Gautam Adani-led Adani Group is reportedly exploring opportunities to enter the ecommerce and payments space as it expands its presence in burgeoning consumer-facing markets.
According to the Financial Times, the conglomerate, known for its diverse interests from ports to power, is gearing up to seek a license for operation on the Unified Payments Interface (UPI).
Additionally, discussions are underway between the company and various banks regarding the potential launch of a co-branded Adani credit card.
Potential Entry into Online Shopping via ONDC
Moreover, the Adani Group is also considering the provision of online shopping services through the government-supported Open Network for Digital Commerce (ONDC).
Should these plans come to fruition, it’s probable that the company will deliver these services through the Adani One app, which was introduced in 2022.
The proposed expansion will position the Adani Group squarely in competition with established players such as Google and Walmart-backed PhonePe, which have already established widely-used UPI-based payment apps. It will also bring them into the arena with domestic contenders like Paytm and Tata, which respectively offer grocery and online food delivery services via ONDC.
Continue Exploring: ONDC facilitates 7.22 Million transactions in April, onboards over 5 Lakh sellers
Earlier reports also indicated that the Adani Group is contemplating a collaboration with ride-hailing platform Uber to introduce its fleet of electric passenger cars.
Rebounding from Hindenburg Controversy
It’s worth noting that accusations of corporate misconduct and market manipulation by US-based short seller Hindenburg Research resulted in the Adani Group’s market value plummeting by over $150 billion last year. Additionally, it led to the loss of over $100 billion from Adani’s personal wealth.
Nonetheless, the group appears to have bounced back from the Hindenburg shock, as shares of Adani Group’s flagship company, Adani Enterprises, have nearly recouped all stock market losses suffered last year.
ONDC Integration Across Various Sectors
The Adani Group’s foray into e-commerce and payments coincides with the rise of ONDC, which is catalyzing success stories for Indian companies seeking to broaden their digital ventures.
In February, the online bus ticket booking platform redBus forged a partnership with ONDC to provide metro ticket booking services and facilitate auto-rickshaw rides.
Ride-hailing titans like Ola and Uber have also joined the network to extend their range of mobility services.
Additionally, Ola Cabs, led by Bhavish Aggarwal, is poised to introduce fashion and grocery delivery services through the ONDC.
Meanwhile, the digital division of Hindi media outlet Dainik Jagran is in the final stages of integration with the ONDC.
Earlier this month, automobile giant Hero MotoCorp also joined the ONDC platform to retail two-wheeler parts and accessories online.
Fintech unicorn Paytm is also strategizing to venture into the ride-hailing domain by providing auto-rickshaw booking services in tier I cities, in collaboration with the ONDC.
Continue Exploring: Govt pushes for ONDC shopfronts on e-commerce giants Amazon and Flipkart
