The ports-to-power conglomerate is planning to apply for a licence to operate on the Unified Payments Interface
Furthermore, the Adani Group is also deliberating about offering online shopping services through the government-backed Open Network For Digital Commerce (ONDC)
The Adani Group’s competitive push into e-commerce and payments comes at a time when the ONDC is spawning a success story for Indian companies looking to expand their digital business
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Gautam Adani-led Adani Group is reportedly looking to make its foray into ecommerce and payments space amid its plans to expand businesses into fast-growing consumer-facing markets.
As per Financial Times, the ports-to-power conglomerate is planning to apply for a licence to operate on the Unified Payments Interface (UPI).
Besides, the company is also in talks with banks to launch a co-branded Adani credit card.
Furthermore, the Adani Group is also deliberating about offering online shopping services through the government-backed Open Network For Digital Commerce (ONDC).
If the plans materialise, the company is likely to offer these services through the Adani One app, launched in 2022.
The planned expansion will put the Adani Group in direct competition with the likes of Google and Walmart-backed PhonePe, which already operate widely-used UPI-based payment apps, as well as homegrown players Paytm and Tata which offer grocery and online food delivery via ONDC, respectively.
It was also reported earlier that the Adani Group is mulling over a partnership with ride-hailing platform Uber to roll out its electric passenger cars.
It’s pertinent to mention that allegations of corporate misdoings and market manipulation by US-based short seller Hindenburg Research had eroded over $150 Bn from the Adani Group’s market value last year. It also wiped out over $100 Bn of Adani’s personal wealth.
However, the group seems to have recovered from the Hindenburg shock, with shares of Adani Group’s flagship company Adani Enterprises erasing almost all stock market losses incurred last year.
The Adani Group’s competitive push into e-commerce and payments comes at a time when the ONDC is spawning a success story for Indian companies looking to expand their digital business.
In February, online bus ticket booking platform redBus partnered with the ONDC to offer metro ticket booking facilities and auto-rickshaw rides.
Ride-hailing giants such as Ola and Uber have also onboarded the network to expand their mobility offerings.
Further, the Bhavish Aggarwal-led Ola Cabs is set to offer fashion and grocery delivery services via the ONDC.
Meanwhile, the digital arm of Hindi media outlet Dainik Jagran is in advanced stages of integration with the ONDC.
Earlier this month, automobile giant Hero MotoCorp also jumped on the ONDC bandwagon to sell two-wheeler parts and accessories online.
Fintech unicorn Paytm is also planning to enter the ride-hailing space by offering auto-rickshaw booking services in tier I cities in partnership with the ONDC.
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