Jio Financial Services, a part of the renowned Indian conglomerate Reliance, and U.S. asset manager BlackRock have joined forces to make their mark in India’s lucrative wealth management and stock broking market, according to an announcement made by the two firms on Monday.
This collaboration comes after last year’s launch of a joint venture between BlackRock and Jio Financial, where they aimed to provide asset management services in India. As per their statement last year, the two giants intend to infuse $150 million each into the joint venture.
The expansion of their partnership serves as a testament to Reliance’s ever-growing aspirations in the financial services sector. The Indian firm, with a valuation of $237 billion, is already a leading player in the nation’s refinery, retail, and telecom industries.
Jio Financial Services revealed in a report last year that they were taking a direct-to-customer approach, utilizing alternate data models to craft personalized offerings and offering a unified app for a diverse range of customer financial needs. This strategy not only aims to reduce costs but also aims to create tailored interactions with their customers.
Since its launch in August, Jio Financial Services has quickly expanded into the insurance and lending businesses.
This is a developing story. Check back for updates.
