ONDC Network Aims For Three-To-Four Crore E-Commerce Transactions By Next March
The company has launched fully digital credit services, offering paperless loans in just six minutes.
Open Network for Digital Commerce, also known as ONDC Network, which crossed 1.2 crore monthly e-commerce transactions, aims to achieve 3–4 crore transactions by the end of this financial year, according to Managing Director and Chief Executive Officer T Koshy.
“We have already crossed 12 million (1.2 crore) transactions in July; slowly, this number will increase. I am expecting that we will touch 30–40 million (3–4 crore) transactions by the end of this financial year,” Koshy told NDTV Profit on the sidelines of its credit financial services launch on Thursday.
The company has launched credit services, which will be fully digital and paperless loans available in just six minutes. "The new offering is integrated with nine buyer applications (also known as lending service providers) and three lenders, marking a significant milestone in ONDC Network’s mission to enhance accessibility and efficiency in credit services,” the company said in a press release.
The initial product of this digital lending initiative is unsecured credit for both salaried and self-employed individuals. The buyer applications include Easypay, Paisabazaar, Tata Digital, Invoicepe, Cliniq360, Zyapaar, Indipe, Tyreplex, and Paynearby, the press release said. Aditya Birla Finance, DMI Finance, and Karnataka Bank are the lenders for this initiative.
The ONDC Network also has a strong pipeline of buyer applications from Mobikwik, Rupeeboss, and Samridh. Further, lenders such as HDFC Bank, IDFC First Bank, Faircent, Pahal Finance, Fibe, Tata Capital, Kotak Mahindra Bank, Axis Finance, FTCash, and the Central Bank of India are also said to have been in talks.
Additionally, the company plans to introduce GST invoice financing loans by the end of September, followed by subsequent products including purchase financing for individuals and sole proprietors and working capital lines for partnerships and private limited companies.
