Ambani, Blackrock Enter India’s Wealth Advice Market

Billionaire Mukesh Ambani’s conglomerate and US asset manager Blackrock Inc. have rolled out an investment advice platform to push deeper into India’s fast-growing wealth management industry.

Building on their existing partnership in mutual funds, the two companies on Tuesday launched JioBlackRock Investment Advisory at an event in Mumbai. The low-cost, app-based service is aimed at cultivating India’s vast pool of retail investors as potential clients. India has 139 million individual investors at present, a ten-fold jump since 2019, according to the Securities and Exchange Board of India.