Jio Financial Services reports profitable Q1, Reo.Dev secures $11 Mn

Jio Financial Services (JFS) has reported a profitable first quarter, with operating revenues crossing the ₹2,000 Cr mark. The company's net profit surged 2.6 times year-on-year to ₹830.3 Cr, while operating revenue rose 227% to ₹2,005 Cr. Despite the strong financial performance, total expenses climbed 291% to ₹1,015.8 Cr, driven by investments related to its super app vision.

The NBFC arm was the primary revenue driver, with its loan book and assets under management (AUM) exceeding ₹30,600 Cr. The payments vertical also processed healthy transaction volumes, contributing significantly to fee income. The asset management joint venture, JioBlackRock, saw its AUM reach ₹18,412 Cr, and the Allianz-Jio Reinsurance venture reported ₹266 Cr in premiums.

In parallel, AI-powered sales intelligence startup Reo.Dev has raised $11.3 million (approximately ₹109 Cr) in a Series A funding round led by Elevation Capital. The funds will be used to expand sales and marketing operations in the US and accelerate product development. Reo.Dev provides an AI platform for SaaS companies and serves over 200 customers globally.

Other notable developments include Aurum's proposed acquisition of Housing.com, the appointment of former ISRO Chairman Somanath S as a board observer at spacetech startup Agnikul, and increased domestic institutional investor interest in e-commerce firm Meesho. WeWork India reported a net loss in its coworking business for the quarter, despite revenue growth.