Bank of India supports India’s bold Open Ecommerce Project ONDC

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The state-owned Bank of India has made a private placement investment of INR 10 crore in the government-backed ecommerce venture Open Network for Digital Commerce (ONDC). Once the transaction is completed, the bank’s total stake in ONDC will be 5.56%.

The Bank of India has purchased one million equity shares at INR 100 each, with the transaction expected to be completed by the second quarter of fiscal year 2022-23. (September-end). ONDC, incorporated as a private sector non-profit company, will allow sellers from a wide range of industries to list on the platform and provide a variety of services to customers in a single location.

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Bank of India supports India’s bold Open Ecommerce Project ONDC

The state-owned Bank of India has made a private placement investment of INR 10 crore in the government-backed ecommerce venture Open Network for Digital Commerce (ONDC). Once the transaction is completed, the bank’s total stake in ONDC will be 5.56%.

The Bank of India has purchased one million equity shares at INR 100 each, with the transaction expected to be completed by the second quarter of fiscal year 2022-23. (September-end). ONDC, incorporated as a private sector non-profit company, will allow sellers from a wide range of industries to list on the platform and provide a variety of services to customers in a single location.

Disclaimer

We strive to uphold the highest ethical standards in all of our reporting and coverage. We StartupNews.fyi want to be transparent with our readers about any potential conflicts of interest that may arise in our work. It’s possible that some of the investors we feature may have connections to other businesses, including competitors or companies we write about. However, we want to assure our readers that this will not have any impact on the integrity or impartiality of our reporting. We are committed to delivering accurate, unbiased news and information to our audience, and we will continue to uphold our ethics and principles in all of our work. Thank you for your trust and support.

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