Reliance’s formal entry into finserv gets fintechs jittery

An anxious lot of digital lending startups and their investors are watching from the sidelines as Jio Financial Services gets demerged from Reliance Industries.

Looking at the Reliance playbook, be it in telecoms or retail, it is obvious that Jio Financial will try to take the services to the masses, multiple industry insiders said. With the group’s wide reach and its deep pocket, its full-fledged entry could disrupt the market where many of its rivals would be fledgling fintech players.