AB Group may shift MyUniverse platform to Aditya Birla Finance

The Aditya Birla Group is planning to shift its online personal finance platform — MyUniverse — to Aditya Birla Finance. The platform is likely to be merged with the group’s wealth management business, which is part of Aditya Birla Finance, a nonbanking finance company. The merger is expected to integrate the online and offline wealth management arms. Speculation was that the group was uncomfortable with the growing losses at MyUniverse. The accumulated losses of MyUniverse are about Rs 230-250 crore. Part of the losses are likely to be absorbed by the NBFC, said sources. An email query to the Aditya Birla Group spokesperson went unanswered.