BlackRock's (BLK) joint venture in India, Jio BlackRock Asset Management, plans to launch nearly a dozen new equity and debt mutual funds in India by the end of the year, Reuters reported Tuesday.

The fund will target small-ticket investors and avoid traditional distributors to keep costs low, the report said, citing people familiar with the firm's strategy.

The company has filed applications with the market regulator to launch eight additional funds, in addition to the three funds it introduced last month, the report said.

The asset manager said Monday that it had raised more than $2.1 billion across its three debt mutual fund schemes, with 90 institutional investors and 67,000 retail investors participating so far.

Blackrock did not immediately reply to MT Newswires' request for comment

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