ECOMMERCE ONDC COMMITMENT
Ekart goes live on ONDC Network for ecommerce logistics
This move will help Ekart expand its reach across the country to sellers and brands in the MSME and large enterprise spaces. This initiative comes at a time when the ONDC Network is focusing on scaling e-commerce logistics on its platform following a drop in retail orders.
ONDC appoints Vibhor Jain as acting CEO; hunt on for Koshy’s successor
Vibhor Jain, ONDC’s chief operating officer, has been appointed acting CEO as the platform seeks a new permanent head. Executive powers now rest solely with Jain, ending the interim committee’s role. The move aims to ensure continuity and unified leadership as ONDC scales up and navigates key strategic decisions.
ONDC partners list hits and misses as it wraps up second year of operations
ONDC, two years in, faces mixed reactions: some praise its potential to democratise ecommerce, while others cite slow growth, low orders, and challenges in scaling, particularly outside food and beverage categories, despite government backing and minimal advertising.
No more licensed biz, Paytm to focus on distribution model
Digital payments major Paytm wants to stay away from getting into any regulated businesses and would rather focus on building distribution heft. The senior leadership have taken a conscious call to not go after regulatory licenses but rather work with licenced entities and distribute products better.
Ola Cabs CEO quits; Elon Musk scores big win in China
Just three months after joining the ride-hailing firm, Ola Cabs CEO Hemant Bakshi has called it quits. Details on this and more in today’s ETtech Top 5.
Exclusive: Flipkart-Zepto deal talks falter; quick commerce startup opts for financial investors
The strategic sale discussions are unlikely to be revived. Quick commerce company Zepto is now in discussions for fresh funding at a likely $2.5 billion valuation. It has held talks with the likes of General Atlantic, ADIA, among others.
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Zomato-backed Magicpin's cofounder Brij Bhushan to leave company
Bhushan started the Gurugram-based company in 2015 with Anshoo Sharma, who is the chief executive officer of Magicpin. Prior to cofounding Magicpin, Bhushan was an investor with Nexus Venture Partners.
PhonePe explored investment in Dunzo’s merchant business
However, Dunzo investors were not in favour due to strategic nature of Walmart-backed company.
Paytm planning deeper push for ONDC, targets 10 million merchants: CEO Vijay Shekhar Sharma
ONDC's chief business officer Shireesh Joshi told ET that the network was recording over 1 lakh transactions regularly per day.
ONDC logs meteoric rise; challenges are climbing fast too
ONDC – one of the biggest bets by New Delhi as far as its array of digital public goods are concerned – was floated with an aim to decentralise ecommerce in the country and bring more small sellers and buyers from across the nation to the digital medium.
Consumer spending to exceed $4 trillion by 2030, UPI most preferred option: Report
According to the Shiprocket report, the UPI has emerged as the most preferred prepay option in terms of consumer preferences.
ONDC-focused firm Plotch.ai raises funding from Antler, Peak XV
Cofounder Manoj Gupta said that the funds would be used to “double down on our ONDC product suite and expand our client base”.
SaaS firm Plotch launches ONDC-focused accelerator in collaboration with Microsoft
Plotch.ai said it will actively work with Microsoft to evaluate, select, launch and scale startups which are focused on building the ONDC ecosystem as well as creating new and disruptive tools and technologies.
AWS India & South Asia head Puneet Chandok quits; Aurum PropTech acquires Tiger-backed Nestaway
There’s a cloud hanging over Amazon’s cloud business with Puneet Chandok, a key executive, set to leave Amazon Web Services by the end of August. This and more in today’s ETtech Top 5.
Apple India stores post record sales; PharmEasy breaches loan covenant; and Amazon’s ten-year India ride
We are already in June, the year is racing past. Hope you have an interesting summer planned ahead. In April, Apple opened two company-owned retail stores across Mumbai and Delhi, those have racked up record sales in their first month of operations.
