First financial services company to offer comprehensive lending, insurance, and investment solutions through government’s open digital commerce network
In a ground breaking development for India’s financial sector, Aditya Birla Capital has become the first financial services company to fully integrate its core offerings – lending, insurance, and investments – on the Open Network for Digital Commerce (ONDC). This strategic move, announced on December 23 in Mumbai, marks a significant milestone in the democratization of financial services across India.
The integration represents a major step forward for both the company and ONDC, the government’s ambitious initiative to create an open, interoperable e-commerce network. As a Wave-1 participant, Aditya Birla Capital has been instrumental in developing the foundational infrastructure for financial services on the ONDC platform, paving the way for future participants in the ecosystem.
This comprehensive integration enables users across India to access Aditya Birla Capital’s personal loans, health insurance, and mutual fund products through any ONDC-enabled buyer application. The innovation eliminates the need for multiple app downloads, significantly simplifying the user experience and expanding access to formal financial services.
Vishakha Mulye, CEO of Aditya Birla Capital, emphasized the strategic importance of this integration: “In recent years, India’s digital public infrastructure has expanded rapidly, creating open and interoperable networks. Our integration with ONDC will help us reach ‘Bharat’ to fulfil the financial needs and aspirations of consumers who may have previously lacked access to formal credit, insurance, and investment opportunities.”
The development is particularly significant for India’s startup ecosystem, as it demonstrates the potential for established financial institutions to collaborate with digital platforms in innovative ways. ONDC’s network, which now connects more than 200 apps, creates new opportunities for fintech startups to build services on top of this infrastructure and reach previously underserved markets.
Koshy, CEO of ONDC, highlighted the broader implications of this integration: “Aditya Birla Capital’s integration shows their commitment to democratizing financial products. This step diversifies ONDC’s offerings and strengthens its mission of financial inclusion.” The move is expected to catalyze similar integrations from other financial institutions, potentially transforming how financial services are distributed in India.
The integration process involved multiple Aditya Birla Group companies working in concert. Aditya Birla Finance participated in the early pilot phase for credit integration, while Aditya Birla Health Insurance and Aditya Birla Sun Life AMC pioneered the integration of health insurance and mutual fund services respectively. This collaborative approach has helped establish best practices for future financial services integrations on the ONDC platform.
As part of the $65 billion Aditya Birla Group, Aditya Birla Capital brings significant scale to the ONDC network. With over 1,470 branches, 200,000 agents, and more than 55,000 employees nationwide, the company’s integration has the potential to significantly accelerate financial inclusion across India’s diverse geographic and demographic landscape.
For India’s startup ecosystem, this development creates new opportunities in several areas:
- Platform Development: Startups can build specialized interfaces and value-added services on top of the ONDC infrastructure
- Financial Innovation: The open network enables new forms of financial product distribution and customer engagement
- Market Access: Smaller fintech companies can now potentially reach Aditya Birla Capital’s vast customer base through the ONDC network
The successful integration of Aditya Birla Capital’s full suite of services on ONDC represents a significant milestone in India’s journey toward financial inclusion and digital transformation. As more financial institutions follow suit, the initiative is poised to reshape how financial services are accessed and delivered across the country.
