Reliance Jio Infocomm is likely to enter the mutual fund distribution business. The Mukesh Ambani-owned company could use JioMoney, which is Reliance Jio’s digital payments platform to distribute mutual funds, said two people involved in the project.
JioMoney is like Google Pay, Paytm and PhonePe. It allows users to send and receive money, recharge mobile phones, DTH connections and so on.
Currently Jio is said to be beta testing its offerings. If Jio enters the MF distribution business, it would aim to capture a significant share and emerge as a strong player. Various online platforms such as Paytm Money, ET Money, Scripbox, Kuvera and Groww have entered the MF distribution segment in recent years.
All these platforms have played a crucial role in making the direct plan more accessible for investors.
