Bank of America Corp (BofA) has agreed to invest ₹18,268 crore in Jio Credit Ltd (JCL), a wholly owned subsidiary of Jio Financial Services Ltd (JFSL), to acquire up to 49.9% stake in the company.
The investment will be through a preferential allotment of equity shares and warrants. BofA will initially acquire a 26.5% equity stake, which can increase to 49.9% upon exercise of the warrants.
Jio Credit to get fresh capital
The investment will provide JCL with additional capital to support its growth in India and bring the expertise of a global financial services company.
JCL is a non-bank financial company focused on digital-first lending. It had assets under management of ₹30,667 crore as of June 2026, within two years of commencing operations.
Partnership combines digital strengths
The new partnership will combine JFSL’s digital reach and knowledge of the Indian market with BofA’s global financial services expertise.
Both companies aim to improve access to credit through digital technology, innovation and strong risk management, while expanding financial services in India.
Ambani calls it strategic milestone
“Jio Financial Services is committed to making finance more seamless and simpler for Indians than ever before, leveraging new technology and anchored in the highest standards of governance. Our strategic partnership with Bank of America is a pivotal milestone in this mission,” said Jio Financial Services, Chairman Mukesh D. Ambani.
BofA eyes Indian market
“By combining Jio Financial Services’ scale, local expertise and customer base with Bank of America’s global reach, digital experience and close to 250 years of leadership in banking, we can help expand access to financial services and support India’s continued economic growth,” said Bank of America, Chair and Chief Executive Officer Brian Moynihan.