Jio Financial Services is shifting from building its businesses to scaling them, combining Jio’s reach and technology with global expertise across lending, investments and insurance, according to a CNBC-TV18 report.

The company, which was demerged from Reliance Industries in 2023 and listed later that year, has been forging partnerships with major global financial institutions as it seeks to build a broad financial services platform in India. The strategy positions it to compete in one of the world’s fastest-growing financial services markets, where rising incomes and increasing digital adoption have been expanding the base of consumers seeking credit, investment products and insurance.

Among its marquee alliances is a joint venture with BlackRock, the world’s largest asset manager, to offer investment and wealth management products to Indian investors. The partnership marks BlackRock’s renewed push into India’s asset management market. Jio Financial has also partnered with Allianz, the German insurance heavyweight, to enter the insurance business, and has drawn on expertise associated with Bank of America (BofA) as it expands its financial services offerings.

Jio Financial is part of the Reliance group, whose digital and telecom arm Jio brings large-scale consumer reach and technology infrastructure — assets the company aims to leverage across lending, investments and insurance. In doing so, it enters segments long dominated by established Indian banks, insurers and asset managers, where digital-first distribution has increasingly become a competitive differentiator.

Disclaimer: Reliance Industries Ltd, which owns Jio, is the sole beneficiary of Independent Media Trust that controls Network18, the parent company of CNBCTV18.com.

Source: CNBC-TV18