India readies to launch its own e-commerce network ‘Open Network for Digital Commerce (ONDC)’
The aim is to put an end to the dominance of US companies Amazon and Walmart
The launch comes soon after India’s antitrust body raided domestic sellers of Amazon and Walmart
Both Amazon and Walmart have been accused of violating competition law
Indian retailers have accused the platforms of predatory pricing
Amazon and Walmart control more than half of India’s e-commerce trade
ONDC aims to onboard 30 million sellers and 10 million merchants online
It would focus on apps in local languages, too
SBI, ICICI Bank, and Bank of Baroda have already committed to invest 2.55 bn into ONDC
