Adani group plans to make inroads into payments, e-commerce space: report

The Adani Group has big plans to further diversify its empire into the rapidly growing payments ecosystem as well as the e-commerce industry. According to a Financial Times report, the group is likely to apply for a license to operate on UPI and is also considering the possibility of providing online shopping services through the Open Network for Digital Commerce or ONDC. Ports to Power conglomerate is also reportedly in talks with banks to finalize plans to launch a co-branded credit card.

It comes as the port conglomerate looks to diversify its empire into fast-growing consumer-facing markets.

Conquest in the payment and e-commerce sectors

It is important to note that ONDC, the government-backed public e-commerce platform, and UPI are part of India’s much-coveted offering – the digital stack. With interoperable ONDC networks, companies do not have to invest in their own proprietary payment or e-commerce platforms. Once plans are finalized, Adani will be able to offer its services through Adani One, which will be launched in 2022, according to the report.

“This is our collective effort to build a digital twin that ultimately aligns with our traditional businesses,” Nitin Sethi, senior vice president and chief digital officer for consumer enterprises at Adani Group, wrote in a LinkedIn post in December 2022.

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

The push comes more than a year after Hindenburg Research accused the group of market manipulation and fraud, causing it to lose $150 billion of the group’s publicly traded shares.

See also: Adani Enterprises shares erase all losses after Hindenburg report