Jio Financial Services To Launch New Products, Aims at Untapped Market

Billionaire Mukesh Ambani-backed company, Jio Financial Services (JFS), is set to launch auto and home loans as the company seeks to establish itself as a full-service financial services firm. JFS is looking to step up its operations in order to penetrate the untapped market. According to the experts, there is still room for market penetration despite strong growth.

Ambani is planning to repeat the success that he achieved in the telecom and retail sectors with Jio and Reliance Retail. JFS has already rolled out personal loans for salaried and self-employed individuals in the financial capital of Mumbai and consumer durable loans across 300 stores in India, according to a company presentation. Now, the company has plans to launch business and merchant loans for self-employed individuals.

The company’s insurance broking arm has gained traction as it has collaborated with 24 insurance companies, while its payments bank division, which relaunched savings accounts and bill payment services, plans to roll out debit cards. The company is also considering launching an app that carries its products.

JFS was separated from its parent company, Reliance Industries, and listed on the stock exchanges last month. It also announced its first earnings report with a multi-fold growth in profit. After listing, the company share gained by 2% before falling by about 14%.

Jio Financial has signed a pact with U.S. asset manager BlackRock to initiate asset management services in India as well.