Plotch.ai, a prominent technology enabler of the Open Network for Digital Commerce (ONDC), has announced that IDFC FIRST Bank has joined its ONDC-focused accelerator program. Launched earlier this year in collaboration with Microsoft, the ONDC accelerator aims to enhance e-commerce penetration in India.
Under the ONDC initiative by the Indian government, IDFC FIRST Bank will provide banking and fintech support to startups working on developing solutions and businesses around ONDC. This strategic partnership will contribute to building a robust ecosystem of startups that will drive the adoption of next-generation technologies for ONDC in India and beyond.
Manoj Gupta, CEO of Plotch.ai, expressed his enthusiasm about IDFC FIRST Bank’s involvement, stating, “We welcome IDFC FIRST Bank to lead efforts in building a healthy ecosystem of startups who will build the next-generation technologies for faster adoption of ONDC in India and globally.”
As part of this collaboration, IDFC FIRST Bank will offer startups specialized lending solutions to address their credit and working capital requirements. Additionally, startups will have access to IDFC First’s sandbox environment through APIs, enabling them to leverage the bank’s fintech products. IDFC FIRST Bank has also developed innovative banking solutions specifically designed for the ONDC network, which will be accessible to startups through priority channels.
Bhavesh K Jatania, Head of Startup Banking at IDFC FIRST Bank, expressed excitement about the potential of ONDC to revolutionize e-commerce in India, stating, “We believe ONDC will be a game changer and are happy to partner with Plotch.ai in this journey.”
Plotch.ai plans to select around ten companies for its first cohort of startups, with the official announcement expected by the end of July. The company, founded by Manoj and Monica Gupta, the husband-wife duo and founders of the e-commerce platform Craftsvilla, is an AI-enabled e-commerce SaaS product focused on facilitating the digital transformation of commerce-led businesses.
With Plotch.ai, companies of any type, nature, and complexity can easily launch, operate, and automate various online business models, including online marketplaces, hyperlocal platforms, direct-to-consumer (D2C) brands, omnichannel retailers, and B2B enterprises. By empowering startups and fostering innovation, Plotch.ai aims to contribute to the growth and advancement of the e-commerce ecosystem in India.