Zoho Puts ₹70 Cr Into ONDC As Network Hits 21.8 Cr FY26 Transactions Across 616 Cities
Zoho's ₹70 Cr ($7.3 Mn) bet backs ONDC's sovereign commerce stack as the network scales to 7.64 Lakh sellers and 11x rural order growth in FY26. But retail volumes have softened from the 6.5 Mn October 2024 peak to 4.6 Mn in February 2025, raising questions on post-subsidy traction.
What happened
Zoho invested ₹70 Cr in ONDC to back sovereign digital commerce infrastructure and MSME adoption. ONDC reports 21.8 Cr FY26 transactions across 616 cities with
Key facts
- ₹70 Cr
- $7.3 Mn
- 21.8 Cr transactions FY26
- 616 cities
- 7.64 Lakh sellers
- 1.6 Cr orders May 2025
- 4.6 Mn retail txns Feb 2025
- 6.5 Mn peak Oct 2024
- 10,000 kirana stores
- 11x rural order growth FY26
- 50x logistics FIFO scale
Why this matters
The 21.8 Cr FY26 transaction run-rate across 616 cities makes ONDC a credible partnership or M&A adjacency for omnichannel plays, but diligence should isolate category mix and post-subsidy retention before underwriting any integration thesis.