SIDBI acquires 7.84% stake in ONDC to push MSMEs' market access

New Delhi, Mar 25 (KNN) To support MSMEs with market access in Open Network for Digital Commerce (ONDC), the Small Industries Development Bank of India (SIDBI) has acquired 7.84 per cent stake in the open public digital infrastructure framework.

The apex Financial Institution for financing and development of MSMEs in the country, has bought the stake through an investment of Rs10 crore.

Showing confidence in SIDBI’s investment in ONDC, S Ramann, CMD, SIDBI said “Our investment in ONDC will help develop digital infrastructure which aims to democratize the digital commerce in the country. The infrastructure created would serve as a public good by augmenting market access for MSMEs, particularly micro enterprises and retailers by lowering cost and effort for them to onboard the e-commerce market places.”

To make the national project a success, SIDBI along with its network of Institutions will actively engage with ONDC, said Ramann.

It was on 30th December, 2021 that ONDC was incorporated with an objective to create a first of its kind open public digital infrastructure to develop and transform the Indian digital commerce ecosystem for both goods and services.  (KNN Bureau)