The Securities and Exchange Board of India (SEBI) has given the green light to the joint venture between Jio Financial Services and BlackRock. This strategic alliance brings together Jio’s vast customer base of 450 million users and BlackRock’s expertise in managing assets worth over $10 trillion, to make investing more accessible to Indian customers. The partnership will offer a range of investment products tailored to different financial needs, simplifying the investment process.
Mukesh Ambani’s Jio Financial Services holds a 50% stake in the venture, while BlackRock owns the remaining 50%. The partnership was announced in July 2023, with both companies committing to invest $150 million each, totalling $300 million, to transform India’s mutual fund sector.
The Indian mutual fund industry has witnessed remarkable growth, with assets under management reaching INR53.40 lakh crore in March 2024, a staggering 35.46% increase compared to the previous year. With only 44 mutual fund companies currently operating in India, this venture aims to capture a significant market share through innovative, technology-driven solutions and focus on digital-first services, enhancing customer reach and accessibility.
Read the original article here: https://tradebrains.in/jio-blackrock-mutual-fund-venture-approved-by-sebi-jiofinance-app-leads-digital-financial-revolution/