Jio Financial Services adds personal loans and 50+ credit cards
Jio Financial Services (JFSL) is shaking things up by adding riskier options like personal loans and over 50 credit cards to its digital marketplace.
Since launching the marketplace for financial products through the JioFinance app in February, it has started offering not just its own products but also home loans and insurance alongside products from JFSL group companies and other financial firms, all in one place.
Hitesh Sethia says offerings will coexist
The idea is to give users more choices that work alongside Jio's existing financial services, even if there's some overlap.
CEO Hitesh Sethia says these new additions will "coexist with the inhouse underwriting capabilities" and could be "complementary in many cases."
On the money side, JFSL made a ₹272 crore profit last quarter (down 14% from last year), while its lending business grew but payments dipped a bit.
Analysts say it is expanding well but faces challenges as it invests in new areas and deals with market ups and downs.