IDFC First Bank joins Plotch’s ONDC accelerator to offer banking support to companies

ONDC is an initiative by the Indian government to increase e-commerce penetration in India. IDFC First will offer banking and fintech support to startups building solutions and businesses around ONDC.

“We welcome IDFC First Bank to lead efforts in building a healthy ecosystem of startups who will build the next-generation technologies for faster adoption of ONDC in India and globally,” said Manoj Gupta, CEO of Plotch.ai.

Founded by the husband-wife duo and founders of the e-commerce 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.

IDFC First Bank will offer startups 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. The bank has created banking products for the ONDC network, which will be available to startups 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,” said Bhavesh Jatania, head of startup banking at IDFC First Bank.

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Plotch expects to select close to ten companies for its first cohort of startups and will announce it by the end of July. 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.