Jio Financial Services Ltd and Bank of America Corporation on Wednesday entered into a joint venture agreement under which BofA will acquire up to a 49.9% interest in Jio Credit Ltd through a preferential allotment of equity shares and warrants. Also worth noting the deal is at a valuation of 2.5x of net worth, which is significant for an institution that effectively commenced ops only around 2 years back.
The venture will combine Jio Financial Services Ltd's digital reach and knowledge of the Indian market with BofA's global financial services expertise. The two companies will focus on digital access, innovation, access to credit and risk management. Jio Credit is a non-bank financial company lending subsidiary of Jio Financial Services Ltd and has built AUM of ₹30,667 crore, or around $3.2 billion, as of June 30, 2026, within two years of starting operations.
The digital-first lender offers a range of lending products and plans to continue expanding borrowing opportunities across existing and new products in India. Following the transaction, Jio Credit's board will have equal representation from Jio Financial Services Ltd and Bank of America Corporation.
The existing management team will continue to drive the strategy and operations of Jio Credit. Jio Credit will continue to be consolidated as a subsidiary in Jio Financial Services' financial reporting. This joint venture marks a third global partnership for Jio Financial Services, after the one with BlackRock for mutual funds business, and with Allianz for insurance.
Each one of these global giants brings unique multi-decadal financial sector understanding and world-class systems and processes, which set the foundation for Jio Financial Services to lead India’s financial services landscape across multiple categories.
Mukesh D Ambani said, "Our country’s progress toward becoming Viksit Bharat by 2047 demands a financial ecosystem built on scale, trust, and inclusivity. Central to this journey is the democratisation of responsible credit — characterised by lower costs for the customer, absolute transparency, and expanding access to capital as our economy grows."Jio Financial Services is committed to making finance more seamless and simpler for Indians than ever before, leveraging new technology and anchored in the highest standards of governance.
Our strategic partnership with Bank of America is a pivotal milestone in this mission. By combining our digital reach with Bank of America’s global pedigree, we will eliminate friction in credit delivery for all Indians, empowering them to chart a prosperous and inclusive path forward for the entire nation."ALSO READ | Jio Financial Services Q1 net profit more than doubles to ₹830 crore on lending, payments growthBrian Moynihan, Chair and Chief Executive Officer, Bank of America said: “India is one of the world’s most important growth markets, and this investment reflects our confidence in its future, a market we know well and have supported for decades.
We are excited to become a partner with Jio Financial Services, which has achieved remarkable scale in a short period of time, growing to more than three billion dollars$3 billion in assets under management in just two years. By combining Jio Financial Services’ scale, local expertise and customer base with Bank of America’s global reach, digital experience and close to 250 years of leadership in banking, we can help expand access to financial services and support India’s continued economic growth."ALSO READ | Jio Financial sees strong growth as lending scales, new businesses expandShares of Jio Financial Services Ltd ended at ₹255.00, up by ₹2.10, or 0.83%, on the BSE.