Private Equity

Other Private Equity/Strategic Investments

SBI, Kotak, Axis acquire 8% each in public digital infra framework ONDC

PTI   Business Line  

Kotak Mahindra Bank and Axis Bank have acquired a 7.84% stake each in of Open Network for Digital Commerce (ONDC), a public digital infrastructure framework entity. The banks have invested INR 10 crore each in the entity. Meanwhile, State Bank of lndia (SBI) has also invested INR 10 crore to pick up a 7.84% stake in ONDC. ONDC was incorporated in India on December 30, 2021 and is into creating an open public digital infrastructure to develop and transform the Indian digital commerce ecosystem for both goods and services.