Similarities:
1: Both devices had same price rate at the time of launching. Both devices sold at Rs. 1999 while there were different box prices.
2: Both are compatible with Jio4G band and Both devices support Jio 4g Voice Calling.
3: Both devuces have different internal memory but both devices can support 32 Gb micro SD card.
Difference:
1: Jiofi M2 support 4 GB of NAND storage while Jiofi support 1GB NAND storage.
2: Both devices looks different as Jiofi has a matt finish and Jiofi m2 has glossy paint look.
3: Jiofi M2 has 2GB LPDDR2 RAM while jiofi has 512 MB LPDDR2 RAM.
4: If we ralk about battery performance then Jiofi M2 has 2300 mAh and new Jiofi has 2600 mAh battery. But according to performance old Jiofi M2 has 8 hrs battery timing whike new jiofi has 5 hours battery timing.