Jio Financial Services Pumps INR 230 Cr In Two JVs

SUMMARY

JFS said it has invested INR 136 Cr in Jio BlackRock Asset Management and another INR 93.5 Cr in Jio BlackRock Investment Advisers through separate rights issues

The fundraise, which also saw BlackRock infuse INR 230 Cr, will be used to fund business operations of the two ventures

The asset management JV anchors JFS’ position in the mutual funds and asset management, while the investment advisers JV is focussed on investment advisory

Jio Financial Services (JFS) and global asset manager BlackRock have invested INR 230 Cr each into their two joint ventures to deepen their presence in the booming digital-first wealthtech ecosystem.

In a filing with the exchanges today, JFS said it has invested INR 136 Cr in Jio BlackRock Asset Management and an additional INR 93.5 Cr in Jio BlackRock Investment Advisers through separate rights issues. BlackRock also contributed in equal measure.

Both entities are structured as 50:50 joint ventures between JFS and BlockRock.

The capital will be used to fund business operations of the two ventures. The infusion is in line with JFS’ broader strategy of building a full-stack financial services platform, spanning lending, payments, asset management and advisory.

The company has been steadily setting up regulated entities and partnerships as it prepares to take on established players.

The asset management JV is expected to anchor JFS’ position in the mutual funds and asset management, while the investment advisers JV will focus on investment advisory and wealth management services.

In its Q2 disclosures, JFS said that JioBlackRock Asset Management saw its AUM cross INR 15,980 Cr across nine mutual funds in under four months. During the September quarter, the JV launched six new funds, including four equity index funds, one debt index fund, and its first active equity fund.

The AMC now caters to 1.5 Lakh institutional and 6.35 Lakh retail investors, with 40% of retail AUM coming from tier II and tier III cities.

Important to mention that JFS and BlackRock also set up a third broking subsidiary, Jio BlackRock Broking Pvt Ltd, in January 2025, and filed an application for a broking licence in March.

All three subsidiaries are currently building teams and refining go-to-market (GTM) strategies after receiving regulatory approvals earlier this year.

On the financial front, JFS posted a net profit of INR 695 Cr in Q2 FY26, up a meagre 1% from INR 689.1 Cr in the year ago quarter. Meanwhile, its operating revenue jumped 42% YoY and 60% QoQ to INR 981.4 Cr. A majority of the company’s revenue came from interest income, which stood at INR 392 Cr during the quarter.