Adani Group plans e-commerce, payments expansion, says FT report
The Adani Group is looking to diversify into consumer-facing businesses, according to a report by Financial Times, and is building a consumer-facing digital presence.
MAY 28, 2024The Adani Group is looking to expand into e-commerce and payment services, business daily Financial Times reported on May 28, citing several people familiar with the development.
The FT report said the Adani Group is looking to apply for a licence to run on the Unified Payments Interface (UPI), and is also in talks with banks to finalise plans of a co-branded Adani credit card.
If approved, the group will enter India's digital payments landscape and compete with incumbents Google Pay and Walmart -backed Phone Pe.
Financial Times reached out to the Adani group and they declined to comment.
The Adani Group is also reported to be in talks to offer online shopping through the e-commerce platform Open Network for Digital Commerce (ONDC), the FT report added.
The FT report cited people familiar with the matter and reported that the e-commerce and payments foray aim to 'initially target existing users of its businesses'. A large number of people use Adani's gas and electricity services, or travel to airports that it operates. Financial Times cited people stating that users on Adani app could gather loyalty points for bill payment or duty-free purchase, and then redeem them for shopping online.
The report also stated that Adani Group may add content from NDTV - the media entity it owns - to its app this year.
Earlier, Money control had reported on the group's plans to raise funds to invest in new energy businesses.
The Adani Group is in the process of recovering from a January 2023 report by U.S. short-seller Hindenburg that triggered a sell-off in group's listed shares. So far, four of the seven group companies have surpassed pre-Hinderburg report levels, including Adani Enterprises⍐.
