NEW DELHI: Small Industries Development Bank of India (SIDBI) on Friday said it has acquired 7.84 per cent stake in open public digital infrastructure platform, ONDC, for Rs 10 crore.
"SIDBI, the apex Financial Institution for financing and development of MSMEs in the country, has acquired 7.84 per cent stake in the open public digital infrastructure framework entity named Open Network for Digital Commerce (ONDC) through an investment of Rs 10 crore," it said in a release.
Hoping that its investment in ONDC will help develop digital infrastructure to democratize digital commerce in the country, S Ramann, CMD, SIDBI said the infrastructure created would serve as a public good by augmenting market access for micro, small and medium enterprises (MSMEs).
It will help particularly the micro-enterprises and retailers by lowering cost and effort for them to onboard the e-commerce marketplaces, Rao said.
"SIDBI, along with its network of institutions, shall actively engage with ONDC to make this ambitious national project a success," he said.
ONDC was formed in December 2021, 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.