IDFC FIRST Bank, start-up Plotch.ai join hands for ONDC solutions

Plotch.ai, a leading technology enabler of Open Network for Digital Commerce (ONDC), has announced that IDFC FIRST Bank has joined the Plotch ONDC-focused accelerator – an initiative launched earlier this year by the start-up in partnership with Microsoft. 

IDFC FIRST Bank will offer banking and fintech support to start-ups building solutions and businesses around ONDC, which is an initiative by the Indian government to increase ecommerce penetration in India. 

The tie-up will see IDFC FIRST Bank offering start-ups unique lending solutions for credit and working capital needs. It will also give access to their sandbox environment to access IDFC First via APIs for fintech products.  

Further, IDFC FIRST Bank has created innovative banking products for the ONDC network, which will be available to start-ups through priority channels. 

“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 Start-up Banking at IDFC FIRST Bank. 

Meanwhile, Plotch.ai expects to select around 10 companies for its first cohort of start-ups and will announce it by the end of July. 

Founded by the husband-wife duo and founders of the ecommerce platform Craftsvilla, Manoj and Monica Gupta, Plotch.ai is an AI-enabled e-commerce SaaS product focusing on the digital transformation of commerce-led businesses. 

Using Plotch.ai, any company can launch, operate and automate an online business of any type, nature, and complexity, including an online marketplace, hyperlocal, D2C, omnichannel, and B2B. 

On this development, Manoj Gupta, CEO of Plotch.ai, says, “We welcome IDFC FIRST Bank to lead efforts in building a healthy ecosystem of start-ups who will build the next-generation technologies for faster adoption of ONDC in India and globally.” 

Plotch’s product suite includes a buyer and seller app node solution, Nodeapp, node to node payment solution Nodepay, an ONDC-enabled Kirana App, and an ONDC-enabled CRM solution Nodedesk.  

Plotch.ai’s customers include large enterprises like IDFC Bank and Meesho. 

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