India, April 27 -- Whenever Reliance Industries Limited (RIL) enters a new sector, its script is almost pre-written: scale aggressively and disrupt eventually. However, the narrative has started to falter in the case of Jio Financial Services (JFS).

What makes us say this? Well, since its demerger and subsequent listing in 2023, JFS has expanded rapidly across verticals - lending, insurance broking, payments, and asset management. From the top, it resembles as a full-stack financial play, but in reality it has become a scattered sets of bets.

Take its marquee partnership with BlackRock, which led to the creation of JioBlackRock Asset Management. The venture has shown early traction, crossing the Rs.15,000 Cr in AUM mark and building a b...