IDFC FIRST Bank has joined Plotch.ai’s ONDC accelerator, which aims to provide banking support to startups involved in the ONDC initiative launched by the Indian government. The partnership between IDFC FIRST Bank and Plotch.ai will offer startups access to unique lending solutions, credit facilities, and a sandbox environment to develop fintech products. Plotch.ai plans to select around ten startups for its first cohort and expects to announce the selections by the end of July.
Plotch.ai, a technology enabler of ONDC, has announced that IDFC FIRST Bank has joined its PlotchONDC-focused accelerator in partnership with Microsoft. The ONDC accelerator aims to increase e-commerce penetration in India and support startups building solutions around ONDC. IDFC FIRST Bank will provide banking and fintech support to these startups, offering unique lending solutions for credit and working capital needs. Startups will also have access to IDFC FIRST Bank’s sandbox environment via APIs for fintech products. The bank has created innovative banking products for the ONDC network, which will be available to startups through priority channels.
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, says Manoj Gupta, CEO of Plotch.ai.
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, says Bhavesh K Jatania, Head of Startup Banking at IDFC FIRST Bank.
Plotch.ai plans to select approximately ten companies for its first cohort of startups and will announce the selections 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 that focuses on the digital transformation of commerce-led businesses. With Plotch.ai, any company can launch, operate, and automate an online business of any type, nature, and complexity, including online marketplaces, hyperlocal platforms, direct-to-consumer models, omnichannel strategies, and business-to-business enterprises.
This partnership between IDFC FIRST Bank and Plotch.ai reflects the growing interest and support for ONDC in India. By providing startups with essential banking and fintech services, the collaboration aims to foster the development of next-generation technologies and drive the faster adoption of ONDC in India and around the world. With the selection of startups for the first cohort just around the corner, the ONDC accelerator is set to make a significant impact on the e-commerce landscape in India.
