Aditya Birla Capital has become the first financial services company to integrate lending, insurance, and investments on the Open Network for Digital Commerce (ONDC). ONDC is a government initiative aimed at creating an open and interoperable e-commerce network, promoting inclusivity, competition, and accessibility in digital commerce. By integrating its 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 and can be accessed through multiple buyer apps. This means that users can access financial products directly without downloading additional applications.
ONDC has been building infrastructure for credit, insurance, and investments, and Aditya Birla Capital has been instrumental in integrating these services. The company’s participation in the early pilot phase for credit integration and its role in integrating health insurance and mutual fund services have been significant. This integration aligns with ONDC’s mission of creating interoperable networks that connect buyers and sellers seamlessly across apps.
According to Vishakha Mulye, CEO of Aditya Birla Capital, the integration with ONDC will help the company reach a wider audience and fulfill the financial needs and aspirations of consumers who may have previously lacked access to formal credit, insurance, and investment opportunities. T. Koshy, CEO of ONDC, added that Aditya Birla Capital’s integration shows its commitment to democratizing financial products and strengthens ONDC’s mission of financial inclusion.
ONDC connects over 200 apps, facilitating seamless interactions between buyers and sellers. Aditya Birla Capital, part of the $65 billion Aditya Birla Group, offers a comprehensive suite of financial solutions and operates nationwide with over 1,470 branches, 2,00,000 agents, and a workforce of more than 55,000. The integration with ONDC is expected to further enhance the company’s reach and accessibility, promoting financial inclusion and digitization in India.