Jio BlackRock debut: Fund launch raises $2.1 billion from 67,000 retail and 90 institutional investors; India-US venture sees strong traction after May licence nod

Jio BlackRock Asset Management said on Monday it has raised more than $2.1 billion through its first three mutual fund schemes, launched just weeks after receiving its licence in May.The three-day new fund offer (NFO) comprised cash and debt schemes, and attracted investments from over 90 institutional investors and more than 67,000 retail participants, the company said in a statement, Reuters reported.Jio BlackRock is a joint venture between Jio Financial Services—part of Mukesh Ambani’s Reliance Industries—and US-based asset manager BlackRock. The venture aims to disrupt India’s growing asset management industry with a mix of technology-driven and cost-efficient offerings.According to the company release, the offering drew an “overwhelming response” from both segments. “From institutions to individuals, JioBlackRock Asset Management’s mutual fund schemes attract an overwhelming response,” the release added, as reported by ET.“The overwhelming response to our first NFO from institutional and retail investors is a powerful endorsement of JioBlackRock Asset Management’s innovative investment philosophy, risk management capabilities and digital-first approach.

This is a strong start to our journey towards becoming a transformative force in India’s evolving investment landscape, catering to all types of investors,” said Sid Swaminathan, Managing Director and CEO, JioBlackRock Asset Management.The NFO ranks among the largest in India’s cash and debt fund category and has positioned JioBlackRock Asset Management among the top 15 fund houses in terms of debt Assets Under Management (AUM), out of 47 players in the industry.The three schemes offer options for managing cash and short-term allocations tailored to varied liquidity, risk, and return preferences. The company said short-duration debt and money market mutual funds can provide yield-seeking investors with lower-volatility instruments that don’t involve long-term commitments, appealing to retail investors, corporate treasuries, and portfolio managers alike.To widen retail participation in future fund launches, the company has introduced an Account Creation Initiative that enables users to set up investment-ready accounts within minutes using the JioFinance app. Investors can begin by opening the app, tapping the ‘Invest’ tab on the homepage, and following the simple onboarding process.JioBlackRock Asset Management Private Limited (JBAMPL) is a 50:50 joint venture between Jio Financial Services Limited (JFSL), part of Reliance Industries, and global investment firm BlackRock.