New Delhi: Tata Sons Chairman N Chandrasekaran has said that Tata New, the group’s ambitious digital bet, is based on an open architecture that will allow offerings from non-group companies as well.
According to PTI, Tata Digital’s Chief Executive Officer (CEO) Prateek Pal said that the ‘Super-App’ is currently hosting a host of products and services from group companies across lifestyle, travel, hospitality, grocery, financial services.
The app has seen 2.1 million downloads since its launch on April 7, while adding that a “significant” number of transactions have also taken place that has taken group executives by surprise.
Chandrasekaran said the platform is based on open architecture principles which will eventually be open to a host of offerings from non-Tata group. It is starting with group companies, adding more offerings from group companies over the next few months and finally, offering a host of non-group companies as well as customer feedback.
Nu is the first super-app of the Tata Group. It aims to take on the likes of Amazon which are neutral marketplaces that hold offerings from multiple sellers, therefore giving consumers a wider choice.
Pal said the app already has a variety of offerings, but will also look at offerings from other companies.
It may be noted that generally, companies have to sacrifice profits or even burn cash in pursuit of user engagement and hardly any e-commerce platform is profitable.
Chandrasekaran acknowledged that there will be investments that the group will have to make on the app, but he tried to allay fears by saying that financial metrics are on the radar. “We will certainly see a number of strong financial results, including profits and revenues,” said the group’s chairman, who is the sole investor in the platform.
Pal explained that the app experienced a glitch for three hours into its launch date due to a lot of interest among users, but added that the app is now stable.