New Delhi, January 23: Jio Financial Services (JFS) announced the incorporation of a wholly owned subsidiary, Jio BlackRock Broking Private Ltd, under its joint venture with global asset management leader BlackRock. The new entity, established on January 20, aims to enter the broking business, pending regulatory approvals.
The Jio BlackRock joint venture, a 50:50 partnership launched in July 2023, represents an equal investment of USD 150 million from both companies, reported BS. It aims to deliver tech-driven, digital-first wealth management and broking solutions, democratising access to investment opportunities in India. By October 2024, Jio BlackRock secured SEBI approvals for its mutual fund business, with JFS investing INR 82.9 crore for a 50% stake in the venture. Sachin Bansal's Navi Technologies Duped of INR 14.26 Crore As Scammers Posing as Customers Misuse Bug To Cheat Fintech Startup in 'Payment Gateway Fraud'.
The establishment of the broking arm strengthens JFS’s collaboration with BlackRock and aligns with its strategy to expand into new areas of financial services. Analysts predict the JV will significantly impact India’s wealth management space, offering immense growth potential over the next five years. Stripe Layoffs: Global Fintech Firm To Lay Off 300 Employees From Its Total Workforce To Ensure Right People Work in Right Role, Plans To Hire in Future, Says Report.
Jio Financial reported a 3.13% year-on-year growth in consolidated net profit for Q2 FY25 at INR 689.07 crore, while total income rose 14.11% to INR 693.85 crore. Despite an 11.55% decline in shares over the past month, JFS stock has risen 9.21% over the last year, reflecting investor confidence in its long-term potential.
(The above story first appeared on LatestLY on Jan 23, 2025 12:06 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).