Adani Group to foray into ecommerce, payments with ONDC, UPI to diversify empire: Report

Gautam Adani-led Adani Group is reportedly looking to foray into ecommerce and payments segments. This comes as the group plans to diversify its empire into fast-growing consumer-facing markets. 

According to a report in the Financial Times that quoted people familiar with the matter, the group is eyeing a digital business to take on the likes of Google and Mukesh Ambani-helmed Reliance Industries. The group has a stronghold in the infrastructure and logistics network of ports, airports and power. 

Adani Group is mulling applying for a licence to operate on India’s public digital payments network, Unified Payments Interface (UPI), as well as is finalising a previously-announced co-branded credit card.

Gautam Adani-led company is also negotiating to offer online shopping through government-backed Open Network for Digital Commerce (ONDC). With ONDC’s interoperable networks, companies do not need to invest in their own proprietary payments or e-commerce platforms. 

If these developments are finalised, the services would be available on their consumer app, Adani One, that was launched in 2022. 

According to the report, the company’s ecommerce and payments offerings would initially target existing users of its businesses including gas and electricity customers, as well as travellers at its airports. Users would be able to acquire loyalty points through bill payments or duty-free purchases and use them for online shopping. 

This consumer push comes after US short seller Hindenburg Research accused the group of market manipulation and fraud, prompting a $150 billion rout in the group’s listed stocks.