SIDBI acquires 7.84% stake in ONDC for Rs 10 crore

Small Industries Development Bank of India (SIDBI) announced that it has acquired a 7.84% stake in an open public digital infrastructure platform, Open Network for Digital Commerce (ONDC), for Rs 10 crore. S Ramann, CMD SIDBI, told the media that they hope this investment in ONDC would support developing the digital infrastructure in the country to democratise digital commerce. He said that the infrastructure developed would help as a public good by increasing market access for micro, small and medium enterprises (MSMEs). Rao said that it would specifically help the micro-enterprises and retailers by reducing costs and effort and onboarding the e-commerce market. He said SIDBI, with the help of its network of institutions, would actively engage with ONDC to make this project a success. ONDC was established in December 2021, with the aim to develop the first open public digital infrastructure to create and transform the digital commerce ecosystem of India for both goods and services. SIDBI is the regulatory body for licensing and regulation of MSMEs finance firms in the country. It is under the Ministry of Finance, Government of India (GoI). Image Source Also read: Letter to the Finance Minister on urgent policy and financial interventions required for MSMEs