SIDBI acquires stake in ONDC to facilitate market access to MSMEs

Small Industries Development Bank of India (SIDBI), the apex Financial Institution for financing and development of MSMEs in the country, has acquired 7.84 percent stake in the open public digital infrastructure framework entity named Open Network for Digital Commerce (ONDC) through an investment of Rs 10 crore.

ONDC has been recently incorporated on December 30, 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.

Shri S Ramann, CMD, SIDBI said "We are confident that our investment in ONDC will help develop digital infrastructure which aims to democratize the digital commerce in the country. The infrastructure created would serve as a public good by augmenting market access for MSMEs, particularly micro enterprises and retailers by lowering cost and effort for them to onboard the e-commerce market places. SIDBI, along with its network of Institutions, shall actively engage with ONDC to make this ambitious national project a success."

Source : Equity Bulls

Keywords

SIDBI ONDC StakeAcquisition MSME