Zoho has pumped ₹70 Cr ($7.3 Mn) into ONDC to shore up India's open digital commerce rails, even as retail transactions fell from a 6.5 Mn peak in October 2024 to 4.6 Mn by February 2025. The network now spans 616 cities and 7.64 Lakh sellers, with 10,000 kiranas onboarded and 11x rural seller growth in FY26.

Inc42 · 5/13/2026, 10:12:57 AM

Zoho's ₹70 Cr ($7.3 Mn) bet backs ONDC's sovereign commerce stack as the network scales to 7.64 Lakh sellers and 11x rural order growth in FY26. But retail volumes have softened from the 6.5 Mn October 2024 peak to 4.6 Mn in February 2025, raising questions on post-subsidy traction.

Inc42 · 5/13/2026, 9:27:51 AM