Adani Group Launches Co-Branded Credit Card on Super App
Adani Group Launches Co-Branded Credit Card on Super App
Adani Group, led by Chairman Gautam Adani, has entered the retail finance sector by introducing a co-branded credit card in partnership with ICICI Bank. This strategic move, unveiled at a press gathering in Ahmedabad, is part of Adani’s broader vision to enhance financial services on their super app, Adani One. The card, launched in collaboration with Visa, is designed to offer airport-linked benefits, marking a significant step for Adani in the crowded Indian market dominated by competitors like Tata, Reliance, and Aditya Birla groups.
Jeet Adani, director of the group’s airport business, emphasized the democratization of financial services in India due to the fintech revolution. Despite India’s fintech ecosystem being the third largest globally, it has only a 35% penetration rate among the population, indicating substantial growth potential. The partnership with ICICI Bank and Visa aims to leverage this opportunity by providing customers with an enhanced and seamless payment experience.
Adani One, the group’s super app developed by Adani Digital Labs Pvt. Ltd., a wholly-owned subsidiary of Adani Enterprises Ltd., has already garnered 30 million users and achieved an annual gross merchandise value of Rs 750 crore. Launched in its alpha version during fiscal 2024, Adani One aims to connect with 500 million users by 2030. Initially, the app will cater to existing customers of various Adani Group companies but plans to welcome new customers eventually.
The introduction of the credit card marks the first step in expanding financial services on Adani One, which is part of the group’s broader strategy to build a robust business-to-consumer venture. In August 2023, Adani Digital Labs further strengthened its position by acquiring Stark Enterprises, the company behind the train ticket-booking platform Trainman.
The Adani Group’s foray into retail finance through this co-branded credit card is poised to significantly impact the Indian financial landscape, offering enhanced benefits and contributing to the growth of India’s fintech sector.
