NPCI To Invest INR 10 Cr, Likely To Pick Up 9-10% Stake In ONDC
An umbrella organisation for operating retail payments and settlement in India, National Payments Corporation of India (NPCI) is close to acquire 9-10 per cent stake in the open ecommerce initiative Open Network For Digital Commerce (ONDC).
The two organisations are already working closely. NPCI Executive Director Dilip Asbe serves on the ONDC Advisory Board. The approval process will be finalised over the course of the next 10 days, a source confirmed. NPCI which operates the digital payments network, UPI is expected to invest around INR 10 Cr in ONDC.
ONDC plans a public launch for early next month. Earlier this month, global technology giant, Microsoft became the first major multinational to join ONDC. Microsoft plans to roll out a shopping app for Indian consumers.
To expand the space and make the service available at the grassroots level are the major objectives for ONDC similar to what UPI did to the digital payment space.
