Aditya Birla Capital Limited (ABCL) has become the first financial services company to integrate its three core services – lending, insurance, and investments – on the Open Network for Digital Commerce (ONDC). This move aims to simplify access to financial products on the platform and enhance user experience. ABCL’s offerings will be available on ONDC via multiple buyer apps, allowing users to access financial products directly without downloading additional applications.
The integration is a significant step towards financial inclusion, as it will enable consumers who previously lacked access to formal credit, insurance, and investment opportunities to access these services. ABCL CEO Vishakha Mulye stated that the company’s integration with ONDC will help reach “Bharat” and fulfill the financial needs and aspirations of consumers. ONDC CEO Thampy Koshy commented that ABCL’s integration demonstrates its commitment to democratizing financial products and strengthens ONDC’s mission of financial inclusion.
ONDC has been building infrastructure for credit, insurance, and investments, and has partnered with ABCL for an early pilot for credit integration. ABCL’s other entities, such as Aditya Birla Health Insurance and Aditya Birla Sun Life AMC, have also deployed health insurance and mutual fund offerings on the state-backed network. This development comes after ONDC reported a nearly three-fold increase in transactions since December last year, with plans to scale up further by December 2025.
Launched in 2021, ONDC is an open network for the exchange of goods and services over digital networks, currently online in over 611 cities with 200 apps. The platform has established a working committee to define a protocol for onboarding and integrating sellers and industry players. ONDC has also made its fintech foray with the launch of credit offerings in partnership with several companies, and has witnessed its first mutual fund transaction in partnership with Nippon India Mutual Fund and Appreciate.
The integration of ABCL’s services on ONDC is a significant milestone for the platform, and is expected to drive financial inclusion and democratize access to financial products. With this move, ONDC is poised to become a major player in the fintech space, providing a wide range of financial services to consumers across the country. The partnership between ABCL and ONDC is a testament to the growing importance of digital public infrastructure in India, and is expected to have a significant impact on the country’s financial landscape.