ONDC: Anupam Mittal, the chief executive officer of People Group and a Shark on the panel during the third season of Shark Tank India, highlighted the Open Network for Digital Commerce (ONDC), according to a release from ONDC on Tuesday.
In Shark Tank India Season 3 Episode 47, which aired on Sony TV, Mittal, the SaaS platform Kiko Live’s pitch segment, drew comparisons between the ONDC Network and the groundbreaking Unified Payments Interface (UPI) initiative by the Indian government. He underlined the critical role that ONDC Network plays in promoting inclusive digital commerce for a wide range of market participants.
“The ONDC Network offers digital commerce the same transformation that UPI did for payments. It all comes down to building a network that is open to all businesses so they can prosper online, regardless of size. This program is a significant step in the right direction toward making sure that opportunities and progress are available to everyone, not just a select few, according to Mittal.
Additionally, the release stated that Mittal’s explanation of the Open Network’s capacity to democratize digital commerce may assist Indian startups in taking advantage of the network’s enormous potential.
“We would like to express our gratitude to Anupam for providing the audience with clear and well-articulated education about a subject that seems complex, like ONDC,” stated T. Koshy, MD & CEO of ONDC.
Establishing itself as a Section 8 company on December 31, 2021, the Open Network for Digital Commerce is an endeavor of the Department for Promotion of Industry and Internal Trade (DPIIT), Ministry of Commerce & Industry, Government of India. Its goal is to develop a revolutionary facilitative model for digital commerce, which will accelerate the growth of retail e-commerce in India. In order to promote open, unbundled, and interoperable networks, ONDC is a set of specifications rather than an application, platform, intermediary, or software.
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