Jio Financial Services and the US-based BlackRock have forged a joint venture to introduce wealth management and stock broking services in India.
According to an exchange filing on Monday, Jio, a division of Reliance, revealed the establishment of a 50:50 joint venture aimed at launching these two business endeavors.
This collaboration follows their announcement in July 2023 of a 50:50 joint venture, involving a $150 million investment each, to enter India’s asset management sector.
BlackRock’s re-entry into India’s asset management arena comes nearly six years after it exited its previous joint venture with DSP Group in 2018.
Jio is poised to compete with established players such as Zerodha, Upstox, Groww, AngelOne, ICICI Securities, Paytm, PhonePe, ETMoney, and Scripbox in the increasingly saturated market of stockbroking and wealth management. Additionally, Entrackr exclusively reported that Tata Neu is also gearing up to offer stock broking services soon.
In February, fintech unicorn CRED diversified into the wealth management domain with the acquisition of mutual fund investing platform Kuvera.
