Jio Financial Services, headquartered in Mumbai, is set to expand its lending portfolio to ₹25,000 crore (approximately $3 billion USD) focusing on secured loans, particularly property-backed and corporate lending. Managing Director Hitesh Sethia stated that the company will refrain from pursuing unsecured credit until its balance sheet is sufficiently robust. Currently, the loan book comprises about 45% in property-backed loans, 40-45% in corporate loans, and 10-11% in financial asset-backed loans. Jio Financial Services operates across 18 cities and plans to extend its reach to 20 cities, serving 23 million customers. The company maintains a conservative leverage ratio of 3.5 times and a cost of funds at 7%. Additionally, Jio Payments Bank has seen significant growth, acquiring 3.7 million customers with deposits totaling ₹540 crore (around $65 million USD). The bank aims for profitability by focusing on unit economics and providing value to customers.