Jan 12, 2023
Gross direct tax revenue jumps 24.58 pc to Rs 14.71 lakh crore for FY23
Tata Group’s ambitious super app is expected to meet just half of the sales target in its debut year, forcing the sprawling Indian corporate to review its digital strategy, people familiar with the matter said. Tata Digital Pvt.’s online platform, Tata Neu that went live in April, will see sales of about $4 billion in the year to March 31 compared with the $8 billion target set at the beginning of 2022, the people said, asking not to be named as the information is not public. The company, helmed by Chief Executive Officer Pratik Pal, is overhauling the strategy to scale up the business profitably, they said.
The underwhelming performance of a project that Tata Group Chairman Natarajan Chandrasekaran championed as the future of the $128 billion conglomerate shows the uphill task in taking on entrenched e-commerce rivals such as Amazon.com Inc. and Walmart Inc.’s Flipkart. Tata Neu, India’s first super app in the pipeline since at least mid-2020, was modeled on the lines of China’s ubiquitous Alipay and WeChat but ran into technical glitches and customer complaints soon after its launch. A spokesperson for Tata Group didn’t respond to an email seeking comment.