Jio Financial Services and BlackRock Advisors Singapore have formed a joint venture, Jio BlackRock Investment Advisers Private Limited, to expand their fintech presence in India. Jio Financial will invest Rs 3 crore towards the initial subscription of 30 lakh equity shares.
The company has also received approval to raise foreign investment to 49%. This joint venture, incorporated on September 6, 2024, will focus on investment advisory services. Jio Financial's strategic move aligns with its broader goals in retail lending and payment services, leveraging Reliance's digital and retail ecosystem for growth.