DBS Bank India partners with Gofrugal Technologies to help SMEs

DBS Bank India today announced its partnership with Gofrugal Technologies Pvt. Ltd., a seller-centric platform offering Omnichannel ERP solutions. The company empowers enterprise customers, including micro, small and medium enterprises and retail merchants, to adopt Open Network for Digital Commerce (ONDC) and enables them to expand their digital commerce footprint.

The partnership furthers DBS Bank India’s commitment to reimagining SME banking through innovation and providing digital solutions beyond traditional banking. It also reaffirms the bank’s focus on serving MSMEs and SMEs profitably while finding new ways to deliver better service.

Open Network for Digital Commerce (ONDC), an initiative by the Government of India, is a platform based on an open protocol that will enable local commerce across mobility, grocery, food order and delivery, hotel booking and travel etc. The government launched ONDC in April as an alternative to global e-commerce giants that currently enjoy the bulk of the market share in India.

The platform aims to create new opportunities by offering MSMEs a level playing field. ONDC will further digital penetration in the country and foster innovation, particularly in the start-up ecosystem. ONDC is expected to drive the Gross Merchandise Value of India from 4.5 lakh crore to 7.5 lakh crore. Gofrugal Technologies acts as one of its technology partners and is a front-runner in the field of ERP for onboarding seller apps by digitising their store, inventory, and operations.

Through this partnership, DBS Bank India is integrating its digital solutions with Gofrugal Technologies to help small businesses catalogue their products quickly and expand their sales channels via ONDC.