Adani Group eyes share in UPI, Credit Cards and ONDC space: Report

The Adani Group, known for its diverse portfolio spanning energy, infrastructure, logistics, and agribusiness, is likely to enter India’s digital payments, and e-commerve sector soon, a report by The Financial Times said.

The conglomerate is gearing up to introduce a suite of services, focussing consumer-facing business in digital finance.

As per the FT report, it will launch co-branded credit cards under the Adani Group banner.

In addition to credit cards, the Adani Group is actively pursuing the acquisition of licenses to operate on the Unified Payments Interface (UPI), the backbone of India’s rapidly evolving digital payments ecosystem.

The Group is also set to make a significant entry into the e-commerce space through the Open Network for Digital Commerce (ONDC).

The group’s ambitious digital payments strategy shall take place through its proprietary app, ‘Adani One’. Launched in 2022 and initially designed to facilitate flight and hotel bookings, ‘Adani One’ is set to undergo an expansion.

Following the release of the Hindenburg report in January 2023, which levied accusations of stock manipulation and accounting fraud against the conglomerate, the Adani Group experienced significant turbulence in both financial markets and public perception.

In the aftermath of the report, Gautam Adani, the chairman of the group, witnessed a substantial decline in his net worth, shedding over $60 billion within a mere 10-day period.

Adani resumed its expansion efforts in August, with acquisitions such as the purchase of Sanghi Industries by Adani’s Ambuja Cements in a $600 million deal.

The Adani Group made strides in expanding its presence in the media landscape, with acquisitions and partnerships aimed at consolidating its influence. Notable developments included the acquisition of a majority stake in IANS and the relaunch of NDTV Profit.

Recent allegations suggest that the Adani Group engaged in fraudulent activities by allegedly selling low-grade coal as high-value fuel to the Tamil Nadu Generation and Distribution Company in 2013. Despite these accusations, the Adani Group has consistently refuted all claims.