Billionaire Mukesh Ambani’s Reliance Jio Infocomm Ltd could foray into distributing mutual funds and other financial products in the new year, said three industry officials aware of the development, requesting anonymity.
Reliance Jio’s digital payments platform, JioMoney, could be used to sell the mutual funds. JioMoney allows users to donate, send and receive money, in addition to paying bills and recharging mobile phones and DTH connections, among other services.
“Reliance Jio has been working on rolling out financial services for a few months now. We expect a launch next year," said a senior executive of a financial services firm aware of Jio’s plans.