Aditya Birla Capital is targeting to onboard 30 million new customers with its new ABCD mobile application in the next three years, CEO Vishakha Mulye has said.
“Currently we have around 35 million customers across channels and we have set a target to add around 30 million new customers over next 3 years. The ABCD app will allow us to acquire customers at scale with the power of technology,” Mulye said on Tuesday. The non-banking finance company (NBFC) has invested Rs 100 crore in building the app, she added.
The ABCD app will offer 22 products and services, including UPI, online bill payments, loans, insurance and investments, among others. The NBFC claims to have developed the platform within 12 months using over 1,000 APIs, and over 5,000 screens. The app is available on Android and iOS platforms and will be housed under Aditya Birla Capital Digital, a wholly owned subsidiary of Aditya Birla Capital.
As of December 31, 2023, Aditya Birla Capital manages over Rs 4.10 trillion in aggregate assets under management (AUM) across different businesses like loans, insurance and other investment services. Out of this, Rs 1.5 trillion comes from its lending business, according to information posted on its website.
On March 11, 2024, Aditya Birla Capital announced merger of its subsidiary Aditya Birla Finance with itself for complying with the Reserve Bank of India’s (RBI’s) upper layer NBFC norms. The merger, subject to regulatory approvals, is likely to be completed in the next 12 months.
While ICICI Bank is the sole partner for UPI transactions for the ABCD app currently, the NBFC will onboard more UPI bank partners in days to come, officials said. Further, the NBFC is exploring onboarding Ananya Birla promoted Svatantra Microfin’s products on the app.
Kumar Mangalam Birla, chairman of the Aditya Birla Group, said the ABCD platform will enable accelerated growth and allow the NBFC to take leadership position in the financial services space.
“I am confident, that this platform will serve as a growth catalyst across the ABC and ABG ecosystem, and the interplay between financial services stack and the group’s diverse businesses will foster a win-win synergy for superior product innovation and unique value creation for all stakeholders,” he said.
Overall, he said that Aditya Birla group’s credit, investment and insurance businesses will likely grow at a CAGR of 19-21% in the next 3-5 years.
“The three leading components of our financial services model – credit, investment and insurance – are expected to grow at a CAGR of anywhere from 19-21% over the next three to five years,” he added.