A MOAT that Nuvama has/ is developing is that it’s a one stop shop for its clients. it’s doing everything they want.
Let me give an example,
I want to go public, I will contact Nuvama for their IB team to get listed
After getting some money post IPO, I have liquid funds available.
I am more likely to contact Nuvama for their wealth management because I already have a relationship with them.
Its a circle, they have been and are filling gaps of this whole process.
However, Reliance has a lot of cash and can disrupt any field. All we can do is wait and watch. However, I am of the belief that this industry will have multiple winners and will not be a winner takes all.
Only time will telll.
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