Aditya Birla Capital seeks to double customer base through new digital app
Aditya Birla Capital Ltd (ABCL), the non banking finance company (NBFC) of the $65 billion cement to fashion group, plans to double its customer base in the next three years riding on a new digital application which will allow the company to lend, sell insurance and also offer payment solutions to customers.
The financial services company expects to add 30 million new customers in the next three years, tapping dealers, vendors, distributors besides retail customers in its ecosystem, doubling its 35 million customer base currently.
Chairman Kumar Mangalam Birla said the cement to fashion group will tap the 250 million customers across the group, its 2.5 lakh MSME partners and also its 1.87 lakh workforce as it seeks to expand its financial business through the Aditya Birla Capital Digital (ABCD) application housed under a wholly owned subsidiary of ABCL. ABCD will be a separate entity at an arms length basis acting like a direct selling agent of ABCL for which it will earn fees.
ABCL CEO Vishakha Mulye said the digital application will provide a new engine for growth. “This is a large new engine which will help us grow at scale. We have 400,000 distributors and vendors and 800,000 points of sale. But so far each product was a separate company. Henceforth we have to work as a team. The launch of this application is a very important development in the context of the consolidation of lending companies for which we have already applied to RBI and are awaiting court procedures,” Mulye said.
Last month the company
