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Jio Financial Services and US-based BlackRock have formed a joint venture to launch wealth management and broking businesses in India.
In an exchange filing on Monday, Reliance’s Jio said that it has signed a 50:50 joint venture for the purpose of undertaking the two business ventures.
The duo had announced an agreement in July 2023 to form a 50:50 joint venture with a $150 million investment each to enter the asset management business in India.
With this, BlackRock is re-entering India’s asset management sector nearly six years after exiting the joint venture with DSP Group in 2018.
Jio will compete with the likes of Zerodha, Upstox, Groww, AngelOne, and ICICI Securities, Paytm, PhonePe, ETMoney, Scripbox in the overcrowded market of stockbroking and wealth management. Tata Neu is also planning to start offering stock broking services soon. Entrackr exclusively reported the development.
In February, fintech unicorn CRED made an entry into the wealth management space with the acquisition of mutual fund investing platform Kuvera.
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