Jio Financial Services, BlackRock JV Gets SEBI Nod For Mutual Fund Business

A couple of years after Jio Financial Services (JFS) and global asset manager BlackRock signed an agreement to enter the asset management space in India, their joint venture, Jio BlackRock Asset Management Pvt Ltd, has received SEBI’s nod to commence operations.

In an exchange filing, the fintech major said that the markets regulator has granted the certificate of registration to Jio BlackRock Mutual Fund and approval to Jio BlackRock Asset Management to act as the asset management company (AMC) for the said mutual fund. The JV received the in-principle nod from SEBI to set up its mutual fund back in October 2024.

The AMC will target retail and institutional investors in India by leveraging the strengths of the two companies. While JFS will help with the knowledge transfer of the Indian market, BlackRock’s expertise in global investments and risk management tech will serve as the bed rock of the newly incorporated AMC, JFS said in a statement.

Jio BlackRock Asset Management plans to launch a range of investment products over the coming months. 

“Our partnership with BlackRock is a powerful combination of global investment expertise and Jio’s digital-first innovation. Together, we are committed to making investing simple, accessible, and inclusive for every Indian,” JFS’ non-executive director Isha Ambani said. 

JFS Wants A Pie Of The Growing Mutual Fund Industry 

JFS and BlackRock signed a JV agreement to set up the aforementioned AMC in July 2023. At that time, they set aside an initial investment of $150 Mn each for the AMC. In January this year, the two companies further invested a cumulative amount of $13.7 Mn in the AMC. 

In JFS’ Q4 earnings call, its CEO Hitesh Sethia said that the JV had onboarded senior leadership and core business teams and its unified investment platform and infrastructure deployment was near complete. George Heber Joseph was appointed as the first chief investment officer of the AMC.

“The asset management business is ready for launch with a well-defined product roadmap and go-to market strategy,” Sethia added. 

JFS aims to offer a bouquet of financial services digitally.  The entry into the fast-growing asset management business would boost the company’s top line.

Notably, the country’s mutual fund industry has been growing rapidly for the last few years.

As per the Association of Mutual Funds in India, the total number of accounts or folios (in mutual fund parlance) in India stood at 24 Cr as of April 30, 2025 as against 10 Cr at the end of May 2021. The cumulative AUM of the Indian mutual fund industry stood at INR 69.5 Lakh Cr as of April 30 this year.

The Many Partnerships Between JFS & BlackRock

As JFS looks to expand its services, it has signed multiple partnership agreements with BlackRock. In April 2024, the companies signed agreements to enter the wealth management and broking sectors in India.

They set up Jio BlackRock Broking Pvt Ltd in January 2025 and filed an application for a broking licence in March. 

On the wealth management front, they incorporated Jio BlackRock Investment Advisers Pvt Ltd in September 2024. The entity filed for a registered investment advisor licence in March 2025. As of now, the company is actively recruiting the senior leadership for all these businesses.

“Our joint venture with BlackRock for asset management, wealth management and securities broking promises to bring world-class investment solutions to the people of India, at a time when financialisation of savings is continuing to gain momentum,” CEO Sethia said in the Q4 earnings call.

JFS currently operates four verticals – lending (Jio Finance), payments solutions (Jio Payment Solutions), insurance (Jio Insurance Broking) and payments bank (Jio Payments Bank).  

It would compete with leading fintech players like Paytm, BharatPe, Zerodha, Groww, and more, once all its services are operational. 

JFS reported a consolidated revenue of INR 493.2 Cr and a profit of INR 316.1 Cr in Q4 FY25. 

Shares of JFS ended today’s trading session 3.46% higher at INR 291.50 apiece on the BSE.