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India’s Meesho is rapidly gaining user traction, challenging entrenched leaders Flipkart and Amazon.
Amazon has been attempting to increase its presence in India through stakes in local firms and has also aggressively explored partnerships with neighborhood stores.
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National Payment Corporation of India (NPCI) and National Stock Exchange of India (NSE) committed funding for ONDC as promoters. On 31 August 2022, Ministry of Finance and Reserve Bank of India (RBI) cleared NPCI to acquire 10% stake at ONDC by investing ₹10 crore. Bank of India acquired 5.56% stake by investing ₹10 crore.
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