FinTech Startups

Piramal Group and Reliance Jio may together Launch Fintech & Lending Platform

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Within a couple of a week after a report surfaced suggesting that Japan’s SoftBank may lead investment of massive $1 billion in Mumbai-based Piramal Enterprises’ financial services arm, an another recent report by Economic Times says that Reliance Jio and the Piramal Group may set up a joint venture (JV) for consumer lending and fintech.

It is to be noted that Reliance Jio is promoted by Mukesh Ambani while Piramal Group is owned by Ajay Piramal, who is Ambani’s his in-law through his newly-wed daughter Isha Ambani.

The proposed JV, supported by Softbank Vision Fund, is at a very premature stage, but experts say the synergies are obvious.

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According to the report, the Piramal Group is on the verge of closing a massive Rs 9600 crore funding from one more unknown investor besides Softbank. The capital infused is likely to be in two tranches.

Besides, Reliance Jio and Reliance Retail, the subsidiaries of Mukesh Ambani-led Reliance Industries, is also in process of launching a new e-commerce platform in India, which will initially be rolled for Gujarat retailers and store-owners.

In March, Reliance Industries Limited (RIL), through its subsidiary Reliance Industrial Investments & Holdings (‘RIIHL’), has made three acquisitions of software solutions companies — Reverie Language Technologies Pvt Ltd, Surajya Services Private Limited (‘Easygov’) and SankhyaSutra Labs Pvt Ltd, according to various media outlets.

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Suman Chaudhary
An engineer by education and writer by profession, Suman keeps tab on startup ecosystem of India and leads the research team of IndiaWeb2 for covering funding deals, merger & acquisition and market reports.

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