to address these challenges.

Aerospace parts maker JJG Aero raises $12 million in funding from CX Partners

Economic Times

Economic Times · 1y ago

Aerospace parts maker JJG Aero raises $12 million in funding from CX Partners

Bengaluru-based aerospace components manufacturer JJG Aero has secured $12 million in its first round of funding led by private equity firm CX Partners. The funds will be used to increase manufacturing capacity at its new facility and for further vertical integration. With a focus on the commercial aerospace segment, JJG Aero has experienced 35% annual growth over the past three years. The company plans to capitalise on the high demand for aerospace components by expanding its operations in the sector.

Zoho jumps on to ONDC bandwagon with seller app called Vikra

Money Control

Money Control · 1y ago

Zoho jumps on to ONDC bandwagon with seller app called Vikra

Bootstrapped SaaS unicorn Zoho has launched a seller-side platform on the Open Network for Digital Commerce (ONDC) to compete with e-commerce giants like Amazon and Flipkart. The Vikra app, which is ONDC protocol compliant, allows sellers to set up online stores and gain visibility on popular buyer-side apps such as Paytm, Ola, and Snapdeal. It offers features like onboarding, order fulfillment, shipping, cataloguing, customer dispute management, and analytics. Zoho aims to bridge the e-commerce divide and increase e-commerce penetration to 25% within the next few years. The ONDC recorded 12.58 million transactions in August, with a 5% month-on-month growth.

Cars24, Zerodha, EaseMyTrip Among 12 Unicorns Joining ONDC Soon

Inc42 · 1y ago

Cars24, Zerodha, EaseMyTrip Among 12 Unicorns Joining ONDC Soon

Indian unicorns such as EaseMyTrip, OfBusiness, Zerodha, and Livspace, among others, have signed letters of intent to join the Open Network for Digital Commerce (ONDC). Over 125 other startup ecosystem stakeholders have also entered similar agreements with ONDC, according to the Department for Promotion of Industry and Internal Trade (DPIIT). The unicorns will explore the use-cases for their products and platforms on ONDC. The ONDC Startup Mahotsav event aimed to foster collaboration between startups and ONDC and to highlight the 7.2 million transactions facilitated by ONDC in the past month.

EaseMyTrip signs LOI to join ONDC at Startup Mahotsav

YourStory

YourStory · 1y ago

EaseMyTrip signs LOI to join ONDC at Startup Mahotsav

Travel tech platform Easy Trip Planners Ltd has announced its intention to join the Open Network for Digital Commerce (ONDC). The letter of intent was signed at the ONDC Startup Mahotsav event, indicating Easy Trip Planners' commitment to the digital transformation of commerce in India. By joining ONDC, the company aims to support India's digital economy and contribute to the growth of the travel industry. The ONDC initiative, launched by the government in 2021, aims to create an open and competitive digital commerce ecosystem, benefiting small businesses and promoting fairness in the ecommerce sector.

ONDC Crosses 5.7 Lakh Sellers And Service Providers On Its Platform: MoS IT

Inc42 · 1y ago

ONDC Crosses 5.7 Lakh Sellers And Service Providers On Its Platform: MoS IT

The ONDC network has experienced significant growth since its launch in 2021. It has seen a rapid increase in transactions, growing from 1,000 in January 2023 to over 9.9 million in June 2024. The network currently has 71 seller applications, 22 buyer applications, and 16 logistics service providers. With over 570,000 sellers and service providers on the network, ONDC aims to promote open networks for digital exchanges of goods and services.

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