Aditya Birla Capital, a leading financial services company, has become the first entity to integrate lending, insurance, and investments on the Open Network for Digital Commerce (ONDC). This milestone marks a significant step towards creating an open, interoperable e-commerce network, allowing buyers and sellers to transact across different platforms. By integrating all three core services, Aditya Birla Capital aims to simplify access to financial products and enhance the user experience.
As a Wave-1 participant, Aditya Birla Capital has played a crucial role in developing the financial services ecosystem on ONDC. The company’s offerings, including personal loans, health insurance, and mutual funds, are now live on the ONDC platform, accessible through multiple buyer apps. This integration enables users to access financial products directly without downloading additional applications.
ONDC, a government initiative, has been building infrastructure for credit, insurance, and investments. Aditya Birla Capital’s integration with ONDC aligns with its broader mission of creating seamless networks that connect buyers and sellers across apps. Vishakha Mulye, CEO of Aditya Birla Capital, notes that this integration will help the company reach a wider audience, fulfilling the financial needs and aspirations of ‘Bharat’, referring to the larger, underserved population in India.
T. Koshy, CEO of ONDC, highlights Aditya Birla Capital’s commitment to democratizing financial products, making its integration a significant step towards strengthening ONDC’s mission of financial inclusion. With over 200 apps connected, ONDC facilitates seamless interactions between buyers and sellers, promoting interoperability and inclusivity. Aditya Birla Capital, part of the $65 billion Aditya Birla Group, operates nationwide with over 1,470 branches, 2,00,000 agents, and a workforce of over 55,000. This integration is a major milestone in the company’s journey to simplify access to financial products and enhance user experience.