BigBasket joins ONDC platform for digital commerce, Axis Bank develops grocery platform
The Open Network for Digital Commerce (ONDC) protocol has announced that Tata-backed grocery retailer Bigbasket has joined its platform as a store. This comes after Walmart-backed PhonePe launched its hyperlocal seller app, Pincode, on the ONDC platform. Other major players such as Paytm, Meesho, Mystore, Craftsvilla, Magicpin, and Spice Money are already live on the buyer side of the app. The ONDC protocol is currently in its beta phase in Bengaluru and Meerut, with over 25,000 sellers and more than 24 lakh products across various categories such as food and beverages, groceries, home decor, beauty and personal care, fashion, and electronics.
Axis Bank has also developed a new platform for groceries on the ONDC, and the protocol is open for technology providers and logistics companies to be a part of its ecosystem. Despite its potential, ecommerce giants such as Flipkart, Amazon, and Google have not yet adopted the protocol, even though they command a large repository of sellers and small businesses.
ONDC is a non-profit that was registered in December 2021 with the Quality Council of India and Protean eGov Technologies. It plans to raise additional capital from major players such as BSE, NSE, Kotak Mahindra Bank, Axis Bank, HDFC, SBI, SIDBI, NABARD, Bank of Baroda, CSCeGovernance Services, UCO Bank, Central Depository Services, ICICI Bank, NSDL, Bank of India, and Punjab National Bank for its operations.
The ONDC protocol aims to connect buyers on the buyer app to local merchants through seller apps, providing a platform for small businesses and local retailers to thrive in the digital commerce landscape.
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