ONDC considers this as an opportunity that would educate startups on vast opportunities
New Delhi: During the third season of Shark Tank India, Anupam Mittal, chief executive officer, People Group and a Shark on the panel, cast a spotlight on the Open Network for Digital Commerce (ONDC), a release by ONDC said on Tuesday.
During the SaaS platform Kiko Live’s pitch segment in Episode 47 of Shark Tank India Season 3 on aired on Sony TV, Mittal drew parallels between the ONDC Network and the revolutionary Unified Payments Interface (UPI) initiative by the Government of India. He emphasized ONDC Network’s pivotal role in fostering inclusive digital commerce for all kinds of players in the market.
“What UPI did for payments, the ONDC Network offers the same transformation for digital commerce. It’s about creating an inclusive network where every business, no matter its size, can thrive online. This initiative is a powerful step towards ensuring that growth and opportunities are not confined to the few but are accessible to all,” Mittal said.
Mittal’s elucidation of the Open Network’s potential to democratise digital commerce could help India’s startups harness the vast opportunities of the Open Network, the release added.
“We would like to extend our gratitude to Anupam for educating the audience about a seemingly complex subject like ONDC in a clear and well-articulated manner,” said T. Koshy, MD & CEO at ONDC.
Incorporated on December 31, 2021, the Open Network for Digital Commerce (ONDC), a Section 8 company, is an initiative of the Department for Promotion of Industry and Internal Trade (DPIIT), Ministry of Commerce & Industry, Government of India, to create a facilitative model that revolutionizes digital commerce, giving greater thrust to the penetration of retail e-commerce in India. ONDC is not an application, platform, intermediary, or software but a set of specifications designed to foster open, unbundled, and interoperable open networks.
