Good news for Mukesh Ambani as this joint venture raises Rs 178000000000 in its debut mutual fund launch, gets investments from...

JioBlackRock Mutual Fund announced on Monday the successful closure of its initial New Fund Offer (NFO), with total investments reaching Rs 17,800 crore (USD 2.1 billion) across three cash/debt mutual fund schemes: the JioBlackRock Overnight Fund, Liquid Fund, and Money Market Fund.

The three-day NFO, which started on June 30 and concluded on July 2, garnered investments from over 90 institutional investors, reflecting confidence in JioBlackRock Asset Management’s value proposition, which combines data-driven investing and a digital-first approach, as stated in a press release.

The cash/debt mutual fund schemes also saw a strong response from retail investors, with over 67,000 individuals investing in these funds during the offer period, the release added.

From institutions to individuals, JioBlackRock Asset Management’s mutual fund schemes attracted an overwhelming response, the release said.

“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,” said Sid Swaminathan, Managing Director and CEO, JioBlackRock Asset Management.

Earlier last month, Jio BlackRock Asset Management announced the appointment of its executive leadership team to drive operations. The mutual fund company had previously announced the appointment of Sid Swaminathan as managing director and CEO a month before that.

In June, Jio BlackRock Broking (JBBPL) received final approval from the Securities and Exchange Board of India (SEBI) to act as a stockbroker and clearing member. JioBlackRock is a 50:50 joint venture between Mukesh Ambani-led Reliance Industries-owned Jio Financial Services and BlackRock Inc.

Meanwhile, Jio BlackRock Broking has received the green light to operate in India's stock broking and clearing segment, marking a significant step forward after disclosing its expansion plans earlier this year and in April 2024.