New Delhi: Tata Neu, the conglomerate’s ambitious digital bet, is based on an open architecture that will permit non-group companies' offerings as well, Tata Sons Chairman N Chandrasekaran has said.
According to PTI, Tata Digital's Chief Executive Officer (CEO) Pratik Pal said the ‘super-app’ is currently hosting products and services of group companies in lifestyle, travel, hospitality, grocery, financial services.
The app has seen 21 lakh downloads since its launch on April 7, while adding that there has been a "significant" number of transactions as well which have surprised the group executives.
Chandrasekaran said the platform is based on open architecture principles which will be open to hosting non-Tata group offerings as well eventually. It is starting with group companies, will add more of group companies' offerings in the next few months and eventually, host offerings of non-group companies as well as per the feedback from the customers.
Neu is the first super-app by Tata Group. It aims to take on the likes of Amazon which are neutral marketplaces having offerings from multiple vendors, hence offering a wider choice to consumers.
Pal said that the app already has a wide assortment of offerings, but will also look at other companies offerings too.
It can be noted that typically, companies have had to sacrifice profits or also burn cash in pursuit of user engagement and hardly any e-commerce platforms are profitable.
Chandrasekaran acknowledged that there will be investments that the group will have to make on the app, but sought to dispel fears by saying financial metrics are on the radar. "We will certainly drive a lot of strong financial outcomes including profits and revenues," the chairman of the group, which is the only investor in the platform, said.
Pal explained that the app experienced a glitch for three hours on the launch date because of very high interest among users, but added that the app has stabilised now.