Tag: ondc

HTech Partners With nStore to Offer Honor Products on Paytm via ONDC Network

HTech has joined hands with nStore in India. The nStore is a participant in the Open Network for Digital Commerce (ONDC) Network and the new collaboration will allow HTech to make their smartphones, smartwatches, and earphones available on the ONDC network in the country. With this latest development, shoppers in India can buy Honor products through the Paytm app. Honor’s smartphones are currently available in the country via Amazon and Flipkart.

HTech to Bring Honor Phones to Customers via ONDC

Honor’s India distributor HTech on Thursday announced its partnership with nStore. As mentioned, the move will let shoppers access Honor’s entire product range via the Paytm app. The brand is offering Honor X9b smartphone, Honor Choice Earbuds X5 and Honor Choice Watch through the app. Honor’s upcoming offerings are also confirmed to be available on the ONDC Network

Some Honor devices are already available for purchase via Amazon and Flipkart. With the latest expansion, the brand is aiming to meet the local needs of customers. “Through ONDC Network, we are confident not only to enhance our overall reach but also meet the local needs of our customers by providing access to best-in-class features and capabilities packed across our product line-up,” said HTech CEO Madhav Sheth.

HTech to Expand Smartphone Portfolio in India 

Honor marked its return to the Indian market after a three-year break in September 2023, with the launch of the Honor 90 5G through HTech. The brand is actively working to widen its product portfolio in the country. It is expected to bring the China-exclusive Magic 6 and Honor Magic 6 Pro smartphones to the country soon. The Honor 200 5G lineup is also confirmed to make its debut soon. However, their launch dates are still under wraps.

Sheth last month hinted at the arrival of the foldables to the country. Honor’s latest foldable series includes the regular Honor Magic V2 and Honor Magic V2 RSR. They run on the Snapdragon 8 Gen 2 SoC.

 

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E-Commerce Majors Amazon, Flipkart Welcome to Join Network, Says ONDC Head

E-commerce majors such as Amazon and Flipkart have been invited to join India’s digital public infrastructure Open Network for Digital Commerce (ONDC), said the network’s Chief Executive Officer T Koshi.

In an interaction with ANI, Koshi said it invited them and they were welcome to the network.

“They are looking at (ONDC) seriously and we believe that whenever they feel comfortable with respect to their current scale and size of the operation and their system, they will seriously look at it. But as of now, they have not integrated. They made some statements with respect to their participation and also their intent,” Koshi told ANI.

ONDC is a non-profit company established by the Department for Promotion of Industry and Internal Trade (DPIIT) to develop open e-commerce.

Open Network for Digital Commerce (ONDC) is aimed at promoting open source networks for all to exchange goods and services on the internet, and most importantly it is independent of any specific platform.

Incorporated on December 31, 2021, ONDC goes beyond the current platform-centric digital commerce model where the buyer and seller have to use the same platform or application to be digitally visible and do a business transaction.

India has developed some of the finest digital public goods infrastructure which could change lives the world over, and the next in line could be its Open Network for Digital Commerce which currently is in its nascent stage of adoption. India has taken the path of building the public digital infrastructure for serving citizens and UPI, and Jan Dhan, Aadhar and CoWin are some of examples.

ONDC operations started in January and had just 40 transactions per day which have now peaked upwards of 30,000 for goods and 50,000 for services.

He added the platform is attracting interest from both big players to small merchants.

“We’re seeing that now that we have much more control on the terms and conditions of the transaction, and much better pricing and costing in this network. They have started announcing many special schemes for the customers that they come to open networks for digital commerce. We believe that kind of trend will start happening in the coming months where they realize the freedom this democratization is providing to the vendors.”

Currently, grocery and food items merchants are mostly part of it, but beauty, fashion, personal care products, and electronics, among others, are gradually joining in and going live on the platform. 

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PhonePe Raises $100 Million From General Atlantic, Investors During Ongoing Fundraise

Walmart-owned Indian payments firm PhonePe on Wednesday said it had raised an additional $100 million (roughly Rs. 820 crores) from General Atlantic and other investors as part of its ongoing $1 billion (roughly Rs. 82,063 crores) fundraising to expand into the lucrative lending space.

With the latest round, PhonePe, India’s most valuable payments firm with an estimated value of $12 billion (roughly Rs. 9,84,744 crores) has raised $650 million (roughly Rs. 533 crores) across four tranches from its backers, including Tiger Global.

General Atlantic had invested $350 (roughly Rs. 287 crores) million in the fintech during the same funding round in January.

At over 46 percent, PhonePe in March had the largest market share among applications running the unified payments interface (UPI) digital payments system, per data from the National Payments Corporation of India.

Recently, the digital payments firm PhonePe launched an app called Pincode on the Indian government’s open network to strengthen its e-commerce business.

The Open Network for Digital Commerce (ONDC) was launched last year to enable small merchants and local stores across India to access processes and technologies typically deployed by large e-commerce platforms like Amazon and Walmart.

Pincode, which will focus on hyperlocal commerce, is currently live only in Bengaluru and available on the Google Play Store and the App Store, PhonePe said in a statement. It said categories on the app will include groceries, food, pharma, electronics, home decor, and fashion.

The company is targeting 100,000 orders a day on the app by December, Chief Executive Sameer Nigam said, adding that it would not launch the service in more than 10 cities in the first year.

PhonePe already has an e-commerce platform, called Switch, on its app, which offers services including food delivery, grocery shopping, travel, hotel booking, retail fashion, and healthcare. 

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