India’s Adani Group is preparing to enter the e-commerce and digital payments sectors, according to a report by the Financial Times report. This move aims to diversify the conglomerate’s portfolio and position it against competitors such as Mukesh Ambani’s Reliance, Amazon, and Walmart’s Flipkart and PhonePe.
The Adani Group, a powerhouse in the energy and infrastructure sectors, is considering applying for a license to operate on India’s Unified Payments Interface, a public digital payments network that has become the country’s leading online transaction method, according to the report. In addition, the Adani Group, one of India’s top three conglomerates, is reportedly finalizing plans to introduce a co-branded credit card in collaboration with banks.
This initiative is not the Adani Group’s first foray into digital services. In 2022, the firm launched Adani One, a consumer app for purchasing travel tickets. Gautam Adani, the conglomerate’s chief executive, has also hinted at potential future collaborations with Uber, following a recent visit by Uber CEO Dara Khosrowshahi to India.
According to an individual familiar with the matter, Adani Group is planning to facilitate online shopping via the government-supported Open Network for Digital Commerce (ONDC) platform.
The Financial Times report indicates that the new e-commerce and mobile payment services will be accessible through Adani One, with the company initially planning to market these new offerings to its existing customer base, which numbers in the hundreds of millions.
Adani Group’s consumer push comes after a challenging year marked by accusations of market manipulation and fraud from U.S. short-seller Hindenburg Research, leading to a $150 billion decline in its stock value. Adani has denied any wrongdoing.