PhonePe will likely go for an India listing, says Walmart CEO Doug McMillon
Walmart's payments company PhonePe is performing well in India, according to CEO Doug McMillon. Speaking in a recent interview, McMillon said PhonePe, if it enters ecommerce, will not compete with sister company Flipkart. He added that India was making great strides towards becoming a key global supplier. McMillon also discussed Walmart's huge ambitions in the country, stating that the $10bn annual export target set to be achieved by 2027 is now "more possible than five years ago". He also praised the government's collaborative approach to policymaking.
View: Digital gender equality strives to connect half the world to the internet
More than 50% of women in the workforce are self-employed. Ecommerce lowers barriers to entry for these entrepreneurs and enables greater market access. However, small sellers, most of whom are women-led businesses, find it hard to pay the heavy platform commissions, and typically earn less on platforms. Finding ways to include them will not only lead to greater equality but will also boost GDP.
ONDC to evaluate etailers based on commitment, says CEO Thampy Koshy
In April 2022, the network piloted a soft launch in five cities - Bengaluru, Delhi NCR, Shillong, Bhopal and Coimbatore. Since then, ONDC has also started a beta pilot in Bengaluru and in some tier-II cities.
Over 9,000 startup jobs slashed between Jan-March; betting, gambling apps advertise despite ban
Layoffs in the startup and tech ecosystem have continued into 2023, according to data from recruitment platform Careernet. The situation might not get better any time soon. This and more in today’s Morning Dispatch.
IT firms could buy tech captives of crisis-hit banking sector; Hindenburg accuses Jack Dorsey's Block of $1B fraud
Several analysts believe that the global capability centre (GCC) ecosystem has significantly changed since the 2008 crisis stage and that the current crisis would result in an increase in GCC investments in the country.
Amazon to integrate its last-mile delivery infra with ONDC
Amazon has over 11 lakh sellers with more than 50% from tier 2 cities. The company also plans to digitise one crore small businesses by 2025 and deliver across 100% of serviceable pin codes.
Amazon to integrate services with ONDC; cricketer Deepak Chahar, wife Jaya float fantasy sports app
Amazon said the move aims to provide greater technology support to the seller community and further empower small businesses.
ONDC to provide opportunities for innovation, growth for startups, ecommerce ecosystem players: CEO T Koshy
Ushering in an era of open-source network for digital commerce, ONDC chief Thampy Koshy lays out the blueprint for revolutionising the Indian ecommerce landscape, one where buyers and sellers enjoy equal opportunity. At ET India Rising, powered by Visa, Koshy maps out the road ahead for India’s ONDC and the opportunities it presents for ecosystem players and startups to innovate and grow.
TCS posts 8.4% rise in Q2 net profit; IT firms may halve campus hiring this year
On a sequential basis, revenue was up 4.8% and profit was up 10%. This was also the first time the company crossed Rs 10,000 crore in quarterly net profit.
Tata Group lines up another Rs 3,462 crore for digital biz; Google wants loan apps to display partner banks
This will take the issued share capital of Tata Digital to Rs 15,934 crore, leaving the company the headway to obtain an additional equity infusion of around Rs 4,000 crore.
NPCI pings govt, industry on UPI market share cap; ONDC rules on resolving disputes coming soon
PhonePe and Google Pay, on average, have a share of about 80% on the digital payments network each month. While PhonePe clocked 3.14 billion UPI transactions in August, giving it a 48% market share, Google Pay recorded 2.2 billion transactions for a 34% share, according to data from NPCI.
Exclusive: NPCI to pick up stake in ONDC; gaming firms want ‘light touch’ rules
The National Payments Corporation of India, which operates UPI, is set to acquire a 9-10% stake in ONDC in the next 10 days or so.
PhonePe to launch ecomm app on ONDC; Web3 draws early-stage investors
It made attempts previously with offerings such as Switch, loosely based on the ‘super app’ concept, and Stores, which was aimed at facilitating hyper-local discovery of merchants.
Crypto falls off another cliff; developer talent crunch set to worsen, survey says
The Crypto market is now worth below $1 trillion, with bitcoin down around 14%.
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