Jio Financial goes all-in on AI—hits 8 million monthly users
Jio Financial Services (JFS), backed by Mukesh Ambani, is going all-in on artificial intelligence to power its next phase of growth.
CEO Hitesh Sethia says they've built a smart, data-driven platform that personalizes financial products for users.
Their JioFinance app has already crossed 4 million downloads, and across the JioFinance and MyJio apps, JFS sees 8 million active users each month.
Lending, payments, and insurance milestones
JFS's lending business exploded this year—assets under management jumped from ₹173 crore to over ₹10,000 crore in just one year. They're offering everything from home loans to investments.
On the payments front, Jio got the RBI's nod as an online payment aggregator and expanded its merchant network.
Plus, their insurance arm teamed up with 34 insurers to issue 1.81 million policies.
Asset management and broking on the horizon
Looking ahead, JFS is teaming up with BlackRock (yep, the global giant) after getting SEBI's go-ahead for asset management. They're also eyeing wealth and broking licenses.
Chairman K.V. Kamath sounds excited about new tech like Agentic AI—AI that can make decisions on its own—which he believes will help more people access financial services across India.