Jio Financial Services said that 5.85 Cr shares each have been allotted to the two companies at INR 10 each
JFS also said that its JV Jio BlackRock Investment Advisers has incorporated a new wholly-owned subsidiary, Jio BlackRock Broking, to offer broking services.
JFS’ net profit rose 0.3% YoY to INR 294.8 Cr in Q3 FY25, while operating revenue jumped 5.7% to INR 438.35 Cr
Jio Financial Services (JFS) and BlackRock have cumulatively infused INR 117 Cr in their mutual fund joint venture (JV), Jio BlackRock Asset Management.
In a filing with the exchanges on Tuesday (January 21), JFS said that 5.85 Cr shares each have been allotted to the two companies at INR 10 each.
“The Company (JFS) and BlackRock have each, today further subscribed to and have been allotted 5.85 Cr equity shares of INR 10/- each of Jio BlackRock Asset Management Private Limited…, for cash at par, aggregating INR 117.00 Cr,” said JFS.
This comes nearly a year after JFS signed a 50:50 JV with US-based investment giant BlackRock to float its wealth management and brokerage ventures. At the time, the company said that the new vertical will incorporate a wealth management and brokerage company in India.
In October last year, Jio Financial Services and BlackRock also received in-principle approval from the Securities and Exchange Board of India (SEBI) to set up their proposed mutual fund business.
Notably, the infusion came on the same day as Jio Financial Services also announced its foray into broking business. In a separate exchange filing on Tuesday, JFS said that its JV Jio BlackRock Investment Advisers has incorporated a new wholly-owned subsidiary, Jio BlackRock Broking Private Limited, to offer broking services.
JFS added that the launch of the new broking vertical would be subject to regulatory approvals.
“Jio BlackRock Investment Advisers Private Limited, a joint venture company of the company has… informed that it has incorporated a wholly owned subsidiary named ‘Jio BlackRock Broking Private Limited’ on January 20, 2025 to carry on, inter alia, the business of broking subject to regulatory approvals,” said JFS.
The developments come at a time when JFS has pushed the pedal on its fintech play. In December last year, Jio BlackRock Asset Management Company appointed George Heber Joseph as its first chief investment officer.
Earlier last year, reports also surfaced that BlackRock was in discussions with JFS to establish a private credit venture. JFS plans to disrupt the fintech sector in the country by leveraging technology and Reliance Jio’s wide customer base, along with BlackRock’s expertise in the financial services arena, to offer products such as digital lending, banking and insurance, among others.
On the financial front, JFS’ net profit stayed flat at INR 294.8 Cr in Q3 FY25. It had posted a profit of INR 293.82 Cr in the year-ago quarter. Operating revenue rose 5.7% to INR 438.35 Cr in Q3 FY25 from INR 414.33 Cr in the corresponding quarter of the previous year.