Adani Group Eyes E-Commerce and Payments Ventures: Report

Expanding Horizons in India’s Digital Payments Market

The Adani Group, a powerhouse in India’s ports-to-power sector, is making strategic moves to enter the booming digital payments and e-commerce markets. According to a recent report by the Financial Times, the conglomerate is seeking a license to operate on India’s public digital payments network and is in discussions with banks to launch a co-branded credit card.

So far, four of the seven group companies have surpassed pre-Hinderburg report levels, including Adani Enterprises' intraday recovery on Friday.

A Lucrative Market

The potential for growth in India’s digital payments sector is immense. A report by Mordor Intelligence projects that the market will surge from $357.51 billion in 2024 to a staggering $814.43 billion by 2029. Currently, PhonePe leads the market with a 48.9% share, followed by Google Pay at 37.7%.

Adani’s Strategic Moves

If successful in obtaining the necessary approvals, the Adani Group will compete with established players like Google Pay and Walmart-backed PhonePe. The group’s entry into this market is part of a broader strategy to enhance its consumer business offerings. This expansion plan aligns with Adani’s vision to invest $84 billion in infrastructure over the next decade.

E-Commerce Endeavors

In addition to digital payments, the Adani Group is exploring opportunities in e-commerce. The conglomerate is in talks to leverage India’s government-backed Open Network for Digital Commerce (ONDC) platform. These services would be integrated into Adani’s consumer app, Adani One, which launched in December 2022.

Navigating Challenges

The Adani Group’s recent ventures come in the wake of overcoming significant challenges. In January 2023, a report by US short-seller Hindenburg accused the group of stock manipulation and misuse of tax havens, causing a significant sell-off in its listed shares. The group denied these allegations, and subsequent investigations by India’s markets watchdog and top court found no further action was needed.

Despite these hurdles, four of the seven Adani Group companies have surpassed their pre-Hindenburg report levels, showcasing resilience and recovery in the market. Adani Enterprises, the flagship firm, has seen a notable intraday recovery, with shares currently about 4% below pre-report levels.

Conclusion

As Adani Group embarks on its journey into digital payments and e-commerce, the conglomerate’s efforts signal a robust strategy to diversify and strengthen its consumer business portfolio. With significant investments and strategic collaborations, Adani is poised to become a formidable player in India’s digital economy.

Comments

India's Manufacturing Growth Hits 18-Month Low in December: A Year-End Recap

Introduction: As the year came to a close, India's manufacturing sector faced headwinds, experiencing an 18-month low in growth during December 2023. The latest data, compiled by S&P Global in the HSBC India Manufacturing Purchasing Managers’ Index, sheds light on the challenges faced by the industry as it navigated a slowdown in new orders and output. India's manufacturing output hit an 18-month low in December. Decoding the Numbers: In December, the Manufacturing PMI dipped to 54.9, down from 56 in November. Despite this decline, the sector managed to stay above the crucial 50-mark, signifying expansion rather than contraction. Notably, the output rose at the slowest pace in 14 months, indicating a challenging landscape for manufacturing. Expert Insights: Pranjul Bhandari, Chief India Economist at HSBC, offered insights into the situation. "India's manufacturing sector continued to expand in December, although at a softer pace, following an uptick in the previous...

Indian Medical Education In Its Golden Era, Says Junior Health Minister SP Baghel

Addressing the 42nd Foundation Day of the National Board of Examinations in Medical Sciences (NBEMS), Union Minister SP Baghel said healthcare workers have played a major role in enhancing the perception of India as a global powerhouse. Medical education in India is going through its golden era, the Union Minister said. (Representational) New Delhi: Medical education in India is going through its golden era, Union Minister of State for Health SP Baghel said today, asserting that doctors trained here are highly valued globally and one will find an Indian doctor in every part of the world. Addressing the 42nd Foundation Day of the National Board of Examinations in Medical Sciences (NBEMS), he said healthcare workers have played a major role in enhancing the perception of India as a global powerhouse. Union Health Minister Mansukh Mandaviya, delivering the keynote address at the event, said in the last two years 25 courses have been introduced. “This growth serves to provide great...

Kiara Advani on Relationship Rumours With Sidharth Malhotra: 'Right Now I Am Very Happy

Kiara Advani and Sidharth Malhotra will continue to make headlines for the rumoured relationship. Although the actors have not confirmed anything, fans take a great interest in them. The Shershaah actors are often asked about the rumours during their interviews and Kiara always seems to have some witty answer to them. Recently, the JugJugg Jeeyo actress was asked about their relationship and she said that she is very happy both in her personal and professional life. The actress was asked about her alleged breakup during an interview with Navbharat Times to which she answered, “I don’t want to say anything about this. People are writing even when I am not saying anything, so when I say something, I do not know what people will write. Whenever I feel I will definitely speak on this issue. Right now I am very happy in both my personal and professional life." To know more: https://www.news18.com/news/movies/kiara-advani-on-relationship-rumours-with-sidharth-malhotra-right-now-i-am-v...

Summary Station

Search This Blog