Jio Financial’s Missing Edge

Despite rapid expansion, Jio Financial Services is yet to demonstrate a clear differentiator, leaving investors questioning whether scale alone can deliver the kind of disruption the Reliance playbook once promised

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Whenever Reliance Industries Limited (RIL) enters a new sector, its script is almost pre-written: scale aggressively and disrupt eventually. However, the narrative has started to falter in the case of Jio Financial Services (JFS).

What makes us say this? Well, since its demerger and subsequent listing in 2023, JFS has expanded rapidly across verticals — lending, insurance broking, payments, and asset management. From the top, it resembles as a........

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