Jio Financial Services (JFS) has invested 1,000.24 crore rupee (US$117 million) into its non-banking financial company (NBFC) arm, Jio Finance Limited (JFL). The investment was announced in an exchange filing on Mar. 27.

JFS subscribed to and received 1.73 crore equity shares of JFL, priced at 10 rupee (US$0.12) each. The funds will support JFL’s business operations.

JFL, originally incorporated as Reliance Retail Ventures Limited in 2000, was renamed in August 2023.

The NBFC offers services such as home loans, balance transfers for home loans, and loans against mutual funds.

According to JFS’s Q3 FY25 investor presentation, JFL’s assets under management reached 4,199 crore rupee (US$489.97 million), up from 1,206 crore rupee (US$140.72 million) in Q2 FY25.

It currently operates in seven cities with nine offices.