SUMMARY
The new platform, which will be launched as part of Axis Bank’s ecommerce segment Grab Deals, will initially provide groceries before expanding to other segments
While the platform will initially remain integrated with Axis Bank’s Grab Deals, the bank might launch a separate app for the ONDC platform going forward
The development comes a few days after fintech unicorn PhonePe launched a new application called Pincode on the ONDC to focus on hyperlocal commerce
Jumping on the Open Network for Digital Commerce (ONDC) bandwagon, Axis Bank is now reportedly planning to launch a consumer-facing ecommerce platform on the network.
The new platform, which will be launched as part of the private bank’s ecommerce segment Grab Deals, will provide groceries on the ONDC and will soon expand to other segments, MoneyControl reported.
The ecommerce platform has already been designed and will be live soon. In the beginning, it will be launched in select cities, it added.
Axis Bank refused to comment on Inc42’s queries on the issue.
It must be noted that Axis Bank holds approximately 8% stake in the ONDC. The bank is currently revamping the entire Grab Deals platform.
“The ONDC for groceries will still remain integrated even after Grab Deals goes live on app stores and going forward, the company might launch a separate app for the ONDC platform, too,” a source was quoted as saying.
The development comes a few days after fintech unicorn PhonePe launched a new application called Pincode on the ONDC to focus on hyperlocal commerce.
The ONDC platform went live for beta testing in September last year and has been touted as the UPI of the ecommerce industry. Through the platform, the government aims to democratise the segment.
The Department for Promotion of Industry and Internal Trade (DPIIT)-backed platform has been gradually expanding its presence to new cities and pin codes. It forayed into the mobility space by onboarding Bengaluru-based auto booking app ‘Namma Yatri last month.
Recently, ONDC CEO T Koshy said that about 380 FPO (farmer producer organisations) are at various stages of integration with the platform on the supplier side, while 80 FPOs are already live on the platform.
Paytm, PhonePe, IDFC, Mystore, Craftsvilla and Spice Money are among the companies and startups operating buyer-side apps on the ONDC.
Interestingly, the ONDC platform is funded by various banks including State Bank of India (SBI), Axis Bank, Kotak Mahindra Bank, HDFC Bank, ICICI Bank and Punjab National Bank.
