Adani Group chairman Gautam Adani / Photo credit: Adani Group’s LinkedIn page
The already crowded tech space in India is about to get more cramped, as major conglomerate Adani Group is looking to enter the ecommerce and payments spaces, the Financial Times reported, citing sources.
If the company executes these plans, it will compete with industry giants like Amazon, Google-backed Reliance, as well as both Flipkart and its payments spin-off PhonePe.
To help with the new move, Adani Group is considering applying for a license for India’s UPI, the country’s public digital payments network, and potentially introducing co-branded credit cards with several banks.
It’s also looking to enter ecommerce by using the Open Network for Digital Commerce, a government-backed public ecommerce platform. This platform is also currently used by companies like Paytm for their own online shopping efforts.
According to the report, Adani Group will launch these offerings through Adani One, a travel booking app it launched in 2022, potentially forming its own super app.
The sources added that these offerings will initially target existing users of Adani’s other units. Apart from Adani One, these businesses include broadcasting network NDTV as well as F&B arm Adani Wilmar.
The news comes as Adani faces allegations of market manipulation and fraud, which has caused the conglomerate’s stocks to fall by US$150 billion. The company has firmly denied these claims.
See also: Series SEA: Who’s investing in the region’s ecommerce startups?
Editing by Jaclyn Tiu
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