The Gautam Adani-led Adani Group is set to venture into payments and e-commerce to expand its business into fast-growing consumer-facing markets. According to the Financial Times, the conglomerate, known for its involvement in ports to power, intends to apply for a license to operate on India’s Unified Payments Interface (UPI).
Additionally, they are in discussions with banks to finalize plans for launching a co-branded Adani credit card. Furthermore, the Adani Group is contemplating offering online shopping services through the government-backed Open Network for Digital Commerce (ONDC).
Adani Group Considering Online Shopping via ONDC
According to reports from the Financial Times, the Adani Group is considering offering online shopping through India’s government-supported platform, the Open Network for Digital Commerce (ONDC). This platform is part of India’s digital system, which includes UPI. If the plans go ahead, Adani might provide these services through Adani One, their existing platform launched in 2022. Adani One already offers services like booking flights and hotels.
Nitin Sethi, a big shot at Adani Group, said on LinkedIn in December 2022 that we’re all working together to create a digital version of our regular businesses.
Adani Group Faces Turmoil
2023 got rough for Gautam Adani’s company, with allegations of wrongdoing from Hindenburg Research and OCCRP. After Hindenburg’s report, the group lost about $150 billion in market value. They called Hindenburg an “unethical short seller” and said the report was full of lies. These allegations, which first came up before 2023, came back in 2024. Recently, the Financial Times said Adani Group was accused of fraud by OCCRP, claiming they sold low-quality coal as high-quality fuel back in 2013. Adani Group denies all accusations.
ONDC Boosts Digital Business Expansion
The ONDC is helping Indian companies grow digitally, and Adani Group is joining in with its e-commerce and payment plans. In February, redBus partnered with ONDC to let people book metro tickets and auto-rickshaw rides online. Ola and Uber, big ride-hailing companies, also use ONDC to offer more services. Ola is getting into fashion and grocery delivery through ONDC. Dainik Jagran’s digital branch is almost done connecting with ONDC. Hero MotoCorp, a big car company, now sells bike parts and accessories online through ONDC. Paytm, a popular fintech company, wants to start letting people book auto-rickshaws in big cities using ONDC.
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