Jio Monetary Companies and Financial institution of America have signed a definitive settlement underneath which BofA will purchase an preliminary 26.5% fairness curiosity in Jio Credit score by a preferential allotment of fairness shares and warrants. If the warrants are totally exercised, BofA’s curiosity may rise to 49.9%. The transaction is topic to regulatory and statutory approvals.
The funding, together with the fairness shares and warrants, is valued at ₹18,268 crore, or round $1.9 billion, assuming an trade charge of ₹96 to the US greenback. The capital will help Jio Credit score’s lending development, whereas the partnership can even deliver BofA’s experience in monetary companies, governance, danger administration and know-how to the enterprise.
Jio Credit score scales to ₹30,667 crore AUM
The transaction comes as Jio Credit score has quickly scaled its lending operations. The digital-first NBFC had constructed belongings underneath administration (AUM) of ₹30,667 crore as of June 30, 2026, inside simply two years of operations. JCL provides lending merchandise throughout retail and industrial segments and goals to broaden borrowing alternatives by present and new merchandise in India.
The partnership will mix Jio Monetary Companies’ digital attain and understanding of the Indian market with BofA’s international monetary companies capabilities. The businesses stated the enterprise will deal with digital entry, innovation, entry to credit score and powerful danger administration.
Jio strengthens its monetary companies ecosystem
For Jio Monetary Companies, the deal strengthens its monetary companies ecosystem by bringing one other international monetary establishment into its enterprise. JFSL already operates by subsidiaries spanning lending, funds, insurance coverage and different monetary companies, and has a 50:50 three way partnership with BlackRock for asset administration and wealth administration actions. It has additionally entered into 50:50 joint ventures with Allianz for reinsurance and normal insurance coverage in India.
Equal board illustration for each companions
The governance construction will give each companions equal illustration on Jio Credit score’s board. Nevertheless, the present administration crew will proceed to drive the NBFC’s technique and operations. Jio Credit score can even proceed to be consolidated as a subsidiary in Jio Monetary Companies’ monetary reporting.
For BofA, the funding gives a path to deepen its participation in India’s monetary sector by a neighborhood associate with a longtime digital platform and buyer base. BofA CEO Brian Moynihan stated the funding displays the financial institution’s confidence in India and highlighted Jio Monetary Companies’ capacity to attain greater than $3 billion in AUM in simply two years.
