Pai Platforms has launched a new shopping app on the Open Network for Digital Commerce (ONDC). The company is backed by Paytm founder Vijay Shekhar Sharma, and the app was created by One97 Communications, the fintech giant's parent company, as per the Google Play Store listing, Moneycontrol reported. Ta.
The development comes nearly two months after Paytm E-commerce Private Limited rebranded as Pai Platforms and took over Bitsila, the seller-side platform of Bangalore-based ONDC.
Paytm E-commerce Private Limited (now Pai Platforms) faced a setback in e-commerce with Paytm Mall. The business failed despite raising $400 million in 2018 from investors including Alibaba and SoftBank. Alibaba sold its stake in 2022 for just over Rs 100 crore.
The government-driven ONDC is an initiative of the Ministry of Industry and Trade to create a facilitation model to help small retailers take advantage of digital commerce.
During last year's Winter Parliament, the government said the ONDC platform is operational in over 500 cities and towns across India.
“ONDC currently operates in over 500 cities and towns across India,” Commerce and Industry Minister Somu Parkash said in a written reply to MPs. All existing Indian laws and regulations related to electronic commerce apply to ONDC and network participants in the ONDC Network.
Sources said ONDC's monthly retail purchases increased sixfold, reaching 3.6 million in March from 600,000 in September last year.
In March, the network recorded 7.7 million transactions, of which 4.1 million were ride bookings through the Namma Yatri app. Monthly growth in ride-hailing services has been slower than that of retail purchases, rising 1.5 times over the past six months from 2.7 million in September. Whereas in early 2023, retail purchases accounted for only 5-10 percent of total monthly transactions, dominated by mobility transactions, they now account for a much larger share.
