Jio Financial Services aims to be a leading, full-stack financial services institution with significant market share, Hitesh Sethia, managing director and CEO, said at the annual general meeting on Thursday.
“The company is in a strategic build-out phase at the moment with diverse businesses which are either being scaled up or newly incubated,” he said.
Business income gains
Sethia said the steady increase in income from business operations is a key monitorable. This increased to around 40% of consolidated total net income in Q1FY26, from nearly 12% in the year-ago period.
“FY25 was a pivotal year for our company. During this period, we scaled our existing businesses, successfully operationalised new ventures, secured key regulatory approvals for new businesses to come, and implemented a sophisticated data intelligence engine, which will form the backbone of our personalised and intelligent financial services offerings for customers,” chairman KV Kamath said at the AGM.
Jio Finance App engagement surges
The Jio Finance App saw an average of 8.1 million monthly active users in Q1 across all digital properties, Sethia said. The app saw a rise in user engagement with JioBlackRock’s mutual funds products and features such as tax filing.
“Over the coming months, you’ll see us entering more such strategic tie-ups with leading financial services providers to further expand our portfolio with new products, designed to cater to the financial needs of our customers holistically,” Sethia said.
The payments bank will also launch a new product, called Savings Pro, which will bring to customers India’s first savings account that auto-invests idle cash in overnight mutual funds for better returns.
He also said the company remains on track for laying the groundwork for the wealth management and broking entities of the JV with BlackRock; and expect them to commence operations over the coming quarters.
On capital raising, Sethia said the promoters have agreed to commit additional capital of Rs 15,825 crore through preferential issue of warrants to support the operational scale-up across businesses.
“Acknowledging the significant role that our shareholders play and true to our philosophy of creating sustainable value for all stakeholders, the board has recommended a dividend of Rs 0.50 per equity share with a face value of Rs 10,” he said.
On the NSE, the shares of Jio Financial Services closed 1.43% lower at Rs 311.25 on Thursday.