India’s Paytm unit partners with Jio BlackRock to launch active equity fund

Indian fintech firm Paytm’s unit Paytm Money has partnered with Jio BlackRock to launch a systematic active equity fund for retail investors, it said on Tuesday.

The partnership will offer subscriptions to the Jio BlackRock Flexi Cap Fund and will be available on the Paytm Money app.

Jio BlackRock Asset Management, a joint venture between billionaire Mukesh Ambani’s Jio Financial Services and BlackRock planned to introduce nearly a dozen equity and debt funds in India by the year-end, Reuters had reported in early July.

Jio BlackRock intends to bypass the dominant channel of distributors, offering funds directly to institutional and retail investors, the sources had told Reuters in early July.