Global Fintech Fest 2026: Jio Financial targets 100 mn customers in a year, plans stock broking launch with BlackRock

Jio Financial Services is targeting a near four-fold increase in its customer base to 100 million within the next year, as the financial services company looks to scale its lending, investment, insurance and payments businesses through its digital ecosystem.

Speaking to CNBC-TV18 at the Global Fintech Fest, Jio Financial Services CEO Hitesh Sethia said the company expects to “more than triple or close to quadruple” its current customer base of around 25 million over the next year.

“That’s our aspiration,” Sethia said, referring to the target of reaching 100 million customers.

Jio Financial currently has around 25 million customers, of which 9 million are active, according to Sethia. The company plans to leverage its wider Jio ecosystem and expand the breadth of financial products available through its marketplace to drive customer acquisition and engagement.

The company is building its financial services business through partnerships with global institutions, including BlackRock, Allianz and Bank of America, alongside businesses that it operates independently.

“Our stated objective has always been to bring the global best to India,” Sethia said, adding that the partnerships are aimed at combining global expertise with Jio's domestic scale.

Stock broking, insurance launches

Sethia said Jio Financial's immediate priority is to scale its existing partnerships and bring some of the businesses to market quickly.

The company is preparing to launch its stock broking business in partnership with BlackRock, as it expands its investment offerings. It is also working with Allianz on its insurance business, which Sethia indicated is among the businesses that the company wants to get to market quickly.

The CEO said Jio Financial remains open to additional partnerships, but its immediate focus is on nurturing and scaling the three existing relationships.

“Distribution and engagement is our moat,” Sethia said, pointing to Jio's large customer ecosystem as a key advantage.

Ambition to build a large NBFC

Sethia also outlined Jio Financial's broader ambition of building a large and resilient financial institution, supported by its partnerships with global financial companies.

He said the company's objective is to bring global products and expertise to Indian consumers while giving its international partners access to India's scale.

For Jio Financial, the partnerships are also intended to strengthen risk management and governance as the company expands.

“The aspiration is clearly to build a solid, resilient institution,” Sethia said, identifying scale, products and institutional resilience as key pillars of the company's strategy.

The company is positioning its financial services marketplace across investments, lending and insurance, rather than limiting it to a narrow set of financial products.

Sethia said the marketplace will be differentiated by the breadth and depth of products it can offer, leveraging Jio's existing ecosystem of hundreds of millions of customers.