Jio's StableSwap algorithm is based on a similar model as Curve.Fi , which uses a hybrid function market maker algorithm (HFMM). see AMM Defi Primer for more info on this particular implementation. The hybrid function market maker (JIo's StableSwap )uses a combination of the Constant Product and Constant Sum implementation.
When a particular pool is balanced, the algorithm functions as a Constant Sum; formula x+y = k
On the other hand as a particular pool on the platform becomes imbalanced , Jios algorithm functions as a Constant Product; formula : x * y = k.