In a strategic move to reinforce its leadership, Jio Financial Services (JFS) has appointed Isha Ambani, Anshuman Thakur, and Hitesh Kumar Sethia as directors, gaining approval from the Reserve Bank of India (RBI). The central bank’s letter of approval, dated November 15, grants a six-month validity to the appointments.
Stellar Additions to JFS Board
Isha Ambani, who has been instrumental in managing key businesses of Reliance Industries Limited (RIL) in recent years, brings her expertise to JFS. Additionally, Anshuman Thakur, the Senior VP of Strategy and Planning at RIL, and Hitesh Kumar Sethia, the MD and CEO of JFS, join the board, adding strategic insights and industry knowledge.
RIL and JFS Dynamics
JFS, demerged from RIL in July and subsequently listed in August, has rapidly emerged as a formidable player in the fintech landscape. The company competes with a wide array of fintech startups, including Paytm, PhonePe, BharatPe, PB Fintech, InsuranceDekho, CRED, Zerodha, and Groww.
Strategic Partnerships and Offerings
JFS, recognizing the importance of strategic collaborations, partnered with BlackRock earlier this year, aiming to tap into India’s mutual fund market. The company has diversified its offerings, introducing a soundbox and venturing into personal and merchant lending, insurance, and retail payments.
Financial Performance
In Q2 FY24, JFS witnessed a substantial increase in consolidated profit after tax (PAT), doubling sequentially to INR 668.2 Cr. The operating revenue also experienced remarkable growth, surging over 61% quarter-on-quarter to INR 608 Cr.
Market Response
Following these developments, JFS’s shares demonstrated a positive trajectory during Thursday’s intraday trade on the BSE, reflecting investor confidence in the strategic enhancements to the board. The stock closed the day with a 1.23% increase at INR 227.
In conclusion, the appointment of Isha Ambani, Anshuman Thakur, and Hitesh Kumar Sethia as directors fortifies JFS’s leadership, positioning the company for sustained growth and innovation in the dynamic fintech sector.
