Venture Catalysts announced its investment in Plotch.ai, a major ONDC rails infrastructure company. Although, it did not reveal the exact investment in the company.
Plotch.ai plays a critical role in enabling seamless participation in the Open Network for Digital Commerce (ONDC). it offers the largest suite of ONDC-specific products, encompassing e-commerce, insurance, payments, CRM, and more, catering to the diverse needs of all ONDC network participants.
The firm stated that the investments made by it and AC Ventures are set to fuel Plotch.ai's continued growth and solidify its position as a leader in facilitating ONDC adoption.
Founded by Manoj and Monica Gupta Plotch.ai’s comprehensive suite of software products acts as a one-stop shop for businesses of all sizes, streamlining essential processes like transaction flows, payments, and grievance management. This holistic approach ensures a frictionless experience for both buyers and sellers within the ONDC network, a statement added.
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Plotch.ai claims to have the fastest go-to-market (GTM) strategy, enabling businesses to join the ONDC network in a mere four weeks – a significant reduction from the traditional onboarding time of 9-12 months.
Expressing enthusiasm for the partnership, Dr Apoorva Ranjan Sharma, MD and CEO of Venture Catalysts, said, “We are incredibly excited to join forces with Plotch.ai as they spearhead the transformation of e-commerce in India. Their innovative solutions and deep understanding of the ONDC landscape position them perfectly to unlock the network's immense potential. Venture Catalysts is confident that Plotch.ai will play a pivotal role in democratizing digital commerce for millions of businesses and consumers across the nation.”
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Manoj Gupta, CEO, Plotch.ai, echoed a similar sentiment, saying, “This investment serves as a significant validation of our vision for ONDC. We are steadfastly committed to empowering businesses and fostering a thriving e-commerce ecosystem that is inclusive and accessible to all. With Venture Catalysts' invaluable support, we will accelerate product development, expand our customer base, and play a leading role in building a truly inclusive digital marketplace for India.”
"Technology service providers (TSPs) are catalyzing the growth of ONDC network. Plotch.ai has played a critical role in some of the key launches in the network. We hope to see lot more enablers like Plotch.ai in ONDC network", said T Koshy, CEO and MD of ONDC.
Plotch.ai's currently processes close to 1 million transactions every month, experiencing a remarkable 100% month-on-month growth, the company claims.
The company aims to achieve 10 million transactions per month within the next 12 months and $100 million in revenue by the end of the decade.
The funding infusion, led by Venture Catalysts, will primarily be allocated towards product development (70%), customer growth (20%), and client acquisition (10%).
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