Jio Financial Services said it has subscribed to 6.8 Cr equity shares of JPBL at INR 10 each, translating to a total investment of INR 68 Cr
JPBL, which is a joint venture between Jio Financial Services and State Bank of India, offers features like UPI, online bill payments, money transfers, and account management
The company reported a net profit of INR 313 Cr in Q1 FY25, a decline of 5.7% from INR 332 Cr in Q1 FY24
Jio Financial Services has increased its stake in its subsidiary Jio Payments Bank Limited (JPBL) by investing an additional INR 68 Cr.
In an exchange filing, Jio Financial Services said it has subscribed to 6.8 Cr equity shares of JPBL at INR 10 each, translating to a total investment of INR 68 Cr.
Following this investment, Jio Financial Services’ stake in JPBL has increased to 82.17% from 78.95% earlier.
It is pertinent to note that JPBL is a joint venture between Jio Financial Services and State Bank of India. JPBL offers features like UPI, online bill payments, money transfers, and account management to merchants and customers across the country.
The latest development comes a day after it was reported that Jio Financial Services has received the nod from the Department of Economic Affairs to raise its foreign investment cap to 49%.
Jio Financial Services aims to provide a range of financial services from UPI payments, and brokerage services to mutual funds and loans. The company has been gradually ramping up its offerings.
Earlier this year, it launched the beta version of JioFinance app and said it garnered 5 Lakh downloads in July 2024.
Earlier this month, Jio Financial Services also established a new wholly-owned subsidiary, Jio Finance Platform and Service Limited, to streamline the distribution of financial products and related services.
On the financial front, the company reported a net profit of INR 313 Cr in Q1 FY25, a 5.7% decline from INR 332 Cr in Q1 FY24. Operating revenue rose slightly to INR 418 Cr from INR 414 Cr in the year-ago quarter.
The company also said that it launched loans against mutual funds and auto and two-wheeler digital insurance services in July 2024.
Shares of Jio Financial Services ended Tuesday’s (August 27) trading session 0.12% higher at INR 323.60 on the BSE.
