Jio Credit aims to quintuple AUM after capital deal with BoFA, pending approvals by December

Jio Credit's managing director Hitesh Sethia announced that a capital injection from BoFA is set to accelerate the company's growth, potentially expanding its assets under management from one outlet Rs 30,000 crore to roughly Rs 1.5 lakh crore. The infusion will be delivered in tranches over an 18-month period, contingent on regulatory approvals from the RBI and the Competition Commission of India, which are expected by December.

Sethia emphasized that the firm will not require additional funding until it reaches the Rs 1.5 lakh crore threshold. The partnership is also intended to enhance risk management and institutional resilience, leveraging BoFA's two-century experience. Distribution will remain concentrated in 20 Indian cities, representing about four-fifths of the target market, with deeper penetration rather than geographic expansion. While gold-lending growth is noted, Jio Credit does not plan to prioritize that segment in its expansion.