How Ambani’s Jio became India’s second-largest company
Summary
Jio Platforms raised $3.2 billion in what the article describes as India’s largest-ever IPO. Its shares rose 21 percent on the first day, valuing the company at $131.5 billion and making it India’s second-most valuable company, after parent Reliance Industries.Key Facts
- Jio Platforms provides telecom and digital services and has more than 530 million customers.
- Meta and Google became major Jio shareholders after investing billions of dollars in the company in 2020.
- Reliance launched Jio in 2016 with months of free mobile data, helping it attract customers rapidly.
- Jio reached 100 million subscribers in its first 170 days, according to the article.
- Reliance committed nearly $22.48 billion to Jio’s spectrum, network infrastructure and fibre backhaul in 2016.
- Jio became India’s largest telecom operator by subscriber numbers within three years.
- After Jio entered the market, competitors cut prices and mobile data use increased.
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