From catapulting itself from being a startup to being India’s leading 4G telecom operator within a short period of 5 years to now having the backing of marquee investors like Google, Intel, Qualcomm, and others, Mukesh Ambani’s Reliance Jio has come a long way.
Jio was born when Mukesh Ambani bought a 95% stake in Infotel Broadband Services Ltd about a decade ago when it won 4G license in all the 22 telecom circles in the country. From launching its services in September 2016, it has now become India’s largest telecom operator and the world’s third-largest telecom operator with over 380 million subscribers.
Ambani was smart enough to not just restrict Jio to telecom- it offered a host of complimentary apps with its own suite for its subscribers. It has also launched its own brand of affordable smartphones for rural and semi-urban customers called Reliance Lyf (Jio Phone).
Since April 2020, Reliance Jio has been ‘shopping’ for international investments for its Jio Platforms company. In fact, it has raised a record US$21 billion from various investors by selling almost 33% of the company.
At its annual general meeting (AGM) held recently, Mukesh Ambani said that Jio is now developing 5G technology indigenously and will share its technology with other mobile carriers whenever required.
Moreover, Ambani is also venturing into the e-commerce segment with JioMart where he aims to provide a suite of apps and stores that will make Jio a force to reckon with, in various industry segments across the country.
It remains to be seen how well these complimentary Jio apps work and how well Reliance is able to consolidate all its businesses online under the Jio brand. Mukesh Ambani hasn’t become the tenth richest man worldwide just like that. Best of Luck Ambani!