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In August 2023, Indian business tycoon, Mukesh Ambani, Chairman and Managing Director of Reliance Industries Limited (RIL), aimed to disrupt the Indian financial services sector with the listing of Jio Financial Services Limited (JFSL). Touted as the fourth pillar (after Oil, Telecom, and Retail) for RIL, JFSL aimed to fill a critical gap in the financial services needs of a large section of the Indian economy. For this, RIL's ecosystem of customers created a nexus of opportunities to cross-sell various financial services. However, industry observers opined that JFSL faced an uphill battle as corporates had difficulty operating in the Indian financial services sector in the past as they could not innovate and scale up their businesses (except for Bajaj Finance Limited). Moreover, the stiff business competition across the financial services spectrum was a big challenge for JFSL. In such a scenario, whether JFSL would disrupt the Indian financial space the way RIL's Jio shook up the telecom market, despite being a late entrant?