Naveen Tahilyani has stepped down from the role of CEO and MD of Tata Digital, the digital arm of Tata Group, . He will now join UK-based Prudential Plc as regional CEO for India, Africa, and Southeast Asia, and lead its health business.
His exit adds to the leadership churn at Tata Digital, which is still struggling to grow its superapp Tata Neu.
Tata Digital’s portfolio includes BigBasket, Croma, Tata Cliq, AirAsia India, 1mg, and more.
As per a report by ET, there have been talks of separate fundraises and IPOs of BigBasket and 1mg, and this might be one of the reasons for Tahilyani’s exit.
Citing sources, the report said that Tahilyani is likely to be replaced by someone from within the group, and Tata Digital CFO Hadreep Singh Guru is leading the race.
Tata Sons has invested over INR 18,000 Cr in Tata Digital since 2019, acquiring startups like BigBasket and 1mg. Despite this, Tata Neu, the superapp which combines all offerings of Tata Digital, has struggled to gain traction.
Tata Neu is currently focussing on its , which is currently active in more than 20 cities across India. However, it is available only in select pincodes within these cities.
Last year, Tata Neu entered the financial services space. Currently, it allows users to make mutual fund investments, buy digital gold, insurance, personal loans, and get credit cards. Via Tata Pay, it also offers UPI services, BNPL (Tata Pay Later), and bill payment services.
It is pertinent to mention that it is not just Tata Neu which has had troubles with the superapp approach. Paytm, which was one of the first movers in the space, also struggled with it and has now .
“We’ve been very crowded, cluttered for a long time,” Paytm founder and CEO Vijay Shekhar Sharma said in the company’s Q4 earnings call. He was referring to the array of services provided by the company. Going ahead, Sharma said, Paytm wants to be a .
On the financial front, Tata Digital’s revenue nearly doubled year-on-year to INR 421 Cr in FY24. Its loss decreased 12.3% to INR 1,201 Cr.
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