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 Ltd | ₹234.8 | ₹1,54,381 Cr | 2.5% | 216.00 |
| PAYTM | One 97 Communications Ltd | ₹1,267 | ₹80,765 Cr | 3.7% | 144.00 |
| MCX | Multi Commodity Exchange of India Ltd | ₹2,803.9 | ₹69,717 Cr | 43.4% | 67.80 |
| SBICARD | SBI Cards & Payment Services Ltd | ₹626.85 | ₹59,571 Cr | 14.7% | 27.50 |
| MOTILALOFS | Motilal Oswal Financial Services Ltd | ₹943.05 | ₹56,683 Cr | 12.2% | 61.40 |
| 360ONE | 360 ONE WAM Ltd | ₹1,093.6 | ₹44,139 Cr | 6.1% | 120.00 |
| POONAWALLA | Poonawalla Fincorp Ltd | ₹473 | ₹41,120 Cr | 5.9% | 52.20 |
| 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.