The app’s growth was at its highest level since its first anniversary, which fell on 7 April. It received an updated look, better navigation and improved payment methods.
Tata Digital’s CEO Pratik Pala said that Tata Sons had invested over $2 billion into Tata Neu. This mega-app has seen a huge surge in sales ever since it was redesigned to coincide with the Indian Premier League. He said that the company would be profitable in three to five year.
Pal, the CEO of Tata Digital since 2019, said that after celebrating its first anniversary on 7 April, the app got a brand new design, an improved navigation system, and better payment methods. This led to its best growth in all areas, including revenues. Pal served as a senior executive at Tata Consultancy Services for more than 27 years.
Pal said in his first interview with Tata Digital as CEO that the app was visible on screen for more than one million seconds, and had a reach of 110 millions. This included 13 million installs and 75,000,000 visits during IPL. NeuPass boasts 75 million users and 60 millions installations. “Nearly 60% of NeuPass’ clients are returning customers. Multi-category users have increased by more than 25% in the past year.
Tata Digital is currently working on a wider variety of products, some which may be outside the scope of Tata Group.
According to him, delivering a seamless consumer experience is important. This forms a large part of the roadmap. We must provide the best possible omnichannel service, considering our resources and touchpoints with consumers. We are working on a strategy that will expand the omnichannel platform, introduce new categories and products to Tata’s universe and give consumers more choices.
After the official debut of the product last year, there were complaints from users about poor customer service, payment problems and other issues.
Over the past eight months, app users have experienced an improved experience… several new financial services were also launched. The new app has a rating of 4.2%, which is a positive response from consumers. All parameters in the application are at par with the industry standards. We… created a roadmap to customer experience innovation.
The app initially offered three categories of products: electronic goods, grocery items, and epharmacy. Air Asia, Indian Hotels, Tanishq and Westside followed. In November, Tata Neu HDFC, which combines the Titan, Tanishq and Westside rewards programs, was launched. The app also supports United Payments Interface transactions and bill payment, in addition to loans and insurance.
Pal stated that we want to expand our product offerings in order to create a seamless experience.
A subscription-based model is one of the ideas. It will combine 1mg with fitness and insurance. The app will offer consumers health insurance, fitness and medications in a single application.
For example, Tata’s brands Tanishq and Indian Hotels are able to meet 70-80% wedding requirements. The super app also connects flights (Air India or Vistara) as well as apparel (Westside).
Tata Digital considers future financing options with profitability as a priority.
“Our aim is to generate profitable revenues within the next three-five years.” He said. “We are always evaluating new fund-raising ideas.”
Pal confirmed that Tata Digital has been in discussions with luxury brands to sell their products through Tata Cliq. Pal refused to comment on inventory problems in this category due to the direct competition it faces with Reliance Group’s premium app Ajio Luxe. Tata Cliq currently sources its luxury products from Reliance Group Major Brands.
Tata Cliq and Major Brands have an excellent relationship so such problems are not present. Tata Cliq also reviews its portfolio of brands. We have an excellent group of luxury consumers thanks to IHCL, Tanishq and Tanishq.
Tata Digital’s losses increased from 536 to 3,051 billion rupees in FY21. Total operating revenue increased from 5,315 to 15,979 billion rupees.
Is Tata Neu a fantastic app? Pal confirms that yes.
He said that super apps have no specific definition. Super apps help consumers with UPI, pay bills, purchase electronics or grocery items. Fantastic apps meet 50% of the needs their users have on a monthly or daily basis. We’re currently working to expand the choices available for consumers via this app.”
Tata Digital is a company with an entrepreneurial mindset. It’s a great mix between a Tata Group-run startup and the governance standards of Tata Group.
Tata Digital is proud to have a team of executives who are focused on results.
TCS taught him to be resilient and take calculated risks with mindfulness,” said he. We are creating a lean and agile organization that puts organic growth first.
