Aditya Birla Capital launches ABCD super app for financial services

Aditya Birla Capital Ltd. (ABCL) has launched a direct-to-customer fintech super app—ABCD—offering various financial products on a single digital platform, the company announced on Tuesday. 

With the launch of the easy-to-use omnichannel platform, the financial services arm of $65 billion Aditya Birla Group plans to expand its reach to existing customers and acquire new users. 

Available on Android and iOS platforms, the app offers 22 products and services, including payment facilities—such as UPI, bill payment, and online recharges, along with financial services like loans, insurance, and investments. 

The platform also offers personal finance tracking, such as ‘My Track.’ It provides many services, including portfolio consolidator, spend analyzer, and digital health assessment.

ABCL is targeting to acquire 30 million new users in the next three years.

Announcing the launch of the platform, Kumar Mangalam Birla, the chairman of Aditya Birla Group, said, “Our financial services business, Aditya Birla Capital, is now one of the fastest growing businesses within the group and has emerged as a key growth engine. This is a ‘coming of age’ moment for Aditya Birla Capital. In the arc of Aditya Birla Capital’s strong and steady progress, the ABCD D2C platform is a positive stride towards accelerated growth and taking a leadership position in the financial services space.” 

Birla expressed confidence that the platform will serve as a growth catalyst across the ABCL and ABG ecosystem, and the interplay between the 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.

Vishakha Mulye, the chief executive officer (CEO) of Aditya Birla Capital, said, “Our consistent commitment to digital reinvention and reimagining customer experiences is reflected in our omnichannel architecture, which gives customers the complete flexibility to interact with us through their channels of choice.”

“In line with this vision, Aditya Birla Capital formed ABCD to build the omnichannel layer that will help us acquire customers digitally at scale and meet all their financial needs through a unified digital-first platform.” she added.

As of 31 December 2023, ABCL manages aggregate assets under management of over ₹4.10 trillion ($49 billion) with a consolidated lending book of about ₹1.15 trillion ($13.7 billion) through its subsidiaries and joint ventures. 

ABCL delivered strong growth, with consolidated revenue growing by 22% year-on-year to ₹23,566 crore ($2.82 billion)) and consolidated PAT (profit after tax) growing by 44% year-on-year to ₹2,090 crore ($245 million) in the first nine months of FY2024. 

ABCL has 1,462 branches across the country, with over 500 branches added in the last two years. In line with its one ABC approach, about 762 co-located branches across 218 locations were also set up to service customers seamlessly under one roof.

A $65 billion global conglomerate, Aditya Birla Group has over 187,000 employees belonging to 100 nationalities, and operates in over 40 countries in North and South America, Africa, Asia, and Europe.