NPCI plans to invest Rs 10 cr in govt-backed ONDC

New Delhi, Sept 1 (KNN) It is likely that National Payments Corporation of India (NPCI) will acquire 9-10 per cent stake in government-backed project Open Network for Digital Commerce (ONDC) which aims to develop e-commerce in India.

The investment will be somewhere around Rs 10 crore, exclusively reported The Economic Times (ET).

In the next 10 days the deal is set to be finalised as the approvals were already in place.

Apart from NPCI, National Securities Depository Ltd (NSDL) and Bank of India are also acquiring stakes in ONDC, as per ET.

It seems that government’s digital commerce platform is already working closely with NPCI to weaken rival foreign platforms like Flipkart and Amazon India in the local market.

A source close to the digital payment service provider told ET that the deal does not intend to make profits, but is to strengthen the objective of taking product and services to the grassroot and boost small businesses. 

ONDC will reportedly have 20 stakeholders out of which the formalities for 17 entities have been completed by March.

NPCI and the remaining three will be secured in the next 10 days.  (KNN Bureau)