- Adani Group considers applying for a license to operate on India’s digital payments network, potentially competing with Google Pay and PhonePe.
- The conglomerate is also in talks to launch a co-branded credit card and offer online shopping via the public e-commerce platform ONDC.
- These moves come as Adani plans to invest $84 billion in infrastructure over the next decade, following efforts to recover from allegations of stock manipulation.
India’s Adani Group is making significant strides into the consumer business sector with plans to enter the digital payments and e-commerce markets. The conglomerate, led by billionaire Gautam Adani, is considering applying for a license to operate on India’s public digital payments network and is in talks with banks to launch a co-branded credit card. These initiatives come as part of a broader strategy to invest $84 billion in infrastructure over the next decade, signaling Adani’s ambitious growth plans amid efforts to recover from recent financial controversies.
Digital payments license application
India’s Adani Group is considering applying for a license to operate on the country’s public digital payments network. If approved, the group will enter the fast-growing digital payments market, competing with established players such as Google Pay and Walmart-backed PhonePe. The market is projected to grow from $357.51 billion in 2024 to $814.43 billion in 2029.
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Co-branded credit card initiative
Adani Group is in discussions with banks to finalize plans for a co-branded credit card. This move is part of a broader strategy to expand its consumer business offerings.
E-commerce platform partnership
The group is also negotiating to offer online shopping through India’s government-backed public e-commerce platform, Open Network for Digital Commerce (ONDC). If finalized, these services will be available via Adani’s consumer app, Adani One, which was launched in December 2022.
Infrastructure investment
Adani Group plans to invest $84 billion in infrastructure over the next decade. This ambitious plan spans various sectors from ports to power, reflecting the conglomerate’s long-term growth strategy.
Response to Hindenburg report
Adani Group has been making efforts to recover from allegations made in a January 2023 report by US short-seller Hindenburg, which accused the conglomerate of stock manipulation and improper use of tax havens. The group has refuted these claims, and a court-appointed panel reported in May 2023 that India’s markets watchdog found no substantial evidence. Four of the seven group companies have since surpassed their pre-report levels, including Adani Enterprises.
