Gautam Adani cancels plan to launch Super App, what led to the sudden move? Explained
The Gautam Adani Group has reportedly decided to cancel its plan to launch a super app for users. According to a Bloomberg report that quoted sources, the group's digital unit was facing financial losses and internal disagreements. These issues led the company to drop the plan. The report also said that Nitin Sethi, the Chief Digital Officer who was in charge of the digital unit, resigned along with several other employees. This happened during an internal review related to poor management of the business. Adani one was launched in 2022
Adani One was introduced in December 2022 by Adani Digital Labs, a part of Adani Enterprises Limited. The digital platform, launched in 2022 as 'Adani One', was designed to be a one-stop platform for consumers, combining a range of services like travel, shopping, bill payments, and other lifestyle utilities.
As per the company's annual report, the app handled transactions worth Rs. 750 crore (about USD 90 million) in the 12 months ending in March 2024. The company had set a goal to reach 500 million users by the end of this decade. Last year, the app had around 30 million users. Goal to reach 500 million users on its super app
The Adani Group had set a long-term goal to reach 500 million users on its super app by 2030. Gautam Adani, the Group's Chairman, had once called it a vision to create the 'Ferrari of the digital world.' By March 2024, the app had gained about 30 million users. However, despite this early interest, it failed to maintain steady growth or generate a reliable source of income.
As per the report, the slow progress of the project led to internal changes earlier this year. After merging the digital unit, several senior leaders resigned. This included Adani's Chief Digital Officer, who was leading the super app initiative, he quit while an internal review into how the project was being handled was still going on. Around the same time, many other team members involved in the app also left the company. Adani Group exits FMCG business
This news comes at a time when the Adani Group is also moving out of the FMCG (Fast-Moving Consumer Goods) sector. As part of this move, the group has sold its entire stake in AWL Agri Business, which was earlier known as Adani Wilmar.
The group said it made this decision to exit the FMCG space so that it can focus more on its core business—infrastructure. AWL Agri Business is known for selling cooking oils and other food products under the Fortune brand.
The company for now, is said to be refocusing on its traditional strengths in infrastructure, energy, logistics, and airports.
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