Finance

Adani Group to Challenge Reliance, Walmart in India's E-commerce Push

May 28, 2024 1 min read

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India's Adani Group is in discussions to enter the e-commerce and digital payments market, aiming to diversify its portfolio and compete with major players such as Mukesh Ambani's Reliance, Amazon, and Walmart. The conglomerate is considering applying for a license to operate on India’s Unified Payments Interface (UPI) and is in talks with banks to finalize plans for a co-branded credit card. Additionally, Adani is negotiating to offer online shopping through the government-backed Open Network for Digital Commerce (ONDC).

This strategic move comes after the group faced allegations of market manipulation and fraud by U.S. short seller Hindenburg Research, resulting in a $150 billion decline in the value of Adani's listed stocks. Adani's consumer app, Adani One, launched in 2022, currently offers travel services and aims to expand its offerings to include digital payments and e-commerce. The diversification into consumer-facing markets is seen as a response to both the recent financial scrutiny and the growing demand in these sectors.

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