Jio Financial Services, led by Mukesh Ambani, has become the latest company to join the Rs 2-trillion market valuation club. On Friday, the company's shares rose to a staggering 10.2 percent  to INR 334.

Furthermore, Jio Financial Services shares have increased 34.5 percent this month. This is due to the gains coming as Paytm has been in crisis following the Reserve Bank of India's (RBI) move against its payments bank business. Paytm has witnessed 46 percent stock fall this month.

As Paytm struggles to retain merchants and users, market participants expect Jio Financial, which also owns a payments bank and a voice box, and other fintech companies to benefit. Furthermore, the RBI's extended deadline for using Paytm Payments Bank will be closed on 15th of March.

In July 2023, Jio Financial Services (JFS) was demerged from RIL and got listed separately on August 21 of same year. The company's shares were valued at Rs 261.85, implying a market capitalization of Rs 1.66 trillion, during its debut price discovery session on July 20.

The company is expanding into a number of areas, including secured and unsecured lending, digital equipment leasing, supply chain financing, and insurance broking.

Jio Fin is also in the midst of forming an asset management company in collaboration with Blackrock. They have applied to register with the market regulator.