HDFC Bank joins other lenders; acquires 7.84% stake in ONDC

Private sector lender HDFC Bank on Wednesday said it has acquired 7.84 per cent stake in Open Network for Digital Commerce (ONDC) for Rs 10 crore.

HDFC has joined other private and public sector banks in picking up stake in ONDC. Earlier today, Kotak Mahindra Bank announced its investment in ONDC. Besides, Punjab National Bank, State Bank of India and Axis Bank have also picked up stake in the open public digital infrastructure framework entity.

"Post investment, HDFC Bank holds 7.84 per cent of the equity share capital of ONDC by way of allotment of 10,00,000 fully paid-up equity shares of face value of Rs 100 each," HDFC Bank said in a regulatory filing.

The acquisition "will enable the bank’s participation in ONDC’s objective of creating an open public digital infrastructure to develop and transform the Indian digital commerce ecosystem for both goods and services", it added.

ONDC was incorporated in India on December 30, 2021.

The company is engaged in creating an open public digital infrastructure to develop and transform the Indian digital commerce ecosystem for both goods and services and to expand alternatives for both buyers and sellers to engage in the digital commerce space.

Shares of HDFC Bank on Wednesday ended 1.06 per cent lower at Rs 1,478.65 apiece on the BSE.