Jio Financial Services Ltd Company Summary

Jio Financial Services Ltd Summary

Jio Financial Services Limited was incorporated as a Private Limited Company with the name and style of Reliance Strategic Investments Private Limited dated July 22, 1999, issued by the Registrar of Companies, Maharashtra in Mumbai. Subsequently, the Company got converted from a Private Limited Company to a Public Limited Company and consequently renamed as Reliance Strategic Investments Limited dated January 14, 2002, at Mumbai. Consequently, through the Scheme of Arrangement, the name of Company has been changed to Jio Financial Services Limited and a fresh Certificate of Incorporation dated July 25, 2023 was issued by the Registrar of Companies, Maharashtra at Mumbai.Jio is regarded as a trusted brand in India, widely recognised by retail customers, merchants and small businesses. At present, Company is is engaged in the business of investing & financing, insurance broking, payment bank, payment aggregator and payment gateway services.The payments platform helps merchants grow their business by giving them solutions which allows them to accept payments, acquire and retain consumers, improve their business operations, and access financial services. The payment bank provides a comprehensive suite of digital payment banking solutions, to both individuals and small business (including merchants). Insurance broking business offers insurance led solutions to the walk-in customers at retail store outlets servicing them both digitally and with dedicated sales associates and trained staff. It focuses on providing insurance solutions to corporate customer, vendor partners and small businesses.In 1999, the Company was registered with the RBI to carry on the business as a non-banking financial institution not accepting public deposits.In 2023, Scheme of Arrangement between Reliance Industries Limited and the Company was implemented. The Financial Services Business from Reliance Industries Limited (RIL) was demerged/ transferred into the Company through the Scheme of Arrangement for Demerger and the said Scheme became effective from 1st July, 2023. In terms of the Scheme, the Company has issued and allotted 635,32,84,188 equity shares having a face value of Rs 10 each fully paid up, for every 1 fully paid-up equity share held in RIL on 10 August, 2023.The Company formed a joint venture with BlackRock Inc., to enter into asset management, subsequently expanding into wealth management & broking services in 2023. In 2024, Company has implemented a modern, bespoke technology stack across each business unit. It has developed a cutting-edge, scalable, cloud-native technology stack, incorporating Artificial Intelligence (AI) and data driven capabilities to deliver optimal performance and cost efficiency.