ONDC introduces B2B transactions for wider market access
New Delhi, June 6 (KNN) The government backed open network for digital commerce (ONDC) on Monday announced the launch of business to business (B2B) transactions as an expansion of its scope.
This move is expected to benefit small and medium establishments across the country by giving them access to a wider market for their products.
“This will open up a lot more possibilities. With the launch of the B2B-enabled open network, we are ushering in a new era of e-commerce where businesses can thrive online, overcoming the challenges that have held them back,” MD & CEO T. Koshy said.
The B2B transactions on ONDC are being powered by tech start-ups SignCatch and Rapidor which have jointly enabled both the B2B buyer and seller side platforms on the network, allowing interoperability between buyers and sellers.
In the past few days, both the firms have enabled over 160 B2B transactions. The B2B launch is currently in the alpha mode.
Expressing SIDBI’s goal to onboard more than 30 lakh to 40 lakh small businesses, Sivasubramanian Ramann, Chairman and MD at SIDBI said, “Multiple small businesses will probably get a chance to become visible to a much wider audience the moment they log on to ONDC.”
Responding to questions around the possibility of credit being integrated for MSMEs, Koshy said that a working group consisting of relevant stakeholders has been put in place to look at financial products and the aim is to have things moving on the front in the next couple of months. (KNN Bureau)