Mukesh Ambani and Gautam Adani, India's two wealthiest men, have decided to take on Indian fintech startups head-on. Jio Finance, Reliance's fintech arm, launched its app, which will introduce insurance, digital payments, and lending on one platform. Adani plans to enter the fintech space with its own super app called Adani One.
The world's largest asset management company, to launch its own mutual fund business in India. Jio Finance is essentially taking on every Indian fintech company, from PhonePe to PolicyBazaar to Zerodha and Groww, with one single app.
The fintech space in India is expected to be worth $150 billion by 2025, and currently, neither Jio nor Adani have a significant chunk of that market. This industry is still quite volatile, and it seems Jio and Adani have been sitting back, watching Indian fintech startups compete fiercely and waiting for regulations to stabilize before making their move.
Indian fintech startups have spent years building their dominance in various verticals.
- PhonePe dominates the UPI payments space.
- Zerodha and Groww are leaders in the stockbroking industry.
- PolicyBazaar leads in the insurance space.
All of that could now be at stake. The big question remains: can the super app strategy actually succeed? Super apps like WeChat and Alipay have been successful in China, but none have worked that well in India so far.
Last week in a nutshell
Elon has a problem with Apple X OpenAI
Apple announced that OpenAI’s ChatGPT would be integrated into its technology. Elon believes this could cause a severe security violation.
He openly admitted that visitors to his company will have to check their Apple devices at the door, where they will be stored in an electromagnetic cage.
LIC is applying for a composite license
The government-owned insurance giant is looking to get into the health insurance game by taking over a company with digital know-how.
By using its widespread network across the country, LIC aims to expand its health insurance business.
NIFTY tops 23,400 as Modi 3.0 begins
Indian markets opened in green on Monday morning, with the benchmarks BSE Sensex and Nifty50 hitting record highs. The BSE Sensex climbed 387 points to 77,079 levels, while the Nifty50 was 0.39 per cent at 23,411 levels.
