Tata Digital’s bet to focus on financial services seems to be paying off, as its credit card offering crossed 1.5 million users. This is up from 1.18 million cards at the end of FY24 (March 31, 2024).
Tata Neu and HDFC Bank, in partnership, had launched the Tata Neu HDFC Bank credit card towards the end of 2022. In a LinkedIn post, the company said: “We’re thrilled to announce that the NeuCard community has reached a significant milestone: 1.5 million members.”
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According to Tata Digital’s FY24 annual report, its financial services have witnessed significant growth, with its co-branded credit card reaching 1.18 million cards. The company said that it is the fastest-growing co-branded credit card in India.
The company has also quietly launched its insurance offering for users of its app. The Tata Neu app now offers insurance in categories such as health, accident, motor (two-wheeler and four-wheeler), cyber insurance, and home insurance.
The addition of these categories follows media reports that the company intends to launch a financial marketplace.
Tata Digital’s focus on building its financial services offering and loyalty programme also stems from the fact that the company’s newly appointed chief executive officer, Navin Tahilyani, had highlighted these in his first email to employees after taking over the role last year.
“We will have to work on a few aspects to win the hearts and minds of our customers—fine-tune the loyalty programme, invest in and leverage data for offers, find a better way to convey our proposition to the customers, improve customer experience while creating new value propositions, and use financial services smartly to enhance customer stickiness. We will have to be razor-sharp about our priorities and execute our strategic initiatives with rigour and discipline,” he had written in the email to employees.
For this ongoing festive season sale, the platform has announced the launch of the ‘Gift Card Store’. This is a gifting marketplace with over 100 brands, including both Tata and non-Tata brands, covering 15 categories.
The LinkedIn post also said that the 1.5 million NeuCard holders have seen rewards worth over Rs 250 crore shared.
The NeuPass programme, according to the FY24 annual report, has achieved strong growth, with a sizable 116.4 million-member base.
Tata Digital saw its losses narrow for FY24 to Rs 1,200.82 crore. Losses for FY23 stood at Rs 1,370.09 crore, according to the FY24 annual report of Tata Sons. Revenue for FY24 almost doubled from Rs 204.35 crore in FY23 to Rs 420.51 crore.
First Published: Oct 06 2024 | 6:06 PM IST
