India Digital Public Infrastructure — Aadhaar UPI ONDC Stack
India's Digital Public Infrastructure (DPI) — Aadhaar, UPI, DigiLocker, ONDC, OCEN — is the world's most advanced government-built digital layer. It has democratised financial access, e-commerce, credit, and government services for 1.4 billion people. Private companies building on this stack are investment opportunities.
Stocks in this theme · India DPI & fintech rails
11 companies in this theme — showing top 11 by market cap.
| Symbol | Company | Price | Mkt Cap | ROE | P/E |
|---|---|---|---|---|---|
| JIOFIN | Jio Financial Services | ₹234.85 | ₹1,55,042 Cr | — | — |
| PAYTM | One97 Communications | ₹1,266.4 | ₹81,175 Cr | — | — |
| MCX | Multi Commodity Exchange of India | ₹2,804.35 | ₹71,353 Cr | — | — |
| SBICARD | SBI Cards and Payment Services | ₹626.45 | ₹59,652 Cr | — | — |
| MOTILALOFS | Motilal Oswal Financial Services | ₹945.35 | ₹56,785 Cr | — | — |
| 360ONE | 360 One Wam | ₹1,093.9 | ₹44,475 Cr | — | — |
| POONAWALLA | Poonawalla Fincorp | ₹472.35 | ₹41,425 Cr | — | — |
| ANGELONE | Angel One | ₹312.4 | ₹28,538 Cr | — | — |
| CDSL | Central Depository Services (India) | ₹1,339.7 | ₹28,000 Cr | — | — |
| KFINTECH | KFin Technologies | ₹880.4 | ₹15,219 Cr | — | — |
| CAMS | Computer Age Management Services | ₹772 | ₹3,824 Cr | — | — |
Research Coverage
- ONDC vs Amazon India vs Flipkart: market share war
- OCEN credit line: NBFC and fintech beneficiaries
- Account Aggregator framework: who wins in data lending?
- DPI-enabling stocks: Persistent Systems, KPIT, TCS FTX
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Frequently Asked Questions
What is ONDC?
Open Network for Digital Commerce — a government-backed protocol allowing any seller or buyer app to transact across a single network, similar to what UPI did for payments.
How does India's DPI benefit investors?
Companies building digital lending, insurance, e-commerce, and services on top of DPI infrastructure (Aadhaar, UPI, OCEN) have a massive distribution advantage at near-zero acquisition cost.