Jio Financial, BlackRock expand operations with new broking venture
Jio Financial Services on Tuesday announced that its joint venture with global asset management giant BlackRock, Jio BlackRock Investment Advisers Private Ltd, has incorporated a wholly owned subsidiary named Jio BlackRock Broking Private Ltd to enter the broking business, subject to regulatory approvals. The announcement was made in an exchange filing to the bourses.
The new subsidiary, formed on January 20, aims to provide broking services, Jio Financial Services said.
The joint venture between Jio Financial Services and BlackRock, first announced in July 2023, represents a 50:50 partnership, with both companies committing $150 million each to launch a digital-first wealth management and broking platform. The collaboration aims to democratize access to investment solutions and transform India’s financial landscape with innovative, tech-driven offerings.
Last year, Jio Financial and BlackRock received in-principle approval from the Securities and Exchange Board of India (SEBI) to set up a mutual fund business. By October 2024, the JV had secured incorporation certificates for Jio BlackRock Asset Management and its trustee entity, supported by Jio Financial’s ₹82.9 crore investment for a 50% stake in the venture.
The establishment of the new broking arm aligns with Jio Financial's strategy to strengthen its relationship with BlackRock and expand into new areas of financial services. Analysts have noted that the JV has the potential to become a transformative force in India's wealth management space, offering
