News Update

SignCatch and Rapidor Successfully Execute First B2B Golden Transaction on ONDC

• ByStartupStory     |    May 23, 2023

SignCatch, a retail technology company, and Rapidor, a B2B trade platform, have successfully completed the inaugural golden transaction between businesses on the Open Network for Digital Commerce (ONDC).

By integrating their individual B2B buyer and seller platforms on the Open Network for Digital Commerce (ONDC), SignCatch and Rapidor are working towards establishing a streamlined interoperability that facilitates seamless transactions between buyers and sellers, with a particular focus on Micro, Small, and Medium Enterprises (MSMEs).

“Although the B2C aspect of our network has already gained traction, the B2B market is more intricate and requires a profound understanding of the general trade ecosystem in India. We are happy to have SignCatch and Rapidor leading the way in this untapped market, which has enormous potential for growth and development,” said T Koshy, MD and CEO of ONDC.

Thanks to SignCatch’s Bech.app integration on the ONDC, Organic Diet and Herbal Products, a Delhi-based company specializing in herb-based organic products, successfully received an order from Swabharat Stores LLP, based in Thane, via Rapidor’s B2B buyer platform, Placeorder.com.

Rapidor’s Placeorder.com facilitated the integration of ABAD Foods, a frozen food products manufacturer and supplier based in Kochi, onto the ONDC. Through SignCatch’s B2B buyer platform, OrderDe.com, ABAD Foods successfully received an order from Lulu International Shopping Malls in Bengaluru in a separate transaction.

The ONDC network has witnessed the successful execution of B2B orders by various MSMEs, such as Laxmi Bhog from Jaipur and Red Zone from Tirupur. Currently, the ONDC network experiences a significant increase in ecommerce order volume, with over 25,000 orders logged per day compared to just 50 per day in January. Additionally, the number of retail merchants on the platform has surged to over 35,000 from approximately 800 since January, as stated by ONDC.

ONDC, established in December 2021, is a Section 8 company introduced by the Ministry of Commerce’s Department of Promotion of Industry and Internal Trade (DPIIT). Its primary objective is to establish an enabling framework that drives the transformation of digital commerce, encouraging widespread adoption of retail ecommerce in India.

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