Jio Financial Services announces a strategic partnership with Bank of America, aiming to leverage global finance expertise alongside its expanding digital ecosystem and market presence in India.
Jio Financial Services said its planned tie-up with Bank of America will bring more than capital, arguing that the deal will also strengthen its lending business with global technology, governance and risk-management expertise.
Speaking at the company’s annual general meeting in Mumbai, managing director Hitesh Sethia said the transaction would give Jio Credit access to growth capital and to Bank of America’s banking know-how. The lender, a wholly owned non-banking finance arm of Jio Financial Services, is at the centre of the partnership.
Bank of America has agreed to take up to a 49.9% stake in Jio Credit through a ₹18,268 crore investment, according to the bank’s announcement and earlier reports from Indian financial media. The deal will be executed through a preferential allotment of equity shares and warrants, with Jio Credit remaining under Jio Financial Services’ control. Bank of America said the partnership is designed to combine Jio’s digital reach and Indian market knowledge with its own financial-services expertise.
By the end of June, Jio Credit had crossed ₹30,000 crore in assets under management, Sethia said, describing the book as largely made up of secured lending to individuals and companies, including well-rated corporates. Jio Financial Services is also expanding in asset management and insurance, with Sethia saying discussions with Allianz are continuing on life insurance, while the company is still seeking regulatory approvals for general insurance.
Sethia also sought to reassure shareholders that the group does not need to rely on heavy cash burn to grow. He said Jio Financial Services remained profitable even as it invested in businesses at different stages of development, and added that the company had put ₹2,900 crore of equity into operating subsidiaries and joint ventures in FY26. He said Jio Payments Bank has returned to operational turnaround in the first quarter of FY27, while its newly launched neural agentic marketplace is now handling about 34,000 daily purchases across Jio Financial Services’ own and third-party products.
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