Tata Group not in multiple GMV game, says N Chandrasekaran
A week after the launch of the super app Tata Neu, N Chandrasekaran of Tata Sons doesn’t want the digital company to be compared to any other competitor.
“We have our game plan. Let me play my game,” Chandrasekaran, Chairman of Tata Sons Pvt. told BloombergQuint, when the super app launched on April 14. Prior to this, the app was only available to group employees.
The Tata Neu app was initially launched on April 7 and within hours it faced technical issues.
“We had issues for three hours after launch due to the overwhelming number of logins, which is a good thing,” said Pratik Pal, CEO of Tata Digital Ltd.
Any mainstream platform needs to be built with consumer input, and the company looks forward to “feedback and criticism,” Chandrasekaran said, without referring to launch-day issues.
Chandrasekaran, who has an eye on financial returns, said companies can’t just burn cash; it must also generate financial returns.
“We’re not in the multiple GMV game,” Chandrasekaran said. The gross value of goods should generate cash flow and every business should have a cash flow plan, he added, alluding to the fact that they are just getting started. to run.”
Under the One Tata objective, Chandrasekaran consolidated consumer-facing businesses to generate synergies.
“What we have achieved is to bring together all the Tata brands. We have brought together one of the best teams. It has successful entrepreneurs who have started and built businesses. When to step up and push vision to the limits, we need to have smart talents.
As part of the process, Tata Digital began by mining customer data across the group. That was the starting point, Chandrasekaran said. “Each CEO presented what worked for them and what didn’t. This helped organize the products and services for the application. »
According to Pal, they have around 70-80 million consumers across all Tata consumer-facing brands, with many in the 26-35 age group.
“We have customers between the ages of 18 and 26 interacting through BigBasket, 1mg and Titan,” said Harish Bhat, Brand Custodian at Tata Sons.
Tata Neu’s focus will be on millennial audiences. “I’m told if we’re going to be millennials, we’ve got to have Buy-Now-Pay-Later,” Chandrasekaran said.
“We are working to get this feature in our next update. It should take one to four months to get the feature into the app,” said Pal. The app is considering 12 vernaculars for its customer chat box which is expected to be available in the next update, he said.
Chandrasekaran announced that Tata Neu will be an “open architecture” and that Neupass – its loyalty program – will eventually extend beyond the Tata brands.
Neucoins, which are earned through purchases, are convertible at par into rupees and between Tata Group brands. All of the Tata Group’s native consumer brands that are on the app will have Neupass, Chandrasekaran said.