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India ’s push and infrastructure giant Adani Group is plot a move into digital payments and east - commerce , according to a Financial Timesreport , as the pudding stone seek to diversify its portfolio and compete with Mukesh Ambani ’s Reliance , Amazon and Walmart ’s Flipkart and PhonePe .
Adani is considering hold for a license to operate on India ’s Unified Payments Interface ( UPI ) and is also finalizing plans for a co - brand acknowledgment batting order with banks , the report said . UPI is a public digital defrayal meshwork that has become the most popular way Indians transact online .
This is n’t the first time Adani , one of India ’s three grown pudding stone , has demonstrate an stake in digital offer . In 2022 , the firm launched Adani One , a consumer app through which it sell travel ticket , and the society ’s chief operating officer , Gautam Adani , recently hint at “ future quislingism ” with Uber following a late sojourn to India by Uber CEO Dara Khosrowshahi .
The conglomerate is be after to offer on-line shopping through the government - back Open web for Digital Commerce ( ONDC ) weapons platform , a person intimate with the matter recount TechCrunch .
At bet is India ’s retail market , which is estimated to be deserving $ 1.27 trillion by next year , concord to analysts at Bernstein . Reliance Retail operate the country ’s largest retail chain of mountains , and last year raised capitalat a evaluation of about $ 100 billion .
Flipkart is the liberal player in the Native American vitamin E - commerce market , which , grant to Bernstein analysts , is expected to report for 10.4 % of overall retail cut-rate sale in the nation by next year . Flipkart , valued at $ 36 billion , guarantee $ 350 million in raw backing from Google last calendar week . Amazon , for its part , plans todeploy about $ 3 billionin its Indian vitamin E - Department of Commerce venture over the next few years .
Walmart ’s PhonePe and Google Pay lead the mobile payment grocery store in India . Together , they process over 86 % of all payments on the UPI internet , which handle more than 12 billion dealing monthly . Some of their rival — and politics bodies — areunhappy with Google and Walmart ’s growing dominancein the country ’s peregrine payment market , but regulatorscurrently have no plans to intervene .
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Adani ’s aforethought payments services would be accessible through Adani One , according to FT , which also reported that Adani Group will initially seek to market its new intersection to its exist customer base of millions of users .
The push into the consumer market follows a tumultuous year for Adani , which has been accused of market manipulation and shammer by U.S. short seller Hindenburg Research . Adani has denied any wrongdoing , but the research firm ’s written report still cause the group ’s listed stocks to lose $ 150 billion in note value .
