How Ambani’s Jio became India’s second-largest company

The festivities in Mumbai, India's financial capital, featured DJ sets, a drone show and performances by popular Indian singers, celebrating Jio Platforms' remarkable stock market debut. The telecoms-to-digital company raised $3.2bn in India's largest-ever initial public offering, with shares jumping 21% on Wednesday.

This surge valued Jio at $131.5bn, making it India's second-most valuable company, trailing only its parent company, Reliance Industries. The Ambani family's Jio counts global tech giants Meta and Google among its major shareholders following their multibillion-dollar investments in 2020.

With more than 530 million customers, Jio has transformed from a telecom disruptor to a digital ecosystem including streaming services JioCinema and cloud storage JioCloud. "Jio may not be visible. But it pulses through every digital dream of India," said Anant Ambani, the family's youngest son and Jio board member.

Market Disruption

In 2016, Jio entered India's competitive telecom market by offering free data for months while Americans were paying an average of $7 per gigabyte. This aggressive strategy helped Jio reach 100 million subscribers in just 170 days, described as the fastest achievement by a mobile operator globally.

Jio's entry required a massive $22.48bn investment in spectrum, network infrastructure and fiber backhaul. Backed by Reliance's financial strength, Jio absorbed initial losses to accumulate customers, forcing competitors to slash prices dramatically and accelerating internet adoption across India.