State-owned Open Network for Digital Commerce (ONDC) reportedly logged 14 Mn monthly transactions in the festive month of October, marking a 7.6% leap compared to 12.9 Mn a month ago
Compared to a year ago, transactions spiked by 200% from 4.5 Mn in October 2023
Recently, ONDC slashed the maximum limit of incentives granted to its network participants by 84% to INR 40 Lakh from INR 2.5 Cr
State-owned Open Network for Digital Commerce (ONDC) reportedly logged 14 Mn monthly transactions in the festive month of October, marking a 7.6% leap compared to 12.9 Mn a month ago.
Compared to a year ago, transactions spiked by 200% from 4.5 Mn in October 2023, Moneycontrol reported.
The mobility segment alone recorded 5.5 Mn transactions of the whole, while non-mobility segment saw 8.4 Mn, the report said citing an anonymous industry source.
Inc42 has reached out to ONDC for comments on the development. The story will be updated based on the response.
The report further said that the food and beverage division marked 2 Mn transactions and groceries came up to 1 Mn. Additionally, the fashion segment recorded 11 Mn transactions.
This development comes at the time of the biggest festive season of the year.
Preparing for the festive season, ONDC slashed the maximum limit of incentives granted to its network participants, in September, by 84% to INR 40 Lakh from INR 2.5 Cr.
It is pertinent to note that the incentive discount move was aimed at controlling the concentration of a few big players on the network.
Established in 2021 as an initiative of the Department for Promotion of Industry and Internal Trade (DPIIT), ONDC is an open protocol-based network to enable local commerce across multiple segments, including grocery and mobility among others.
ONDC has also been taking various measures to expand its network by integrating banks and fintech companies to offer loans and enable mutual fund transactions, recently.
So far, ecommerce, logistics and D2C brands, including boAt, Magicpin, ShipRocket, Porter, Meesho among others, are listed on ONDC.
Furthermore, the network comprises more than 6.38 Lakh sellers and service providers, operating in more than 609 cities, as of August.
Updated at 12:33 PM
