BSE Investments acquires 5.9% stake in Open Network for Digital Commerce

BSE Investments Limited (BSEIL), a wholly-owned subsidiary of Indian stock exchange BSE, has acquired a stake of 5.88% in Open Network for Digital Commerce (ONDC) for an undisclosed price.

Launched by the Indian government’s Department for Promotion of Industry and Internal Trade (DPIIT), ONDC aims to regulate digital monopolies and make the industry more inclusive for buyers as well as sellers. Through ONDC, the Indian government will promote open networks for all aspects of the exchange of services and goods over digital networks.

BSE said that in line with the trends in global convergence of digital e-commerce, the ONDC opportunity is likely to transform the manner digital e-commerce is aligned with the Indian government’s vision of making India self-dependent.

BSE Investments acquires 5.9% stake in Open Network for Digital Commerce. Photo courtesy of BSEINDIA/Wikipedia.org.

ONDC will be promoting the development of digital infrastructure via scaling and innovative API’s and open protocols of OpenSource. A public design is being foreseen where buyers and sellers can be found mutually for ecommerce transactions and an innovative model that is decentralized to promote open collaboration and interoperability.

Ashishkumar Chauhan — MD and CEO of BSE said: “We are delighted to partner with ONDC, as this is a great opportunity to participate in this National initiative for digital transformation and financial inclusion.”