Jio Financial Services and Bank of America have signed a definitive agreement under which BofA will acquire an initial 26.5% equity interest in Jio Credit through a preferential allotment of equity shares and warrants. If the warrants are fully exercised, BofA’s interest could rise to 49.9%. The transaction is subject to regulatory and statutory approvals.
The investment, including the equity shares and warrants, is valued at ₹18,268 crore, or around $1.9 billion, assuming an exchange rate of ₹96 to the US dollar. The capital will support Jio Credit’s lending growth, while the partnership will also bring BofA’s expertise in financial services, governance, risk management and technology to the venture.
Jio Credit scales to ₹30,667 crore AUM
The transaction comes as Jio Credit has rapidly scaled its lending operations. The digital-first NBFC had built assets under management (AUM) of ₹30,667 crore as of June 30, 2026, within just two years of operations. JCL offers lending products across retail and commercial segments and aims to expand borrowing opportunities through existing and new products in India.
The partnership will combine Jio Financial Services’ digital reach and understanding of the Indian market with BofA’s global financial services capabilities. The companies said the venture will focus on digital access, innovation, access to credit and strong risk management.
Jio strengthens its financial services ecosystem
For Jio Financial Services, the deal strengthens its financial services ecosystem by bringing another global financial institution into its business. JFSL already operates through subsidiaries spanning lending, payments, insurance and other financial services, and has a 50:50 joint venture with BlackRock for asset management and wealth management activities. It has also entered into 50:50 joint ventures with Allianz for reinsurance and general insurance in India.
Equal board representation for both partners
The governance structure will give both partners equal representation on Jio Credit’s board. However, the existing management team will continue to drive the NBFC’s strategy and operations. Jio Credit will also continue to be consolidated as a subsidiary in Jio Financial Services’ financial reporting.
For BofA, the investment provides a route to deepen its participation in India’s financial sector through a local partner with an established digital platform and customer base. BofA CEO Brian Moynihan said the investment reflects the bank’s confidence in India and highlighted Jio Financial Services’ ability to achieve more than $3 billion in AUM in just two years.
