Jio Financial Services scales operations, expands global partnerships: MD & CEO Hitesh Sethia
Mumbai, Aug 26 (TNT): Jio Financial Services Ltd (JFS) has significantly scaled its businesses during FY26, with core operations emerging as the primary driver of financial performance, MD and CEO Hitesh Sethia said at the company’s Annual General Meeting held on Wednesday.
Sethia said the company had moved from building its foundation to operating at meaningful scale, with strong operating momentum across its business verticals while maintaining focus on governance and asset quality.
JFS’s recently launched neural agentic marketplace had 25 million unique users as of June 30, 2026, and was processing around 34,000 purchases a day across its own and third-party products, he said.
The company is also in advanced stages of rolling out two features on the JioFinance app — an exclusive membership programme offering value-back rewards on marketplace transactions and a “personal CFO” providing financial advice and recommendations based on a proprietary financial fitness score.
Sethia said partnerships with global financial institutions including Bank of America, BlackRock and Allianz would enable JFS to offer products from global financial majors through its distribution network and the JioFinance app.
On Jio Credit, he said gross assets under management (AUM) crossed Rs 30,000 crore in Q1 FY27, registering 163 per cent year-on-year growth.
The company’s landmark joint venture agreement with Bank of America provides for an investment of up to Rs 18,268 crore for up to a 49.9 per cent stake in Jio Credit. The partnership is expected to provide growth capital, global risk-management practices and an advanced technology stack to support the lender’s expansion, he said.
JioBlackRock Asset Management has also recorded rapid growth, with closing AUM exceeding Rs 21,000 crore as of July 2026, Sethia said.
The AMC, which commenced operations just over a year ago, has recorded one of the fastest AUM build-ups among new asset management companies in the country, he said.
In the next phase of its growth, JioBlackRock will complement its digital distribution network with a network of mutual fund distributors to reach investors through their preferred channels, Sethia said.
He said the combination of global partnerships, JFS’s distribution reach, technology capabilities and understanding of the Indian market would provide a foundation for the company to pursue leadership across multiple financial services categories.
TNT KS
