Aditya Birla Capital (ABC)
Aditya Birla Capital (ABC), the financial services division of Aditya Birla Group, introduced its fintech app named ABCD, with a goal to reach 30 million users within 3 years. KM Birla, Chairman of Aditya Birla Group, revealed plans for the jewelry business during the launch event.
Aditya Birla Capital (ABC), the leading financial services division of the Aditya Birla Group, unveiled its fintech platform app ‘ABCD’ on April 16, as per the company’s exchange filing.
“The company’s goal is to reach more than 30 million users within the next 3 years via their fintech app “ABCD.”
Aditya Birla Capital’s stocks were down more than 2% on April 16, trading at 1:19 pm on BSE. The stock price is 4% lower than its 52-week high of ₹211.00, with a market capitalization of ₹52,390.44 crore.
ABCD – Integrated fintech app
“The app is set to function as an omnichannel direct-to-consumer (D2C) platform, aiming to simplify access to financial services for all.
During the launch of the Aditya Birla Capital Digital (ABCD) fintech app, Kumar Mangalam Birla, Chairman of the Aditya Birla Group, mentioned plans for the upcoming launch of the jewellery business with an initial investment of ₹5000 crore.
Expressing optimism about the platform’s potential, Birla stated, “Aditya Birla Capital has become a pivotal growth driver for the group,” indicating that the ABCD D2C platform signifies a significant milestone and a positive step towards accelerated growth and leadership in the financial services industry.
According to the exchange filing, the ABCD app was developed within 12 months.
Vishakha Mulye, CEO of Aditya Birla Capital Limited, emphasized the company’s dedication to digital transformation and enhancing customer experience. “Our ‘One ABC One P&L’ approach, focusing on ‘One Customer,’ ‘One Experience,’ and ‘One Team,’ has played a crucial role in driving growth,” she mentioned. “The ABCD platform reinforces our omnichannel strategy, enabling customers to seamlessly interact with us through their preferred channels.”
Following a “Maximum Viable Product” (MVP) approach, ABCD will offer a diverse suite of 22 financial products and services, including a payment platform with UPI, bill payments, and online recharges, along with loans, insurance, and investment options, the company added.
ABCL reported a consolidated revenue growth of 22 per cent year-on-year (YoY) to ₹23,566 crore, with its consolidated profit after tax (PAT) increasing by 44 per cent YoY to ₹2,090 crore in the first 9 months of FY2024.
ABCL operates 1,462 branches across the country, having added over 500 branches in the last 2 years.”
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