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Adani Group Considering expandingE-commerce Payments segment in India. Gautam Adani He is the second richest person in India,Mukesh Ambani Ahead of him.Adani The group:UPI E-commerce services are also available through the Adani One app.
Led by Gautam Adani, the Adani Group has a diversified portfolio ranging from ports to energy, and the conglomerate is now reportedly considering entering the e-commerce and payments sectors as it diversifies the group.
The Adani Group is in talks to enter the e-commerce and payments sectors as it wants to expand its digital business to rival Mukesh Ambani's India premiership, according to a Financial Times report.
Adani Group has investments in several businesses but does not yet have a presence in the consumer sector.
Adani Group is reportedly considering applying for a license to operate on the country's public digital payments network, the Unified Payments Interface (UPI). The group is also in talks with banks to offer Adani-branded credit cards to customers.
Adani Group is also reportedly in talks to enter the e-commerce sector through the government-backed Open Network for Digital Commerce (ONDC), an interoperable network that would eliminate the need for companies to invest in developing their own e-commerce platforms and payment systems.
The ONDC services will reportedly be available on the company's Adani One app when it is launched in 2022. The Adani One app currently offers travel services such as flight and hotel bookings.
The service will initially be available to the company's gas and electricity customers, offering incentives for using the app in the form of cash back and discounts.
India's two richest men, Mukesh Ambani and Gautam Adani, have been vying for the top spot, with Adani dominating for some time.
Gautam Adani's net worth took a hit as Adani Group's share price plummeted in the Hindenburg scandal. US-based research firm Hindenburg released a report on companies owned by Gautam Adani in late January 2023, alleging stock price manipulation, among other things.
Adani Group's shares rose after India's Supreme Court ruled in its favor, and Mr. Adani quickly added $7.67 billion to his net worth, making him India's richest man.
Mukesh Ambani has reclaimed the top spot, but the gap is closing again: Gautam Adani's net worth has now soared to $109 billion, putting him just behind Mukesh Ambani at $114 billion, narrowing the gap to just $5 billion, according to the Bloomberg Billionaires Index.
Adani's wealth grew by $25 billion last year, while Ambani's rose by $17.3 billion. Despite the surge, Adani's fortune is still below its peak of $119 billion.
Adani's new venture will take on Mukesh Ambani's JioMart and JioFinance, which are due to launch payments services soon, as well as Google Pay, one of the most popular UPI platforms in India.
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