Kumar Mangalam Birla, the chairman of Aditya Birla Group, has set an ambitious goal for the financial services division of the company to rank in the top three in each of its four main business categories: payments, asset management, lending, and insurance.
Aditya Birla Capital Digital's new direct-to-customer app platform was launched, and Birla made this statement. In three years, he said, the site will gain three crore new users, nearly tripling the current subscriber base of 3.5 crore.
As per Birla, the group's current concentration lies in enterprises that cater to consumers. "The group's dedication to building a growth platform distinguished by a distinctive convergence of strength and breadth is demonstrated by the introduction of new consumer-facing endeavors. We just started our paint company a month ago, investing Rs 10,000 crore at first. We are going to start our retail jewelry business in a few months with an initial expenditure of Rs 5,000 crore," he stated. Aditya Birla Capital has emerged as the group's growth engine, Birla continued.
These audacious goals have been established against a backdrop of comparable development objectives stated by other business groupings, including Tata Capital, Jio Financial of Reliance, Bajaj Finance, and L&T Financial Services.
The ABCD D2C platform offers 22 products, including ABCD's own solutions like portfolio consolidator and core financial services, according to Vishaka Mulye, MD & CEO of Aditya Birla Capital. It also offers merchants and customers payment options. By supporting cross-selling and up-selling, facilitating digital client acquisition, and evolving into a full-stack financial services provider, the platform seeks to improve Aditya Birla Capital's online presence.
The plan calls for offering value-added services on its payments platform in order to bring in three crore clients in three years. If there is a deficit in one account, users can use balances from many banks in a single UPI transaction. In low-network settings, customers can now finish their UPI transactions over the phone. The National Payments Corporation of India has permitted cross-border UPI payments, which the app also makes easier.
