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Tag: Jio Finance

  • Jio Finance Offers Consumers Loan Against Securities

    On April 8, Jio Finance, the non-banking financial company (NBFC) division of Jio Financial Services, announced that it has begun offering its clients a fully digitalised loan against securities (LAS) product. Jio Finance customers can now get loans up to INR 1 crore with interest rates as low as 9.99%, depending on their risk tolerance. On the National Stock Exchange, Jio Financial Services’ shares surged by almost 6%, closing at INR 225.49 on April 8. Customers may conveniently access short-term funds while maintaining the growth of their long-term investments, according to the company’s press release.

    Details of LAS

    With the help of LAS, a secured lending product, clients may use their investments, including stocks and mutual funds, to obtain loans at reasonable interest rates in as little as 10 minutes via an entirely digital process. The introduction of LAS is a component of Jio Finance’s overall digital strategy. This step aims to revolutionise how consumers access and engage with financial services, according to Kusal Roy, managing director and chief executive officer. This launch is an important milestone in the company’s goal to make financial services more customer-centric, efficient, and accessible, with a strong emphasis on innovation and user experience, Roy added.

    Via its app, Jio Finance provides corporate funding, residential loans, and loans secured by real estate. Additionally, the app provides financial services like money transfers, savings accounts, digital gold, insurance, investment portfolio management, and universal payments interface (UPI) transactions.

    Around 1100 Employees Would be Let Off

    Over 1,100 employees will be let go by JioStar as the newly established joint venture between Viacom18 of Reliance Industries Ltd. and the India division of The Walt Disney Co. eliminates overlapping responsibilities as a result of the merger. According to media reports, the departures began a month ago and are not going to stop anytime soon. “The layoffs are scheduled to last until June. Corporate positions in the distribution, finance, commercial, and legal departments are the main targets of the job layoffs. Entry-level workers, senior managers, senior directors, and even assistant vice presidents are among those being laid off. Due to the Champions Trophy, Women’s Premier League (WPL), and Indian Premier League (IPL) being held back-to-back, sports have not changed as of yet. There have been notable layoffs at a number of regional entertainment channels, such as Colours Bangla and Colours Kannada.

    The largest media firm in India was formed by the merging of Viacom18 and Disney’s Star India. JioStar is combining companies to increase efficiency and concentrate on high-growth verticals, including digital streaming and sports. Redundancies are unavoidable whenever two sizable enterprises with comparable operations combine, according to experts and industry observers.

  • BlackRock and Jio Finance Jointly Invest INR 117 Cr in Mutual Funds

    Following the revelation that the company and its joint venture partner, US-based BlackRock, have invested INR 117 crore in their mutual fund business, Jio Financial Services (JFSL) will continue to be the focus of attention on January 22. BlackRock and JFSL have each purchased 5.85 crore equity shares in Jio BlackRock Asset Management Private Limited, a 50:50 joint venture between the two companies, at a price of INR 10. According to a regulatory filing, this transaction is worth INR 117 crore in total.

    In order to obtain approval, Jio BlackRock Asset Management Private Ltd applied to SEBI. An initial investment of INR 82.5 crore each was made in this company by JFSL and BlackRock. ‘Jio BlackRock Broking Private Limited’ is a wholly owned subsidiary of Jio BlackRock Investment Advisers Private Ltd, a joint venture company of the company, which was established on January 20, 2025, to conduct broking activities subject to regulatory approvals.

    Performance of Jio Financial Services in Q3

    For the quarter ending December 31, 2024, Jio Financial Services reported a consolidated net profit of INR 295 crore, which was unchanged from the INR 294 crore reported during the same period last year. In the third quarter of FY25, the Mukesh Ambani-backed company reported total sales of INR 438 crore, a 6% increase over the INR 414 crore reported in the same quarter of the previous fiscal year. As of December 31, 2024, the assets under management (AUM) were INR 4,199 crore, up from INR 1,206 crore in the second quarter of FY25.

    Developments at Jio BlackRock Asset Management Company

    The developments occur at a time when JFS has intensified its fintech strategy. George Heber Joseph was named the first chief investment officer of Jio BlackRock Asset Management Company in December of last year. Additionally, rumours circulated earlier this year that BlackRock and JFS were negotiating the creation of a private lending partnership. By utilising technology, Reliance Jio’s extensive client base, and BlackRock’s experience in the financial services industry, JFS intends to upend the nation’s fintech industry by providing services like digital lending, banking, and insurance, among others.

    India’s Fintech Ecosystem Leading the Global Race

    In spite of this downturn, the Indian fintech ecosystem is one of the top three globally financed fintech ecosystems in H1 2024, after the US and the UK. According to Tracxn’s Geo Semi Annual Fintech India Report for H1 2024, the ongoing funding winter and a number of other geopolitical challenges are to blame for the funding fall. Compared to one in H2 2023, two funding rounds totalling more than $100 million were observed during that time. These include the $120 million Series C funding round raised by lending platform Avanse and the $144 million Series D funding round raised by non-banking lender Credit Saison.

    Ola Electric Begins Manufacturing the “Roadster” Electric Bike
    Ola Electric has started manufacturing its new “Roadster” electric bike, aiming to revolutionize the EV market with cutting-edge technology and design.
    StartupTalkyNitin Konde