Within a week of its launch, the super app Tata Neu has recorded 2.2 million app downloads as well as 2.1 million app sign-ups. Transaction volume was equally high, said Pratik Pal, CEO of Tata Digital.
The company is also optimistic about building its financial services vertical which will be closely tied to Neu Pass and Neu Coins. The app currently offers easy loans and will eventually venture into micro-finance, micro-insurance, buy now pay later and more.
“We are lucky to have a brand that has a lot of confidence. We have created several platforms in fashion, grocery, financial services, to name a few. Tata Neu brings it all together under one platform, bringing a lot of supremacy to the group. Our range of possibilities with this app includes trading in products, trading in services and especially financial services,” said N Chandrasekaran, President of Tata Sons at the launch of the Tata Neu app.
Tata Neu’s in-app brands include BigBasket, 1mg, IHCL Hotels, Qmin, Starbucks, Croma, Tata CliQ, Westside and Air Asia. The app has yet to list the services of Vistara, Air India and Curefit.
He added, “Our value proposition is to make life easier for Indian consumers, who are also very ambitious. This launch is only the first phase of the application, we will continue to upgrade it over the next two years. Neu Pass is our value proposition, we will continue to improve the offer with new delivery models and upgrades. We have lots of ideas and are working on a number of categories and services. We are also innovating on technology and will launch an AI-driven personal assistant for consumers.
The app uses an open architecture, Chandrasekaran said. This will allow apps and offers from stable and non-Tata companies to run on the app; while Neu Pass can also be extended beyond Tata brands.
Neu Pass is Tata Neu’s loyalty program, offering rewards that can be redeemed between brands hosted on the app. Neu Pass includes NeuCoins, which can be exchanged for an equal amount of INR. Members can earn around 5% NeuCoins or more every time they purchase.
Pal said, “Tata Neu is a unique service combining the company’s physical footprint with an online presence.
According to Mukesh Bansal, President of Tata Digital, almost 10% of users of Tata Neu standalone brands like BigBasket had initially migrated to Tata Neu, and this increased to 30% during the pilot phase. This is expected to be up to 50% of users migrating to Tata Neu over the next few months.
“We are at the start of our journey. Right now the focus is on creating a great experience and fine-tuning the product. Our strongest hook in the app will be the Neu Pass loyalty program,” Bansal said.
April 14, 2022