Reliance Jio’s rise in the past 10 years has radically redrawn India’s telecom landscape, changing the meaning of staying connected, turning mobile data from a relatively expensive service into an affordable everyday necessity, and forcing an entire industry to rethink its business model.
Reliance Jio has filed its red herring prospectus, setting October 21 as the opening date for its IPO, which will remain open until October 23. The issue, which will be India’s largest public offering, comprises a fresh issue of 27 crore shares. It includes a reservation of up to Rs 2,500 crore for eligible Reliance Industries shareholders and up to Rs 500 crore for employees.
The Ambani-led company is targeting a valuation of around Rs 10.3 lakh crore, with the issue expected to raise up to Rs 30,200 crore at the upper end of the reported price band of Rs 1,065-1,119 per share.
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Since its commercial launch in September 2016 till its filing of pre-IPO RHP today, the telecom arm of RIL has triggered a prolonged price war, accelerated India's shift to 4G smartphones, led to consolidation among rivals and helped push India towards some of the world’s lowest mobile tariffs and highest data consumption levels.
Jio's expansion has since moved beyond inexpensive connectivity to digital services, strategic partnerships and 5G networks.
ET OnlineThe journey has not been without challenges: intense competition, pressure on telecom revenues and the need to monetise next-generation networks have shaped its evolution. From free voice calls and introductory data offers to 5G expansion and tariff increases, Jio’s rise has reshaped both consumer behaviour and the structure of India’s telecom market.
Reliance Jio: Key milestones in a decade of disruption
2016: Launch
Jio opens its doors to customers: Entering commercial operations on September 5, 2016 with free voice calls, free national roaming and introductory mobile data offers priced far below the-then market rates, Jio instantly changed the shape of India's telecom sector. It also bundled entertainment and digital applications with connectivity. Jio's aggressive pricing immediately rattled incumbent operators and put pressure on their revenues and share prices.
2017: Price war
Free services give way to intense competition: After providing free data for its first six months, Jio began charging for data from April 1, while continuing to offer voice calls without charge. By the first anniversary of its launch, it had attracted around 130 million users and secured more than 10% market share.
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Rivals responded with lower tariffs, but financial pressure led to accelerated consolidation across the industry. Jio also introduced the JioPhone, targeting consumers who wanted affordable access to internet-based services.
ET Online2018: Deep industry reset
Data becomes dramatically cheaper: Two years after Jio’s entry, the impact on consumer economics was clear. Monthly mobile data consumption across India had climbed from 20 crore GB before its launch to nearly 370 crore GB, while the cost of data had fallen from at least Rs 250 per GB to below Rs 15. Jio had more than 215 million users at the end of June 2018. The number of private telecom operators in each circle fell from eight or nine to three major players: Bharti Airtel, Vodafone Idea and Jio.
2019: Tariffs shift
Jio starts recovering interconnection charges: The company’s disruptive pricing strategy began evolving as it sought to improve revenue per user. In October 2019, Jio announced that it would recover interconnect usage charges (IUC) on calls made to other networks, introducing additional minutes for such calls in its tariff plans. After years of aggressive price competition, the move signalled a shift towards monetising its subscriber base.
2020: Investor influx
Global biggies back Jio Platforms: Jio’s parent Reliance Industries opened its digital business to international investors, with Facebook agreeing to invest Rs 43,574 crore for a 9.99% stake in Jio Platforms. Google subsequently secured a 7.73% stake for Rs 33,737 crore.
ET OnlineThe investments strengthened Reliance’s balance sheet and highlighted Jio’s ambitions beyond telecom, including digital commerce and consumer technology. In July, Jio had crossed 400 million subscribers, becoming India's first mobile operator to reach that milestone.
2021: Digital ecosystem
Partnerships extend beyond connectivity: Jio pursued collaborations with Facebook-owned WhatsApp and Google to expand its digital offerings. WhatsApp worked with Reliance Retail’s JioMart, while Google and Jio explored affordable 4G and 5G smartphones.
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Jio also worked with Qualcomm on local manufacturing of critical equipment for the next-generation telecom ecosystem, linking its consumer business with ambitions in technology development.
2022–23: 5G rollout
Jio enters the next generation of mobile connectivity: Jio began beta trials of its True 5G service in Mumbai, Delhi, Kolkata and Varanasi from Dussehra in October 2022, offering invited users unlimited 5G data during the trial. By January 2023, its service had expanded to 225 cities. The rollout marked a new phase of competition, with operators investing in faster networks and seeking new uses for next-generation connectivity.
2024: Monetisation
Tariff hikes signal a new phase of growth: After years of aggressive pricing, Jio raised tariffs by around 12-25% for most users in June 2024 and changed the minimum pricing threshold for customers seeking 5G access. The moves aimed to improve average revenue per user and generate returns on its substantial network investments. They also indicated a shift from winning subscribers at scale towards extracting greater value from its customer base.
Airtel and Vodafone Idea followed with their own price increases.
2025: Global scale
Emergence as a global giant: Reliance Industries reported more than 480 million Jio users in its FY25 annual report, including 191 million connected through its 5G network. The numbers highlighted the scale of the business built since 2016 and the continuing shift towards next-generation services.
2026: Expansion into AI, satcom, broadband
In 2026, Jio’s ambitions extended beyond mobile connectivity, with RIL positioning its digital business for growth in AI, fixed broadband and satellite communications. By March 2026, Jio had 524 million subscribers, including 268 million 5G users, while 5G accounted for about 55% of its wireless data traffic. Its fixed broadband base reached 27.1 million, giving it an estimated 43% market share, with Jio AirFiber accounting for more than three-fourths of additions during FY26.
At the company’s AGM in June, Reliance announced that the Jio Platforms board had approved the filing of IPO prospectus with Sebi.
In 2026, Jio also moved closer to setting up an Indian low-Earth orbit (LEO) satellite network, proposing a constellation of around 1,600-1,650 satellites at an altitude of approximately 650 km to deliver broadband and direct-to-device connectivity. In July, the proposal received a technical assessment from India’s space regulator, IN-SPACe, bringing the plan a step closer to implementation.
Meanwhile, the company continued to benefit from rising data consumption and subscriber demand. In the April-June 2026 quarter, Jio accounted for 44.62% of the telecom sector’s adjusted gross revenue, which reached Rs 88,796 crore.
The combination of satellite connectivity, 5G and digital services points to Jio’s next challenge: turning its scale and expanding technology capabilities into sustained revenue growth.