Plotch.ai, a prominent technology enabler of the Open Network for Digital Commerce (ONDC), has announced that IDFC FIRST Bank has joined the Plotch ONDC-focused accelerator. This collaboration marks a significant step forward in promoting the ONDC initiative introduced by the Indian government to enhance e-commerce penetration in the country. The Plotch ONDC accelerator, launched earlier this year in partnership with Microsoft, aims to foster the growth of startups in the ONDC ecosystem.

Under this partnership, IDFC FIRST Bank will extend banking and fintech support to startups that are building innovative solutions and businesses around ONDC. This strategic move will enable startups to leverage the banking expertise and fintech solutions offered by IDFC FIRST Bank to fuel their growth and development within the ONDC ecosystem.

Manoj Gupta, CEO of Plotch.ai, expressed his enthusiasm about the collaboration, 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.” The inclusion of IDFC FIRST Bank in the ONDC accelerator is expected to contribute significantly to creating a thriving environment for startups, driving the widespread adoption of ONDC both domestically and internationally.

As part of the partnership, IDFC FIRST Bank will provide startups with unique lending solutions tailored to their credit and working capital requirements. Startups will also gain access to IDFC FIRST Bank’s sandbox environment, enabling them to utilize the bank’s APIs for developing fintech products. IDFC FIRST Bank has developed innovative banking products specifically for the ONDC network, and these offerings will be made available to startups through priority channels.

Bhavesh K Jatania, Head of Startup Banking at IDFC FIRST Bank, expressed his excitement about the partnership, saying, “We are very excited about ONDC and its impact on scaling e-commerce in India. We believe ONDC will be a game changer and are happy to partner with Plotch.ai in this journey.” The collaboration between Plotch.ai and IDFC FIRST Bank is expected to empower startups in the ONDC ecosystem by providing them with the necessary financial tools and resources to drive their growth and success.

Plotch.ai plans to select nearly ten companies for its first cohort of startups, with an official announcement expected by the end of July. Founded by Manoj and Monica Gupta, the husband-wife duo and founders of the e-commerce platform Craftsvilla, Plotch.ai is an AI-enabled e-commerce SaaS product that focuses on facilitating the digital transformation of commerce-led businesses. By leveraging Plotch.ai, companies of all types and complexities, including online marketplaces, hyperlocal businesses, D2C brands, omnichannel retailers, and B2B enterprises, can seamlessly launch, operate, and automate their online businesses.