What is the story about?
Less than six months after launching its first fund, Jio BlackRock has over ₹13,700 crore in assets under management across 12 schemes. And, all it took to start the youngest fund house in India was a car ride in 2023.
"It was a conversation that we had in 2023, and it took me five minutes to say, 'Larry, BlackRock should be back in India. And he said, " Will you partner with me?" said Asia's richest man, Mukesh Ambani, chairman of Reliance Industries, about a conversation that led to the birth of Jio BlackRock, a $300 million joint venture where Jio Financial Services and BlackRock are equal partners.
"We had to go from point A to point B, and we accomplished it in that car ride," Larry Fink, the 73-year-old CEO of BlackRock, the world's largest asset manager, managing $14 trillion worth of investments at the end of December 2025, chimed in.
The speed of the dealmaking reflects not just a deep connection between the two billionaires, but also the obvious opportunity that India's financial services industry offered.
The amount of money managed by the Indian mutual fund industry has ballooned nearly sevenfold in the last ten years to ₹80.23 trillion in December 2025, with nearly 60 million individual investors.
As more people moved their money from bank deposits, the share of equity and mutual funds has gone up from 2% of household savings in March 2012 to 15.2% at the end of March 2025, the latest economic survey showed.
Banking veteran KV Kamath, non-executive chairman of Jio Financial Services, expects it to double hereon in the next five years.
"Are there more such deals in the offing?" At Reliance, we get at least three or four global majors every month. We cannot say yes to everybody for partnerships. They all want to come to India," Ambani added to emphasise the acknowledgement of the growth opportunity in India.
Read more: Five stocks that have seen the biggest EPS upgrades
"It was a conversation that we had in 2023, and it took me five minutes to say, 'Larry, BlackRock should be back in India. And he said, " Will you partner with me?" said Asia's richest man, Mukesh Ambani, chairman of Reliance Industries, about a conversation that led to the birth of Jio BlackRock, a $300 million joint venture where Jio Financial Services and BlackRock are equal partners.
"We had to go from point A to point B, and we accomplished it in that car ride," Larry Fink, the 73-year-old CEO of BlackRock, the world's largest asset manager, managing $14 trillion worth of investments at the end of December 2025, chimed in.
The speed of the dealmaking reflects not just a deep connection between the two billionaires, but also the obvious opportunity that India's financial services industry offered.
The amount of money managed by the Indian mutual fund industry has ballooned nearly sevenfold in the last ten years to ₹80.23 trillion in December 2025, with nearly 60 million individual investors.
As more people moved their money from bank deposits, the share of equity and mutual funds has gone up from 2% of household savings in March 2012 to 15.2% at the end of March 2025, the latest economic survey showed.
Banking veteran KV Kamath, non-executive chairman of Jio Financial Services, expects it to double hereon in the next five years.
"Are there more such deals in the offing?" At Reliance, we get at least three or four global majors every month. We cannot say yes to everybody for partnerships. They all want to come to India," Ambani added to emphasise the acknowledgement of the growth opportunity in India.
Read more: Five stocks that have seen the biggest EPS upgrades
