SignCatch, Rapidor complete first B2B golden transaction on ONDC
Through the integration of their respective B2B buyer and seller platforms on the ONDC, SignCatch and Rapidor aim to create seamless interoperability, enabling smooth transactions between buyers and sellers.
Monday May 22, 2023,
2 min Read
Retail tech company SignCatch and B2B trade platform Rapidor have executed the first-ever business-to-business (B2B) golden transaction on the.
Through the integration of their respective B2B buyer and seller platforms on the ONDC, SignCatch and Rapidor aim to create seamless interoperability, enabling smooth transactions between buyers and sellers, especially MSMEs.
"Although the B2C aspect of our network has already gained traction, the B2B market is more intricate and requires a profound understanding of the general trade ecosystem in India. We are happy to have SignCatch and Rapidor leading the way in this untapped market, which has enormous potential for growth and development," said T Koshy, MD and CEO of ONDC.
Enabled by SignCatch's Bech.app on the ONDC, Delhi-based Organic Diet and Herbal Products, which deals in herb-based organic products, received an order from Thane-based Swabharat Stores LLP through Rapidor's B2B buyer platform, Placeorder.com.
In another transaction, ABAD Foods, a Kochi-based frozen food products manufacturer and supplier, was brought onto the ONDC through Rapidor's Placeorder.com, where it received an order from Lulu International Shopping Malls in Bengaluru using SignCatch's B2B buyer platform, OrderDe.com.
Several other MSMEs, including Laxmi Bhog from Jaipur and Red Zone from Tirupur, have received and executed B2B orders on the ONDC network.
At present, ONDC sees ecommerce order volume of more than 25,000 orders logged per day, up from 50 per day in January. Further, the number of retail merchants on the platform has risen to over 35,000 from about 800 in January, ONDC said in a statement.
Incorporated on December 2021, ONDC is a Section 8 company initiated by the Department of Promotion of Industry and Internal Trade (DPIIT), Ministry of Commerce. It aims to create a facilitative model to revolutionise digital commerce, promoting greater penetration of retail ecommerce in India.
Edited by Suman Singh