Jio Financial Services

Jio Financial Services Limited
FormerlyReliance Strategic Investments Private Limited (1999–2002)
Reliance Strategic Investments Limited (2002–2023)
TypePublic
ISININE758E01017
Founded22 July 1999; 27 years ago (1999-07-22)
FounderMukesh Ambani
HeadquartersMumbai, Maharashtra
Area served
India
Key people
SubsidiariesAllianz Jio Reinsurance
Jio Finance
Jio Insurance Broking
Jio Payment Solutions
Jio Leasing Services
Jio Payments Bank (100%)
Websitewww.jfs.in www.jiofinance.in

Jio Financial Services Limited (JFSL) is an Indian financial services company, based in Mumbai. Originally a subsidiary of Reliance Industries (RIL), it was demerged as an independent entity and listed on the Indian stock exchanges in August 2023.

The company provides financial services, including payment services and insurance broking. Its subsidiary Jio Finance holds an NBFC license from the RBI. Another subsidiary, Jio Payments Bank, is also a payments bank registered in India.

History

Jio Financial Services was initially a financial services subsidiary of Reliance Industries. In July 2023, it was spun-off via a demerger, with shareholders of Reliance Industries receiving one equity share of Jio Financial Services for every share they held in Reliance. Reliance Industries transferred ₹15,500 crore (US$1.6 billion) of cash and liquid investments to Jio Financial Services as part of the demerger scheme. This gave Jio Financial Services a liquid asset base of ₹20,700 crore (US$2.1 billion).

JFSL was listed on the stock exchanges on 21 August 2023. Following the demerger and listing, JFSL was briefly a part of Nifty 50, BSE SENSEX and FTSE indices, but was removed from these indices over the following weeks as it did not meet their inclusion criteria.

In July 2023, JFSL entered the asset management company (AMC) business, by forming a 50:50 joint venture with BlackRock called Jio BlackRock. In April 2024, JFSL and BlackRock announced a partnership in wealth management and broking business.

In May 2024, JFSL launched JioFinance, an app with digital payments, loans and insurance offerings.

In March 2026, the reinsurance service “Allianz Jio Reinsurance Limited,” operated jointly with Allianz, began operations.

In August 2026, Jio Financial Services entered into a joint venture agreement with Bank of America, which agreed to invest ₹18,268 crore to acquire up to a 49.9% stake in its subsidiary, Jio Credit Limited.

Controversies

In 2024, Jio Financial Services established a subsidiary called Jio Leasing Services Ltd, an unrelated leasing services business. The subsidiary signed a $4.4 billion deal with another promoter-owned company, Reliance Retail for leasing routers.

References

  1. ↑ Kayastha, Anshika (15 July 2024). "After loans against MFs, Jio Financial eyes LAP, loans against securities". Mint. Retrieved 27 September 2024.
  2. 1 2 Gohel, Ankit (18 August 2023). "Jio Financial Services to be listed on stock exchanges on August 21". mint.
  3. ↑ "Banking & Financials: Jio Financial Services: Decoding the unknown". indiainfoline.com.
  4. ↑ "Jio Financial Services to provide simple, affordable solutions: Mukesh Ambani". Business Today. 6 August 2023.
  5. ↑ Jauhari, Ujjval (20 July 2023). "Reliance demerger: Jio Financial Services valued at ₹261.85". mint. Archived from the original on 23 August 2023. Retrieved 16 February 2024.
  6. ↑ "Reliance Industries shifts Rs 15,500 crore to Jio Financial Services". 24 July 2023.
  7. ↑ "Jio Financial Services to be removed from BSE Indices from September 1". Moneycontrol. 31 August 2023. Archived from the original on 16 February 2024. Retrieved 17 February 2024.
  8. ↑ Livemint (24 August 2023). "Why Jio Financial Services shares are hitting lower circuit everyday - Explained". mint. Archived from the original on 26 August 2023. Retrieved 16 February 2024.
  9. ↑ "The index fund attack on Jio Financial Services is over. Almost". Finshots. 4 September 2023. Archived from the original on 2 October 2023. Retrieved 16 February 2024.
  10. ↑ Narayanan, KS Badri (4 August 2023). "Interesting times ahead for AMC business with the entry of Jio BlackRock". BusinessLine.
  11. ↑ Singh, Manish (15 April 2024). "Jio Financial, BlackRock to tap India's wealth management market". TechCrunch. Retrieved 27 September 2024.
  12. ↑ Singh, Manish (30 May 2024). "Ambani fires opening salvo in Indian fintech race with JioFinance". TechCrunch. Retrieved 1 June 2024.
  13. ↑ "Allianz Jio Reinsurance Limited commences operations | Allianz". Allianz.com. Retrieved 9 April 2026.
  14. ↑ https://www.reuters.com/business/finance/bofa-invest-19-billion-499-stake-jio-financial-nbfc-unit-2026-08-12/
  15. ↑ "Jio Financial Service to enter equipment leasing segment". India Infoline. Retrieved 27 June 2024.
  16. ↑ "Jio Financial Services arm plans Rs 36K crore deal with Reliance Retail". Business Standard. Retrieved 27 June 2024.