The National Securities Depository Limited (NSDL) acquired 5.6% stake in the state-backed Open Network for Digital Commerce (ONDC). NSDL invested INR 10 Cr in the ecommerce venture through a private placement.
“This strategic agreement will help to strengthen the digital ecosystem and bring digital e-commerce to the people of India,” said NSDL MD and CEO Padmaja Chunduru. ONDC CEO T Koshy echoed the sentiment, saying, “We are glad to have NSDL as a stakeholder, which would be of strategic benefit given their experience in reach and technology.” The announcement comes nearly a month after reports surfaced that the depository was interested in acquiring a stake in the highly regarded digital commerce platform. ONDC, the brainchild of the Department for Promotion of Industry and Internal Trade (DPIIT), aims to revolutionise the ecommerce space by deploying open protocols to enable local commerce across a variety of segments including grocery delivery, mobility, and hotel booking.