NSDL Acquires 5.6% Stake in ONDC for INR 10 crore
Leading depository National Securities Depository Limited (NSDL) on Wednesday announced the acquisition of a 5.6% stake in the Open Network for Digital Commerce (ONDC) for Rs 10 crore. According to a statement, the move assists NSDL’s goal of strengthening the digital ecosystem and making digital e-commerce accessible to all. NSDL managing director and CEO Padmaja Chunduru says, “This strategic deal will further strengthen the digital ecosystem to take digital e-commerce to the people of India.” ​​ONDC is the commerce ministry’s initiative to create an open public digital infrastructure. In contrast, NSDL plays a crucial role in transforming the Indian securities market by holding, facilitating, and transferring securities in dematerialised form. The Demat account holders at NSDL are serviced through the depository participants from over 58,000 service centres. Its investors are spread across 189 countries, in addition to having presence over 99 percent of pincodes in India. “We are glad to have NSDL as a stakeholder, which would be of strategic benefit considering their experience in reach and technology,” says T Koshy, MD and CEO at ONDC. In September, the Bank of India had acquired over 5.5 per cent stake in ONDC for Rs 10 crore, with various other banks also picking up stakes in the government’s e-commerce project. ONDC was incorporated with an initial investment from Quality Council of India and Protean eGov Technologies Limited on 31 December, 2021. It aims to promote open networks for exchanging goods and services over digital or electronic networks in India. Thus, the framework enables e-commerce to be more inclusive and accessible to consumers and sellers.
The move assists NSDL’s goal of strengthening the digital ecosystem and making digital e-commerce accessible to all
The move assists NSDL's goal of strengthening the digital ecosystem and making digital e-commerce accessible to all
["Mergers and Acquisitions"]
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