Thampy Koshy, the Managing Director and Chief Executive Officer of the Open Network for Digital Commerce (ONDC), has officially stepped down from his role after leading the government-backed e-commerce initiative for nearly three years. His departure marks a significant leadership transition for ONDC, which has seen rapid growth and transformation in India’s digital commerce landscape.
According to sources cited by Mint, Koshy’s final working day will be June 30, 2025. Until a successor is appointed, ONDC’s 10-member board will temporarily oversee the body’s operations. A third source noted that there are currently no immediate plans to find a replacement.
Confirming the development, ONDC said, “Koshy has expressed his desire to step down while helping on with the change. The MD & CEO responsibilities have been transitioned to an executive committee with Koshy available to the board over the next 3 months for advise.”
Reflecting on ONDC’s journey, the company further stated, “ONDC has witnessed remarkable growth in under three years, surpassing 200 million transactions and making strong strides toward its mission of democratising e-commerce in India. As with any dynamic and evolving organisation, a leadership change is currently underway.”
Koshy’s resignation follows the exit of other senior executives at ONDC. Just last month, Chief Business Officer Shireesh Joshi resigned after three years, citing personal reasons. In December 2024, R S Sharma, former mission director of UIDAI, stepped down as the non-executive chairperson of ONDC after serving only four months.
These management changes come at a crucial time for ONDC, which is continuing its focus on eight major domains including food and beverage, grocery, and financial services. According to a source familiar with the matter, the network is “cautious of not spreading itself too thin across categories.”
Before joining ONDC, Koshy had a long and distinguished career. He served as Executive Director at the National Securities Depository Limited (NSDL) for over 14 years and later held the position of Partner at consulting firm EY for more than a decade.
Launched in December 2022 as a public digital infrastructure initiative by the Department for Promotion of Industry and Internal Trade (DPIIT), ONDC was designed to democratize e-commerce in India. It aimed to dismantle e-commerce monopolies by standardizing digital marketplaces, empowering local suppliers, and streamlining logistics. Often described as the “UPI of e-commerce,” ONDC functions as a network rather than a platform.
In a significant milestone, ONDC reported logging more than 16 million orders in March 2025 alone, according to its LinkedIn post. The network has also expanded its offerings over the past year, including entry into quick commerce initiatives and sachetised financial products such as insurance and mutual funds.
Despite its successes, ONDC has faced hurdles in scaling non-food categories like fashion, personal care, and groceries. Less than 10% of India’s population currently shops online, which has posed challenges in expanding across diverse product verticals.
Some network participants have also adjusted their ONDC strategies. For example, digital payments app PhonePe pulled out of non-food categories early last year, choosing to focus solely on unreserved ticket bookings.
Addressing these challenges, Koshy earlier stated that ONDC “empowers brands to choose their growth strategies based on their strengths.”
As ONDC navigates this leadership transition, industry watchers will be closely monitoring the impact on the ambitious public network’s trajectory and its continued push to democratize digital commerce in India.