The Adani Group is looking to foray into the e-commerce and payments segments in India.
Gautam Adani is India’s second richest man, with just Mukesh Ambani ahead of him.
Adani Group is reportedly planning on offering UPI and e-commerce services through the Adani One app.
Reliance IndustriesTalks on for payments license, credit cardPush for ONDCTo take on Mukesh AmbaniGautam Adani-led Adani Group has a diverse portfolio, from ports to energy and more.
The group is also in talks with banks to offer a co-branded Adani credit card to its customers.The Adani Group is also reported to be in negotiations to enter the e-commerce segment through the government-backed Open Network for Digital Commerce (ONDC).
The Adani Group is looking to foray into the e-commerce and payments segments in India.
Gautam Adani is India’s second richest man, with just Mukesh Ambani ahead of him.
Adani Group is reportedly planning on offering UPI and e-commerce services through the Adani One app.
Reliance Industries
Talks on for payments license, credit card
Push for ONDC
To take on Mukesh Ambani
Gautam Adani-led Adani Group has a diverse portfolio, from ports to energy and more. The conglomerate is now reportedly looking to enter the e-commerce and payments segments as the group diversifies.According to a report by Financial Times, the Adani Group is in talks to enter the e-commerce and payments segments as it wants to expand its digital business to take on Mukesh Ambani’sand Google in India.While the Adani Group has a stake in several businesses, it has yet to make its presence felt in consumer-facing segments.The Adani Group is reportedly considering applying for a license to operate on the country’s public digital payments network, the Unified Payments Interface (UPI). The group is also in talks with banks to offer a co-branded Adani credit card to its customers.The Adani Group is also reported to be in negotiations to enter the e-commerce segment through the government-backed Open Network for Digital Commerce (ONDC). With ONDC’s interoperable networks, companies do not have to invest in developing their own e-commerce platforms or payment systems.The ONDC services will reportedly be available on the company’s Adani One app, which was launched in 2022. The Adani One app currently offers travel services such as flight and hotel bookings.The services will initially be aimed at the company’s gas and electricity customers, offering them incentives to use their app in the form of cashback and discounts.Mukesh Ambani and Gautam Adani, who are the top two richest people in India have been competing for the top spot, with Adani occupying the top spot for a while.Gautam Adani’s net worth took a hit after a sharp decline in Adani Group shares during the Hindenburg saga. US-based research firm Hindenburg had released a report on the Gautam Adani-owned companies in late January in 2023, alleging stock manipulation among others.Adani Group’s shares rallied after the country’s Apex Court passed a verdict in favour of the group. Adani even went on to emerge as India’s richest man by adding $7.67 billion to his net worth in a short span.While Mukesh Ambani reclaimed the top spot, the gap is once again narrowing. According to the Bloomberg Billionaire’s Index, Gautam Adani’s net worth has now surged to $109 billion, just behind Mukesh Ambani who is valued at $114 billion, bringing down the gap to $5 billion.In the last year, Adani’s wealth has surged by $25 billion, while Ambani’s wealth has surged by $17.3 billion. Despite this surge, Adani’s wealth is yet to reach its peak of $119 billion.Adani’s new ventures will take on Mukesh Ambani’s JioMart and JioFinance, which is expected to soon begin offering payment services. Additionally, it will also take on Google Pay, one of India’s most popular UPI platforms.
