The RBI team assured the parliamentary standing committee on finance, chaired by BJP MP and former minister of state for finance Jayant Sinha, that the impact of the bank's collapse on the Indian startup ecosystem appears to be “limited”.Īlso read | Silicon Valley Bank collapse and how it impacted Indian startups: all the top stories ‘Limited impact’: The central bank was represented by department of financial services secretary Vivek Joshi, RBI executive director Ajay Kumar Choudhary, SBI MD Alok Kumar Choudhary, officials from the Department for Promotion of Industry & Internal Trade (DPIIT) and the Indian Venture & Alternate Capital Association (IVAC). The Reserve Bank of India (RBI) told a parliamentary panel that the recent collapse of Silicon Valley Bank (SVB) may lead to a temporary interruption in the availability of global funds for Indian startups.
Quote unquote: “It (ecommerce) is somewhere between moonshot – because of ONDC - and a very large market to tap into… The opportunity is larger than payments but it is much riskier… because nowhere in the world any government or industry has aggregated so many aspects of fulfilment – logistics, inventory management, seller and buyer platforms among others," Nigam had told ETtech in August last year. The company had earmarked up to $15 million for its ONDC entry and was planning to deploy the capital over 18 months. The fintech previously made attempts to enter the space with Switch, loosely based on the super app concept, and Stores, which was aimed at facilitating the hyper-local discovery of merchants. ET had reported in August last year about its plans to enter the ecommerce space. Longstanding aspiration: The fintech player’s online commerce ambitions aren’t new. Mixing ecommerce with existing digital payment activities was not something the company was willing to do. Why a separate app? According to PhonePe CEO Sameer Nigam, the company opted to launch a separate app instead of having an ONDC store on PhonePe itself due to the large volume of orders.
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