After bill payments and credit cards, Adani One–the super app of Adani Group—has begun pilots with digital lending firms and non-banking financial companies (NBFCs) to offer loans on the platform, two sources close to the development told Moneycontrol.
Housed under Adani Enterprise Limited’s digital arm, Adani Digital Labs Limited, the firm has finalised an arrangement with KrazyBee Services, the NBFC arm of fintech firm KreditBee, as its co-lending partner to offer personal loans.
According to the sources, Adani One is in negotiations with other NBFCs and fintech players to offer credit products to its customers.
As part of the agreement, Adani Digital will act as a lending service provider (LSP), while personal loans ranging from Rs 1,000 to Rs 5 lakh will be extended from KrazyBee’s books. The commissions will vary depending on the contract and loan size.
“More partnerships are on the way. As of now, one (KreditBee) has completed the pilots and the personal loan facility will soon reflect on the app,” one source said.
Queries sent to KreditBee and Adani One did not elicit a response.
This latest development marks a step towards Adani’s super app strategy, which had previously been limited to travel and airport-related services. The company also offers a co-branded credit card with ICICI Bank for offers on travel and flight bookings.
The app also offers bill payments on the platform, courtesy of the linkage with the Bharat Bill Payment System (BBPS), which aggregates all utility billers, insurance premium payments and loan repayments.
The move is significant as another conglomerate, Tata Group, is still refining its super app Neu, even after more than two years of launch and about $2 billion in investments.
Interestingly, KreditBee is also among the lending partners for Tata Neu, alongside Tata Capital, Cashe, Moneyview, and DMI Finance.
Beyond airports
Launched in December 2022, the Adani One app offers users a range of services including cab services, flight bookings, shopping within Adani-run airports, rewards redemptions, a loyalty programme, sampling, and porter services.
The loyalty programme on the Adani One app is similar to Tata Neu, allowing users to earn and redeem reward points on flight bookings, shopping, and more.
Adani One has bolstered its services by acquiring stakes in two travel tech firms over the last two years— Flipkart-owned Cleartrip (20% stake) and Trainman, Goodwater Capital-backed train booking portal.
Initially focused on the captive user base at Adani-run airports, Adani One has started to make headway into more consumer businesses, aiming to capture a larger digital ecosystem. It introduced the bill payments last year, and the co-branded credit card in June 2024.
This strategy leverages Adani Group’s large existing consumer base of 400 million across its airports, electricity, and gas distribution businesses. The company is also working on offering its own UPI payments service by applying for National Payments Corporation of India’s (NCPI) third party application provider (TPAP) license, according to The Financial Times.
“They have been slow and steady in their approach to developing the super app, which was initially a basic consumer app for the airports vertical,” a senior executive in the related space said.
“They are now scouting for mid-sized deals in the fintech space to boost the app’s digital presence and expand its user base.”
Earlier in May, the conglomerate was rumoured to be vying for a stake in fintech major Paytm. Reports suggested that Paytm founder Vijay Shekhar Sharma met Adani Group chairman Gautam Adani in Ahmedabad to discuss the contours of the deal, but the company issued a clarification terming the talks as “speculative.”
Super app frenzy
According to the company’s annual report, the app clocked a gross merchandise value (GMV) of Rs 750 crore in the 12 months ended March 2024, while the user base grew to 30 million.
“The digital business achieved a significant milestone with the successful validation of its platform’s alpha version [featuring its first theme, Travel] aiming to evolve into a premier super app catering to a wide range of frequent use cases,” the annual FY24 report stated.
The company aims to connect with 500 million users via the super app by 2030 through various Adani portfolios and partner services.
The much-hyped super app craze in India is yet to captivate the Indian consumer, despite numerous players entering the market.
Although there are many contenders, a clear leader has not emerged yet.
Reliance and Tata have integrated their consumer services into super apps MyJio and Neu, respectively. Meanwhile, apps like Paytm have been expanding beyond its fintech roots to include segments like food delivery and travel, rebranding itself as a super app.
Traditional companies are also entering the fray.
Aditya Birla Capital and Angel One have embraced the super app model as well. In April, the former launched its omnichannel direct-to-consumer platform, Aditya Birla Capital Digital.
This platform offers 22 products and services, including UPI-based transactions, bill payments, online recharges, and financial services such as loans, insurance, investment options, and personal finance tracking tools.
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