The Adani Group has big plans to further diversify its business into the burgeoning payments ecosystem and e-commerce industry. The Financial Times reported that the group is expected to apply for a license to operate on UPI and is also in talks to potentially offer online shopping services through the Open Network for Digital Commerce (ONDC). The port-power conglomerate is also reportedly in talks with banks to finalize plans to launch a co-branded credit card.
The move comes as the power and ports conglomerate seeks to diversify into the fast-growing consumer market.
Entering the payment and e-commerce sector
Notably, ONDC, the government-backed public e-commerce platform and UPI form part of India's much-needed digital stack. ONDC's interoperable network will eliminate the need for businesses to invest in proprietary payment and e-commerce platforms. If plans are finalized, Adani could reportedly offer its services through Adani One, launched in 2022.
“It is our joint effort to ultimately build a digital twin that will sit alongside our traditional business,” Nitin Sethi, senior vice president and chief digital officer for Adani Group's consumer business, wrote in a December 2022 LinkedIn post.
The Financial Times reported that the company's e-commerce and payments service will initially target existing users of its business, such as gas and electricity customers and airport travelers, by allowing users to earn points by paying bills and buying duty-free goods, which can then be used towards online purchases.
The move comes more than a year after Hindenburg Research accused the group of market manipulation and fraud, causing its publicly listed shares to plummet by $150 billion.
Adani Enterprises' shares also erased all of their losses following the Hindenburg report.
