Jio Financial Services, a division of the Indian conglomerate Reliance, is teaming up with U.S. asset manager BlackRock to establish a joint venture focused on wealth management and broking services in India. This collaboration marks an extension of the partnership between BlackRock and Jio Financial, which last year launched a joint venture aimed at providing asset management services in India. Both companies disclosed plans to invest $150 million each in the joint venture, pending approval from the Indian market regulator.
The broadening alliance between BlackRock and Jio Financial highlights Reliance’s increasing aspirations in the financial services domain. As a $237 billion Indian powerhouse, Reliance already holds leading positions in the nation’s refinery, retail, and telecom sectors. It’s worth noting that India’s central bank prohibits tycoons from obtaining banking licenses.
Jio Financial Services outlined its strategy in a report last year, emphasizing a direct-to-customer approach. This involves leveraging alternate data models to offer personalized financial solutions and a unified app catering to diverse customer needs, aimed at reducing costs and enhancing customer interactions.
Since its public launch in August, Jio Financial Services has swiftly expanded into insurance and lending verticals, demonstrating its commitment to diversifying its offerings in the financial sector.
