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Jio-BlackRock JV to enter wealth management, stock broking biz

EntrackrEntrackr · 1y ago
Jio-BlackRock JV to enter wealth management, stock broking biz
Medial

Jio Financial Services and US-based BlackRock have formed a joint venture to launch wealth management and broking businesses in India. In an exchange filing on Monday, Reliance’s Jio said that it has signed a 50:50 joint venture for the purpose of undertaking the two business ventures. The duo had announced an agreement in July 2023 to form a 50:50 joint venture with a $150 million investment each to enter the asset management business in India. With this, BlackRock is re-entering India’s asset management sector nearly six years after exiting the joint venture with DSP Group in 2018. Jio will compete with the likes of Zerodha, Upstox, Groww, AngelOne, and ICICI Securities, Paytm, PhonePe, ETMoney, Scripbox in the overcrowded market of stockbroking and wealth management. Tata Neu is also planning to start offering stock broking services soon. Entrackr exclusively reported the development. In February, fintech unicorn CRED made an entry into the wealth management space with the acquisition of mutual fund investing platform Kuvera.

Angel One narrows gap with Zerodha as broking rivalry intensifies

EntrackrEntrackr · 1m ago
Angel One narrows gap with Zerodha as broking rivalry intensifies
Medial

Angel One narrows gap with Zerodha as broking rivalry intensifies The Indian stock market’s active user base, which had been declining for the past two months, saw a marginal rebound in August 2025, rising 0.5% to 46.19 million clients from 45.96 million in July. Groww continues to lead the stock broking space with 12.07 million active clients and a 26.26% market share, despite a 2.26% month-on-month decline from 12.35 million in July. Zerodha retained its second position in August with 7.26 million clients and a 15.8% market share, despite a 2.3% m-o-m decline. Angel One, with a 15.33% share after a 2.1% decline, stood marginally behind Zerodha. Upstox reported another steep drop in its user base, down 3.9% m-o-m in August after a 3.77% fall in July. It now holds a 5.17% market share with 2.38 million clients. Traditional brokers maintained their positions, with ICICIDirect at 1.97 million users (4.28% share), HDFC Securities at 1.54 million (3.35%), and Kotak Securities at 1.42 million (3.10%). Emerging broker Dhan secured the 9th spot with a 2.15% market share and 1 million clients. INDmoney slipped 4.6% m-o-m to 7.7 lakh users, while Paytm Money grew for the second straight month, reaching 7.6 lakh clients with a 1.65% share. Mirae Asset (3.8 lakh users) and PhonePe’s Share.Market (3.1 lakh) once again recorded the steepest declines, dropping 11% and 6.39% respectively. In recent months, the Indian stock market has underperformed compared to global peers, weighed down by sustained FII (foreign institutional investor) outflows and the impact of recent US tariffs, adding to overall uncertainty.

Dhan appoints Angel One’s Ketan Shah as CEO of omni channel biz

EntrackrEntrackr · 1m ago
Dhan appoints Angel One’s Ketan Shah as CEO of omni channel biz
Medial

Dhan appoints Angel One’s Ketan Shah as CEO of omni-channel biz. Shah joins Dhan’s leadership team to build and scale its omni-channel business and distribution of investing and trading products and other financial services. Stock trading platform Dhan has announced the appointment of Ketan Shah as Chief Executive Officer (CEO) of Omni Channel Business. Shah brings over 25 years of rich experience in the stock broking industry, covering business, technology, distribution, revenue, and strategy. He joins Dhan’s leadership team to build and scale its omni-channel business and distribution of investing and trading products and other financial services. Before joining Dhan, Shah was a key contributor at Angel One (formerly Angel Broking) for over 25 years. He was involved in its early journey, transformation into a digital business, public market listing, and scale-up to become one of the top 3 broking platforms in India. Most recently, he served as Chief Strategy Officer and Board Member at Angel One. Headquartered in Mumbai, Raise Financial Services owns and operates several platforms, including Dhan, a stock trading platform for investors and traders; Upsurge, a platform for learning about finance and markets in India; ScanX, which provides market insights and intelligence for public market investors; and FilterCoffee, offering financial media. Founded in January 2021 by Pravin Jadhav, Alok Pandey, Jay Prakash Gupta, and Raunak Rathi, Dhan last raised $22 million in January 2022. BEENEXT, Mirae Asset, 3one4 Capital, and Rocketship.vc are its major investors. The company was reportedly in talks to raise a large round. In September last year, Dhan surpassed Paytm Money to enter the top 10 list, competing in a crowded market alongside players such as Groww, Zerodha, AngelOne, Upstox, Paytm Money, and PhonePe’s Share. As per the latest NSE data, Dhan secured the 9th spot among stock brokers in August, with a 2.15% market share and 1 million clients.

Fintech startup Navi looks to launch new products; tap credit opportunities around UPI

Economic TimesEconomic Times · 1y ago
Fintech startup Navi looks to launch new products; tap credit opportunities around UPI
Medial

Fintech startup Navi, founded by Sachin Bansal, is planning to update its Unified Payments Interface (UPI)-based payments system and explore opportunities related to credit on UPI. Bansal expressed his interest in changing the way users interact with UPI through new product offerings on Navi. The National Payments Corporation of India allows credit transactions through UPI via RuPay credit cards or pre-sanctioned credit limits. Navi, initially a consumer lending platform, now offers larger personal loans, secured credit options, insurance broking, and asset management services. Despite competition, Google Pay and PhonePe hold a significant share of the UPI payments market.

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