JioBlackRock receives Sebi approval for four index funds
With deep pockets and a vast reach, JioBlackRock is poised to challenge Zerodha, Navi, and Groww.
JioBlackRock Asset Management, the joint venture between Jio Financial Services and BlackRock, has received approval from Sebi to launch four mutual fund schemes.
According to the latest regulatory update, the approved schemes include the JioBlackRock Nifty 8–13 Yr G-Sec Index Fund, Nifty Smallcap 250 Index Fund, Nifty Next 50 Index Fund, and Nifty Midcap 150 Index Fund.
Three of the schemes are equity-based index funds, while one focuses on debt securities.
JioBlackRock’s digital-first strategy, featuring simplified fund offerings, mirrors the playbooks of fintech leaders such as Zerodha, Groww, and Navi. With deep pockets and a vast reach, it’s poised to challenge these incumbents.
Zerodha's Nithin Kamath welcomed Jio‑BlackRock’s entry into stockbroking as a positive step to expand India’s market beyond the current top 10 crore investors. However, he emphasised that Zerodha will continue focus on profitability, customer-first principles, and long‑term discipline, cautioning that "deep pockets" don’t guarantee a "large moat" in broking.
On July 7, JioBlackRock announced that it had concluded its first new fund offer, raising Rs 17,800 crore ($2.1 billion) across three schemes: Overnight Fund, Liquid Fund, and Money Market Fund.
The three-day new fund offer received an overwhelming response from over 90 institutional investors and more than 67,000 retail investors.
In addition to mutual funds, Jio Financial is also expanding into wealth management and broking services. In January this year, it formed Jio BlackRock Broking Pvt Ltd, which will offer share trading and related services, once approved by regulators.
Jio Financial Services, which demerged from Reliance Industries Ltd in 2023, continues to expand its footprint in financial services through the BlackRock partnership.
Edited by Swetha Kannan