Small Industries Development Bank of India (SIDBI) announced that it has acquired 7.84% stake in the open public framework for digital infrastructure called Open Network for Digital Commerce (ONDC) through an investment of ₹10 crore. ONDC was founded on December 30, 2021 with the aim of creating a unique open public digital infrastructure to develop and transform India’s digital commerce ecosystem for goods and services. S Ramann, CMD, SIDBI said: “We are confident that our investment in ONDC will contribute to the development of digital infrastructure aimed at democratizing digital commerce in the country. The infrastructure created would serve as a public good by expanding market access for MSMEs, particularly micro-enterprises and retailers, by reducing the cost and hassle of onboarding into e-commerce marketplaces.”
