“This is an excellent example of Yes Bank creating a diverse business model to embed themselves in an Open Network. I am sure this model will evolve to be a great boon in enhancing market access for their corporate clients, especially small and medium enterprises who will be coming online first time,” T Koshy, MD and CEO, ONDC, said.
ONDC is a strategic initiative the Indian government aimed to democratise the entire digital commerce space. The network is also being built as an alternative to etailers like Walmart-owned Flipkart and Amazon in the Indian ecommerce market. Both the platforms are also looking to integrate with ONDC,
as reported by ET.
“We are pleased to create access for our enterprise customers to be part of the strategic ONDC network, which aims to democratize the digital commerce space and entrust more power to businesses. This association will enable us to positively impact the business momentum of our SME, MSME and other enterprise customers across India and Bharat,” Prashant Kumar, MD & CEO, Yes Bank said.
“Just going by the huge diversity and market size we have, any digital revolution in India has been impactful as seen in the case of UPI or Aadhar. The way we see ONDC taking shape, it is going to revolutionize how commerce is done today in India and it is our privilege to partner with Yes Bank in this journey,” Brij Purohit, Co-founder, SellerApp.com, said.
ONDC, led by Koshy, is onboarding partners on both buyer and seller side as it had announced plans to be in 75 cities this month and expand into categories like electronics, fashion and others.
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Earlier this month,
Reliance Retail-backed Dunzo’s business to business (B2B) logistics arm D4B joined the network to offer last mile services while Retail-owned logistics firm Grab also integrated on ONDC.
ET reported on July 20 that marquee investors such as SoftBank and others have also asked their India portfolio firms to explore partnerships with ONDC.
