DBS Bank India Partners With GoFrugal Technologies To Help SMEs To Adopt ONDC

Updated on: 17 December 2022 8:57 pm

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DBS Bank India has partnered with GoFrugal Technologies, a seller-centric platform, which offers omnichannel ERP solutions and claims to empower micro, small and medium enterprises and retail merchants to adopt Open Network for Digital Commerce (ONDC).

Through this partnership, DBS Bank India will integrate its digital solutions with GoFrugal Technologies to help small businesses to catalogue their products quickly and expand their sales channels via ONDC.

ONDC is an open protocol that enables local commerce across mobility, grocery, food order and delivery, hotel booking, travel and others. The Government of India launched the platform in April as an alternative to the global e-commerce giants, currently enjoying a bulk of market share in the country. It aims to foster innovations in the start-up ecosystem and wants to create new opportunities for MSMEs.

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Talking on the latest development, Divyesh Dalal, managing director and head of global transaction services at DBS Bank India, said, “India’s burgeoning e-commerce market is expected to reach $120 billion by 2026, according to a FICCI-Anarock report. With ONDC opening opportunities and levelling the playing field for merchants across cities, the sector has demonstrated tremendous potential to grow in tier 2/3 markets and metro cities.”

“Our partnership with GoFrugal enables us to drive tech-based solutions for merchants desirous of joining the ONDC network, thereby enabling wider participation in the next wave of e-commerce sector growth. A partner like Gofrugal is integral for bringing the ecosystem together and accelerating the time-to-market,” he also added.

“We expect this partnership to offer significant benefits to SMEs by enriching their customer experience in accessing capital, processing payments and reducing the friction and effort in managing their finances. This will help the proprietors and partners of SME businesses to focus more on market opportunities and serve their customers well,” Kumar Vembu, CEO of GoFrugal Technologies, said.

“In line with the vision and goal of ONDC, it will truly enable SME businesses to defend their dominant hyper-local position, which offers increasing opportunities to them," he added.

Earlier, DBS Bank India joined hands with start-up venture capital fund Anthill Ventures and evangelist network Headstart Network Foundation to launch DBS Business Class foundED in April this year to support promising start-ups in India.