Mumbai: Aditya Birla Capital is relying on three digital platforms to fuel its growth in a highly competitive financial services market.
The company, part of the Aditya Birla Group, has already launched two of these platforms. In May 2023, it introduced Udyog Plus for small businesses, followed by the launch of its direct-to-consumer (D2C) platform, ABCD, in April. The third platform, designed for distributors and channel partners, will be launched within the next two to three months, according to Pankaj Gadgil, CEO of Aditya Birla Housing Finance and head of digital platforms at Aditya Birla Capital.
“The third platform will serve as a business-to-distributor (B2D) tool, enhancing our network of over 200,000 channel partners, including mutual fund distributors and independent financial advisors,” said Gadgil. He noted that the platform will simplify and speed up the onboarding process.
According to data shared with analysts on August 1, Udyog Plus already has over 1 million registered users, while ABCD has attracted 800,000 registrations. In April, Mint reported that Aditya Birla Capital invested ₹100 crore in building the ABCD platform. The company aims to double its customer base from 35 million to 65 million over the next three years by leveraging this platform.
Focused Growth Strategy
Gadgil joined Aditya Birla Capital in 2022 after nearly 20 years at ICICI Bank, where he gained extensive experience in retail banking, SME banking, and payments.
“When we joined, we built a strategy based on three pillars: data, digital, and technology. We realized we were under-invested in these areas,” said Gadgil. “We decided to create digital platforms targeting specific customer segments.”
The company focused on two key segments: MSMEs (micro, small, and medium enterprises), where there is significant unmet demand for credit, and young professionals. Within the retail space, Aditya Birla Capital is focusing on individuals aged 28 to 40, particularly those entering the next stage of their life, such as earning their first income or starting a family.
Industry Competition
Aditya Birla is not alone in the financial services race. Other major players, including the Godrej Group and Reliance Industries, are also entering the digital lending space to tap into India’s growing demand for credit.
In a strategic move earlier this year, Aditya Birla Capital announced the merger of Aditya Birla Finance Ltd with itself. This decision allows its unlisted subsidiary to bypass the Reserve Bank of India (RBI) requirement to go public by September 2025. The merger has received approval from the RBI, as stated in a regulatory filing.
This step positions Aditya Birla Capital to further strengthen its presence in the financial services market while streamlining its operations.
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