Jio Financial Services Introduces Tech Rental: Laptops, Phones, Airfiber and More
Jio Financial Services is set to launch Device as a Service (DaaS) as a financial solution for businesses. DaaS enables corporations to lease devices rather than buy them outright, thereby maintaining cash flow and facilitating more efficient IT fleet management. The company intends to provide both finance and operating leases for various assets such as airfiber, smartphones, and laptops, with the goal of creating a novel market approach for consumer devices.
During an investor presentation, Jio Financial Services, a subsidiary of Mukesh Ambani's conglomerate Reliance Industries, underscored the advantages of Device as a Service (DaaS). The focus was on the reduced risk associated with asset ownership and the potential for more precise cross-selling targeting using customer insights. Mukesh Ambani had previously informed shareholders that Jio Financial Services (JFS) is committed to bridging a substantial gap in the financial services needs across diverse sectors in India.
Jio Financial Services is initially concentrating on secured products after the Reserve Bank of India (RBI) recently raised risk weights on such loans. "Increased focus on secured lending given current market and regulatory developments", Jio Financial Services said in the presentation. The company plans to expand its financial offerings, including home loans and unsecured loans, as part of its pipeline.
Jio Financial Services experienced a 56% drop in consolidated profit after tax in the third quarter, leading to a sharp drop in share price. The company has partnered with three more insurers, bringing the total tie-ups to 27 across general and life insurers. The company reported a consolidated net profit of Rs 668 crore in the second quarter and a net profit of Rs 1,294 crore for the nine months ending December. Revenue moderated to Rs 414 crore in the latest quarter.
At present, the collaborative effort between Jio Financial Services and BlackRock has submitted an application to the market regulator SEBI for a mutual fund license. The regulator is currently reviewing the application as of December 31, 2023, as indicated by a Sebi update. Back in July, Jio Financial Services and BlackRock unveiled a 50:50 joint venture, committing a $150 million investment each, with the objective of venturing into the asset management sector in India.
During an investor presentation, Jio Financial Services, a subsidiary of Mukesh Ambani's conglomerate Reliance Industries, underscored the advantages of Device as a Service (DaaS). The focus was on the reduced risk associated with asset ownership and the potential for more precise cross-selling targeting using customer insights. Mukesh Ambani had previously informed shareholders that Jio Financial Services (JFS) is committed to bridging a substantial gap in the financial services needs across diverse sectors in India.
Jio Financial Services is initially concentrating on secured products after the Reserve Bank of India (RBI) recently raised risk weights on such loans. "Increased focus on secured lending given current market and regulatory developments", Jio Financial Services said in the presentation. The company plans to expand its financial offerings, including home loans and unsecured loans, as part of its pipeline.
Jio Financial Services experienced a 56% drop in consolidated profit after tax in the third quarter, leading to a sharp drop in share price. The company has partnered with three more insurers, bringing the total tie-ups to 27 across general and life insurers. The company reported a consolidated net profit of Rs 668 crore in the second quarter and a net profit of Rs 1,294 crore for the nine months ending December. Revenue moderated to Rs 414 crore in the latest quarter.
At present, the collaborative effort between Jio Financial Services and BlackRock has submitted an application to the market regulator SEBI for a mutual fund license. The regulator is currently reviewing the application as of December 31, 2023, as indicated by a Sebi update. Back in July, Jio Financial Services and BlackRock unveiled a 50:50 joint venture, committing a $150 million investment each, with the objective of venturing into the asset management sector in India.
