Tata Digital to add Neobank to its Upcoming Super App
Tata Digital is preparing to provide financial services such as credit, mutual funds, and insurance through partnerships with licenced financial institutions. As a result, the brand is likely to add Tata Super app powered by neobank, which is expected to mimic its competitors Flipkart and Amazon in offering a diverse set of financial services.
The news comes after Tata Digital invested US$75 million into ex-Flipkart executives’ health and fitness startup CureFit (now called Cult.fit) earlier this month.
Super App is essentially a digital mall where customers can get everything they need from the same app - groceries, medicines, and so on.
The Tata group has consistently contributed to the nation's edifice by developing businesses that have laid the groundwork for India's growth.
Tata Digital is expanding its e-commerce offerings by acquiring BigBasket and 1mg, and it is now eyeing financial services to offer credit, insurance, and mutual funds on its upcoming super app via a neobank.
Tata Digital's soon-to-be-launched 'super app' is expected to include financial services such as credit, insurance, and mutual funds. According to sources, this would be accomplished through collaboration with licenced financial institutions, as the digital arm of India's largest conglomerate prepares to compete with established players such as Amazon and Flipkart.
Tata Digital has established a neobank vertical and is enlisting the help of industry veterans to do so.
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