How Mukesh Ambani-led Jio Blackrock raised Rs 178000000000 in just three days with…
In a major win for billionaire Mukesh Ambani, his latest venture, Jio BlackRock Asset Management, raised a record-setting Rs 17,800 crore across its three cash fund schemes– overnight, liquid and money market– in the firm’s first offering since it obtained a license in May this year to offer its services in India.
How Jio Blackrock raised Rs 17,800 crore in 3 days?
The three-day NFO, which closed on July 2, was one of largest in cash/debt fund segment and instantly catapulted Jio BlackRock among the the country’s top 15 asset management firms, as the offering attracted investments from more than 90 institutional investors and 67,400 retail investors, Moneycontrol reported.
As per the report, Jio BlackRock’s NFO was the largest in the cash fund category, and about six times larger than Bajaj, which had raised Rs 3,000 crore across the same three funds in 2023. The NFO by Mukesh Ambani-led Jio BlackRock saw the participation of nearly 77,000 retail folios, orders of magnitude higher than the 1,470 folios Bajaj had been able to attract at its 2023 offering.
“This offering brought together the global investment expertise, risk management discipline, and cutting- edge tools like Aladdin from BlackRock, with the unmatched trust, digital reach, and distribution strength o Jio. Significant groundwork was laid with corporate clients prior to launch – engaging early, validating our proposition, and aligning with their expectations,” Moneycontrol quoted a person familiar with the development as saying.
Record-setting transactions during NFO
According to analysts, the highly-successful NFO, which saw the participation of more than 90 institutions, is a strong endorsement of the Jio BlackRock value proposition. In a statement, the company said the retail adoption indicates recognition and acceptance of cash funds as alternatives to traditional current account and savings account options.
Jio BlackRock also witnessed over 50,000 transactions via the Invest button on the Jio Finance app, which was also available on the My Jio app. Additionally, the firm also posted a record 68,000 transactions through digital platforms.
Following the NFO, Jio BlackRock is now the 29th largest asset management company by assets under management, and 15th largest in cash and 16th in the debt fund category.
What is Jio BlackRock?
Earlier this year, Mukesh Ambani-led Jio Financial Services Limited (JFSL) recently joined forces with BlackRock– the world’s largest asset management firm– to venture into the rapidly growing Indian mutual fund industry which is estimated to own assets worth Rs 70 lakh crore by April 2025 end, according to latest data.
The joint venture has birthed a new entity, Jio BlackRock Asset Management Private Limited, which has received approved from market regulator SEBI to start its business operations in India.
BlackRock was established by Larry Fink in 1988, considered by many as the “world’s most powerful” individual, primarily due to sheer volume of assets managed by his firm. According to latest data, BlackRock manages assets worth an estimated $11.58 trillion, as of 2024 end. For context, the amount is around thrice the total GDP of India, the world’s fourth-largest economy.
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