Antler, a venture capital firm, in its stages, has introduced a platform in collaboration with Infosys Nandan Nilekani to assist entrepreneurs in establishing a digital commerce network (ONDC). The ONDC has gained popularity, with over 1.1 million orders. Antler offers $300,000 in seed funding and an additional $200,000, from strategic partners to support startups focused on ONDC and promote broader market participation.
Antler, an early-stage venture capital (VC) firm, has unveiled an innovative platform aimed at aiding founders in establishing an open network for digital commerce (ONDC). Partnering in this endeavor is the Foundation for Interoperability in Digital Economy, previously known as the Beckn Foundation and led by Infosys chairman Nandan Nilekani.
The ONDC, a government-backed e-commerce network, has rapidly gained traction, now spanning approximately 620 cities and with intentions to amplify its presence in Tier 2 and beyond regions. Since its inception last year, ONDC has amassed an impressive record of over 1.1 million retail orders.
To propel fledgling projects forward, Antler’s platform will furnish an initial pre-seed capital injection of $300,000 (roughly Rs. 2.5 crores) to support founders during their nascent stages. This financial backing is bolstered by an additional $200,000 (around Rs. 1.6 crores) contributed by prominent partners within the Antler network, encompassing unicorn founders and strategic supporters. These resources are directed toward teams equipped with ONDC-based business concepts.
Anticipating promising prospects, Antler envisions around 15 startups meeting the criteria, thereby infusing approximately $7.5-8 million into these enterprises. Notably, Antler is prepared to allocate as much as $10 million to facilitate the growth of startups aligned with ONDC.
Nitin Sharma, a Partner at Antler India, emphasized the comprehensive support available through the Antler ONDC platform. This comprehensive aid spans from invaluable resources to a vibrant community and essential seed capital.
Presently, a mere 6 percent of Micro, Small, and Medium Enterprises (MSMEs) actively participate as sellers on digital platforms. ONDC presents an opportunity to potentially elevate this figure to 30-40 percent over the ensuing decade, according to Sharma.
Nandan Nilekani, the Chairman of Infosys and Ekstep Foundation, envisions a more inclusive future for e-commerce. He envisions an expansive digital marketplace, encompassing diverse stakeholders such as kirana stores, grocery retailers, electronics vendors, small-scale merchants, and restaurants, thriving within an open platform, thereby dismantling the monopoly currently held by a limited number of players.
