Reliance Jio Becomes First Telco to Cross 400 Million Subscribers in India

Reliance Jio Platforms IPO

At its latest earnings call on Saturday, India’s largest wireless carrier, Reliance Jio, announced that its subscriber base has now crossed 400 million (40 crore) as it continued to add new customers faster than its competitors. According to the company, its current subscriber base stands at 405.6 million (40.56 crore) following the addition of 7.3 million (73 lakh) new users in the last quarter, representing a 13.96% growth YoY. The company had reported 355.9 million (35.59 crore) subscribers in the same period last year.

In a press statement announcing the results, Mukesh Ambani the Chairman and Managing Director of Jio’s parent company, Reliance Industries Limited, said: “With large capital raise in last six months across Jio and Retail business, we have welcomed several strategic and financial investors into Reliance family”. Ambani was referring to recent investments worth Rs. 1,15,693.95 crore (around $15.2 billion) in Jio Platforms from companies such as Facebook, Intel, Google, Qualcomm and others. “We continue to pursue growth initiatives in each of our businesses with a focus on the India opportunity”, he said.

In terms of finances, Jio reported a quarterly net profit of Rs. 3,020 crores, a 205% YoY increase over the Rs. 990 crores earned in the same period last year. Operational revenues reached Rs. 21,708 crores, up 75% from Rs. 12,354 crores earned in the same quarter last year. The company also announced that its wireless data consumption per user reached 12GB per month during the quarter, while average voice consumption hit 776 minutes per user per month. Overall data traffic, meanwhile, rose to 1,442 crore GB, up nearly 20% from the same period last year.

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