Jio Financial Services Launches Laptop, Phone, Airfiber Rentals

Jio Financial Services, a subsidiary of Reliance Industries, has launched a new service that allows businesses to rent laptops, phones, airfiber and other tech devices. The service, called Device as a Service (DaaS), is a corporate financing model that aims to improve cash flow and IT fleet management for companies.

What is DaaS?

DaaS is a financing model that enables companies to lease devices instead of buying them outright. This way, companies can save on upfront costs, avoid depreciation and obsolescence, and access the latest technology without hassle. DaaS also allows companies to customize their device configurations, upgrade or downgrade as needed, and get support and maintenance from Jio Financial Services.

Why DaaS?

Jio Financial Services claims that DaaS offers several benefits for businesses, such as:

• Lower risk due to asset ownership: Companies do not have to worry about the ownership and disposal of devices, which can reduce legal and environmental liabilities.
• Enhanced cash flow: Companies can preserve their working capital and improve their balance sheet by paying only for the usage of devices.
• Better IT fleet management: Companies can streamline their IT operations and reduce administrative overhead by outsourcing device procurement, deployment, maintenance, and disposal to Jio Financial Services.
• Sharper targeting for cross-selling: Jio Financial Services can leverage customer insights from device usage to offer relevant and personalized financial products and services to its clients.

How DaaS works?

Jio Financial Services offers two types of leases for DaaS: finance lease and operating lease. A finance lease is similar to a loan, where the company pays a fixed monthly installment for the device over a predetermined period. At the end of the lease term, the company can either buy the device at a residual value or return it to Jio Financial Services. An operating lease is similar to a rental, where the company pays a variable monthly fee for the device based on its usage. The company can return or exchange the device at any time without any penalty.

Jio Financial Services has partnered with various device manufacturers and distributors to provide a wide range of devices for DaaS, such as airfiber, phones, laptops, tablets, printers, scanners, projectors, etc. The company also provides device installation, configuration, security, support, repair, and replacement services for its clients.

What is the cost of DaaS?

The cost of DaaS depends on various factors such as the type of device, the lease option, the usage pattern, and the duration of the contract. Jio Financial Services offers competitive pricing and flexible payment options for DaaS. The company also provides discounts and incentives for bulk orders and long-term contracts. To get a quote for DaaS from Jio Financial Services, companies can visit the website or app and fill in their details.

What is the market potential of DaaS?

The market potential of DaaS is huge in India, as more businesses are adopting cloud-based services and solutions to enhance their productivity and efficiency. According to Gartner, end-user spending on public cloud services in India will total $4.4 billion in 2021, growing 31.4% from 2020. The Data as a Service (DaaS) market size is estimated at USD 20.74 billion in 2024, and is expected to reach USD 51.60 billion by 2029, growing at a CAGR of 20% during the forecast period (2024-2029). Jio Financial Services is well-positioned to capture this market opportunity with its innovative DaaS offering.

Conclusion

Jio Financial Services is introducing DaaS as a novel market model for consumer devices in India. The company aims to address the financial services gap in various sectors by offering flexible and affordable financing solutions for tech devices. By availing DaaS from Jio Financial Services, businesses can access the latest technology without compromising on cash flow and IT fleet management.