ONDC will also launch financial services products including credit and insurance revealed T Koshy, the managing director and chief executive officer of ONDC at Shiprocket SHIVIR
New Delhi: After making some waves in the domestic market, the Open Networks for Digital Commerce (ONDC) is now targeting the exports market by September and the government-backed platform is also planning to start financial services products on its platform, T Koshy, the managing director and chief executive officer of ONDC said on Friday.
“We expect to demonstrate our first export possibility maybe by September,” he said delivering his keynote address at the Shiprocket SHIVIR, conference in New Delhi. “In the coming months, we will also start with financial products which is probably credit, insurance, mutual funds or other products or service that is relevant to a broad cross section,” he added.
ONDC recently grabbed the headlines by selling cheaper-priced tomatoes through its platform, especially at a time when tomato prices have been skyrocketing in India.
After piloting in five cities, ONDC went live in January 2023. “In January we were doing some 50 transactions a day with some 800 merchants. Today, we have 35-40 thousand merchants and 10,000 transactions a day,” Koshy said.
He added that ONDC delivers products in 620 towns across the country. It leverages the Shiprocket infrastructure to reach places where it does not have a merchant network.
Sharing his long-term ambition he said: “My long-term ambition is every product or service that’s got a catalogue will be visible on the ONDC network.”
Furthermore, he said, “By end of the year I want to see non-mobility going to 100,000 and mobility going to another 100,000 a day,” he added.
He said that ONDC is creating a bit of wave right now and he said the platform is waiting for an explosion of digital commerce to happen through the platform soon, which is when every possible digital business will be on ONDC.
He was delivering his keynote at the fourth edition of Shiprocket SHIVIR which held on Friday at Pullman Aerocity, New Delhi.
Koshy has held several executive positions over his extensive career where he had served as the executive director of NSDL and as a partner at US-based consulting firm EY.
In his keynote, Koshy also stressed on the need for addressing market access and challenges for small businesses.
Furthermore, he showcased ONDC’s strategic collaborations with e-commerce platforms, financial institutions, logistics providers and industry associations, which support the growth of small and medium entrepreneurs. He also spoke about how the integration of Shiprocket’s seller app into ONDC’s ecosystem will help create a level playing field for online and offline merchants, offering seamless access to opportunities for expansion.
He concluded by urging businesses to join the ONDC network. “On ONDC, you can be visible to every buyer and every application in the country,” he said.
Shiprocket SHIVIR 2023 was the meeting ground for more than 100 speakers, over 1000 attendees and over 500 brands. The summit offered unparalleled opportunities for knowledge-sharing and networking.