Mumbai: Appreciate has become the first company to enable Mutual Fund investments on ONDC Network. "In a significant milestone for India's financial services sector, Appreciate carried out the first low ticket (Rs 100) mutual fund transaction on the Open Network for Digital Commerce (ONDC) Network. Appreciate is one of the first buyer apps to go live on ONDC Network offering mutual fund (MF) investments via Appreciate integrated investment platform," said the company in a statement on Tuesday.
The launch forms part of Appreciate and ONDC Network's broader strategy to democratise access to investment products across India, especially in regions underserved by traditional financial services. Appreciate, acting as a buyer app, facilitates seamless interaction between AMCs and customers, with Nippon India AMC being the first AMC to accept investments through the ONDC protocol.
"Aligned with ONDC’s vision of financial inclusion, Appreciate also enables sachet-sized investments, making it possible for users to invest small amounts and begin their wealth-creation journey. Additionally, Appreciate intends to add mutual funds to its growing embedded finance solutions stack - available for use by other fintech, retail and marketplace businesses - supporting the continued expansion and penetration of this asset class," said the statement.
ONDC Network, initially designed to boost e-commerce in India, is now diversifying its services to include a full range of financial products. Its entry into the mutual fund space comes after the successful launch of its digital lending services, which went live in August 2024, offering paperless loans processed in just six minutes. Insurance offerings are also expected to follow soon, further expanding ONDC Network’s financial services portfolio.
Subho Moulik, Founder & CEO of Appreciate, said, “Appreciate is proud to partner with ONDC Network to have made the first mutual fund transaction happen on its protocol, a stepping stone for us towards enabling access of investment products across a wider geography in India. With our investment products portfolio and partnerships, we remain fully committed to our mission of making wealth creation a reality for 1.4 billion people.”
T Koshy, MD & CEO of ONDC, commented, “This integration with Appreciate marks a significant leap in making financial services more accessible and inclusive through the ONDC Network. By enabling low-ticket mutual fund investments, we are not only diversifying the types of services offered on the network but also making strides towards deepening financial inclusion in India. Our vision is to democratise financial products in the same way as we’ve approached e-commerce, ensuring that individuals from every corner of the country can access and benefit from investment opportunities.”
(PSU Watch– India's Business News centre that places the spotlight on PSUs, Bureaucracy, Defence and Public Policy is now on Google News. Click here to follow. Also, join PSU Watch Channel in your Telegram. You may also follow us on Twitter here and stay updated.)