Two of India’s biggest business conglomerates are eyeing the same sector and investing heavy resources in becoming its leader. The Tata Group, led by Chairman Emeritus Ratan Tata, already has the Tata Neu app gathering customers. On the other hand, Asia’s richest man Mukesh Ambani’s Reliance Industries Limited is looking to build a new financial superapp for its digital business Jio.
Tata Group launched its superapp last year and revamped it this year. Earlier this year, it was reported that the N Chandrasekaran-led Tata Group is considering a massive infusion of funds into the superapp to the tune of $2 billion.
Citing sources close to the matter, it was reported that additional funding was mapped out for Tata Digital over a period of two years with the fresh capital likely to enable Tata Neu to expand digital offerings and improve user experience.
Meanwhile, billionaire business tycoon Mukesh Ambani is aiming to disrupt the fintech sector in India with Jio Financial Services planning for aggressive expansion and reportedly has a super app strategy in place. India currently has over 60 crore smartphone users with the number projected to cross 100 crore in the next 2-3 years.
