The Government-backed Open Network for Digital Commerce (ONDC) reached a major milestone in June with 10 million transactions. According to Eqirius Securities India Equity Research BFSI, this includes 6.1 million non-mobility transactions and 3.9 million mobility transactions.
ONDC is seeing strong growth in retail. Non-mobility orders jumped from 3.6 million in March 2024 to over 6 million in June 2024. However, mobility transactions decreased slightly from 4.1 million to 3.9 million during the same period.
The report also noted that ONDC has cut financial incentives for network participants by up to 75 per cent in the first quarter of FY 2025. This move is aimed at making operations more efficient and sustainable.
ONDC is expanding its services beyond transactions. It has tested consumer loans and plans to offer larger B2B loans ranging from Rs. 10 million to Rs. 15 million. Additionally, ONDC is looking to enter the investment and insurance sectors. They may soon introduce passive funds, such as index and liquid funds.
