The talk of super apps may have died down, but the idea of a unified, multi-service platform still seems appealing to a conglomerate like Adani Group that is looking to continue driving widespread adoption of its super app called Adani One.
Since its launch in 2023, Adani One has over 30 million users. However, the company aims to grow its user base 16 times and reach 500 million users in the next six years, according to reports. BloombergHowever, increasing user acquisition at this pace could be more difficult than it seems at a time when local super apps face stiff competition from e-commerce giants like Amazon and Walmart. Flipkart.
In simple terms, a super app is an app that allows users to book a cab, buy movie tickets, buy essentials, pay electricity bills, etc. by combining these services on a single platform or by enabling access to multiple apps in a single app. While the rise in smartphone sales and wider use of mobile internet initially led to the launch of many super apps in India in the last few years, where do they stand today? Let’s see.
New order
The super app developed by Tata Group will start rolling out in 2022 and offers users access to various services like Tata Cliq, Tata 1mg, Westside, Air India, Taj Hotels and BigBasketamong others. Tata Neu also has a reward system called Neu Coins that users earn based on their spending and could be redeemed through services provided through the app itself.
Tata Neu had a rocky start as some users complained about the super app's buggy interface, payment issues and lack of uniformity. But after revamping the user interface and updating it with a few more features, the super app is said to have reached 60 million cumulative downloads by 2023. Moreover, the standalone revenue of Tata Digital, which is the entity behind the super app, has grown 13 times to Rs 204,35 crore in FY2023.
This year, Tata Neu announced that it was joining the government-backed Open Network for Digital Commerce (ONDC) to launch food delivery services in BombayIndonesian: Pune Cityand Delhi-NCR.
MyJio and Jio Financial Services
In 2019, Mukesh Ambani-led Reliance had announced that it would combine its consumer and entertainment offerings into a suite of services including airtime recharge, gaming, music, OTT content, e-commerce, etc., which would be accessible to users through its super app which is called MyJio. A year later, they also launched the UPI payment feature on their super app.
In early June 2024, Reliance Industries subsidiary Jio Financial Services announced the launch of the beta version of its super app with focus on digital banking“The app integrates digital banking, UPI transactions, bill payments, insurance advice and provides a consolidated view of accounts and savings, all in one easy-to-use interface,” Jio Financial Services said in a statement.
Going forward, the company said it will expand its services to provide mutual fund loans as well as home loans. “Our ultimate goal is to simplify everything related to finance on a single platform for all users across all demographics, with a comprehensive suite of offerings such as loans, investments, insurance, payments and transactions and to make financial services more transparent, affordable and intuitive,” Jio spokesperson was quoted as saying by Financial Express.
Adani One
The services offered by the Adani One super app are currently limited to booking flights, trains, buses and hotels, besides allowing users to check flight status and book duty free products at airports operated by the Indian multinational. User transactions on the super app till March 2024 have reached Rs 750 crore ($90 million), according to the company's annual report.
Additionally, Adani One is expected to expand into the payments space while it awaits the issuance of a UPI license, the Financial Times reported. The move would make strategic sense as it will attract more users while also saving the company on third-party payment processing costs. Adani Digital Labs, which runs the super app, also plans to reach more users by catering to Adani Power and Adani Total Gas customers.
What’s next for super apps in India?
Even as some of India’s largest companies appear to remain bullish on super apps, global platforms could face regulatory hurdles. For example, a potential super app relies on sharing and aggregating personal data belonging to customers who may have used one of the services owned by the same company. However, based on Digital Personal Data Protection Act, 2023Companies are required to obtain informed consent from customers before processing their personal data for cross-selling purposes. Additionally, stored customer data must be deleted if the customer withdraws consent.
Similar data processing requirements are also included in the draft Digital Business Competition Act, which separately proposes that end users should not be obliged to use bundled services offered by companies designated as systemically important digital enterprises (SSDEs).
