On Tuesday, the Open Network For Digital Commerce (ONDC) protocol announced via a tweet that it had successfully onboarded Bigbasket, a grocery retailer backed by Tata, as a store on its platform.
Shortly after Walmart-supported PhonePe launched its hyperlocal seller app Pincode on the ONDC platform, Tata-supported grocery retailer Bigbasket joined the platform as a store, according to a tweet by the Open Network For Digital Commerce (ONDC) protocol on Tuesday. Pincode is now being used by several companies, including PhonePe, Paytm, Meesho, Mystore, Craftsvilla, Magicpin, and Spice Money, on the buyer side of the app.
Read More: PhonePe expands e-commerce portfolio with Pincode, a hyperlocal app on Open Network
In Bengaluru and Meerut, where it is currently in beta testing, the ONDC protocol boasts over 25,000 sellers and more than 24 lakh products across a variety of categories such as groceries, food and beverages, home and decor, beauty and personal care, fashion, electronics, and more.
Axis Bank has reportedly developed a new ONDC-based platform for groceries, as per recent reports. However, major ecommerce firms like Flipkart, Amazon, and Google, which have a significant number of sellers and small businesses, are yet to adopt the protocol.
Read More: Axis Bank follows PhonePe’s lead, set to launch ecommerce platform on ONDC
Through seller apps, the ONDC protocol facilitates the connection between buyers and local merchants on its buyer app. The ecosystem also welcomes technology providers and logistics companies, who can service the orders, as part of the protocol.
Registered as a non-profit in December 2021 with the Quality Council of India and Protean eGov Technologies, ONDC intends to obtain additional funding for operations from a range of financial institutions, including but not limited to BSE, NSE, Kotak Mahindra Bank, Axis Bank, HDFC, SBI, SIDBI, NABARD, Bank of Baroda, CSC eGovernance Services, UCO Bank, Central Depository Services, ICICI Bank, NSDL, Bank of India, and Punjab National Bank.
