Jio Financial Services, BlackRock invest Rs 229.5 crore each in two JVs

Jio Financial Services (JFS) and global asset manager BlackRock have made parallel investments of Rs 230 crore each into their two joint ventures as the partners deepen their presence in India’s rapidly expanding digital-first wealthtech market.

In separate filings to the exchanges, JFS said it subscribed to rights issues of Jio BlackRock Asset Management and Jio BlackRock Investment Advisers, with BlackRock contributing an equal amount.

JFS invested Rs 136 crore in Jio BlackRock Asset Management and Rs 93.5 crore in Jio BlackRock Investment Advisers. Both entities are structured as 50:50 joint ventures and will deploy the fresh capital to fund business operations.

JFS said the investment in the advisory business is a related-party transaction carried out on an arm’s length basis and does not require governmental or regulatory approvals. The two partners subscribed to 136 million equity shares in the asset management unit and 93.5 million equity shares in the advisory arm, each at face value of Rs 10.

The capital infusion comes as JFS accelerates its strategy to build a full-stack financial services platform spanning lending, payments, asset management and advisory. Over the past year, the company has set up multiple regulated entities and long-term partnerships to compete with established financial institutions. In January 2025, JFS and BlackRock also incorporated a third subsidiary, Jio BlackRock Broking Pvt. Ltd., and applied for a broking licence in March. All three ventures are currently hiring and refining go-to-market plans after securing regulatory approvals earlier this year.

Jio BlackRock Asset Management has scaled quickly since launch. In its Q2 FY26 disclosures, JFS said the AMC’s assets under management crossed Rs 15,980 crore across nine mutual funds within four months.

During the September quarter, the JV launched six new schemes, including four equity index funds, one debt index fund and its first active equity fund. The platform now serves 150 institutional investors and 6.35 lakh retail investors, with 40% of retail AUM coming from beyond top 30 cities.