Adani Group to enter e-commerce, payments via ONDC, UPI to diversify empire: report

According to reports, the Gautam Adani-led Adani group is planning to enter the e-commerce and payments segments. This comes as the group plans to diversify its empire into fast-growing consumer-facing markets.

According to a Financial Times report that quoted people familiar with the matter, the group is looking for a digital company that could counter the likes of Mukesh Ambani-led Google and Reliance Industries. The group has a strong position in the infrastructure and logistics network of ports, airports and energy.

The Adani Group is considering applying for a license to operate India’s public digital payments network called Unified Payments Interface (UPI) and is also finalizing work on a previously announced co-branded credit card.

The Gautam Adani-led company is also in negotiations to offer online shopping through the government-backed Open Digital Commerce Network (ONDC). With interoperable ONDC networks, companies do not have to invest in their own proprietary payment or e-commerce platforms.

Once this work is finalized, the services will be available on the Adani One consumer app, which will be launched in 2022.

According to the report, the company’s e-commerce and payments offering will initially target its existing enterprise users, including gas and electricity customers, as well as travelers at the company’s airports. Users will be able to earn loyalty points through bill payments or duty-free shopping and use them for online purchases.

This consumer push comes after U.S. short-selling firm Hindenburg Research accused the group of market manipulation and fraud, resulting in the loss of $150 billion of the group’s listed shares.