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HDFC buys stake in Grameen e-store

May 11, 2021

HDFC buys stake in Grameen e-store

HDFC Bank has bought 1.5% stake in CSC Grameen e-Store for an undisclosed amount. This comes after the digital arm of the Tata Group Tata Digital had bought a similar stake in the public authority run rural run e-commerce venture in December.

India’s biggest private sector lender is taking a look at the platform to broaden the compass of its products and services particularly the financial portfolio in country regions, top leaders said. HDFC Bank and CSC e-Governance Services India Ltd affirmed the advancement to ET.

The Grameen e-Store, dispatched in April a year ago, offers an enormous scope of products including neighborhood painstaking work, grocery products and purchaser durables in remote. It has touched income of ₹250 crore withing launch.

This is an essential venture through a small stake which “shows our commitment to the rural commerce model,” Smita Bhagat, group head, government and institutional business, e-commerce and start-ups, HDFC Bank told ET.

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