IPO-bound Reliance Jio is looking to go beyond data connectivity by partnering with technology companies to create new markets, rather than simply distribute their products, Akash Ambani revealed on Thursday, citing the telecom operator’s collaboration with Google on its artificial intelligence service Gemini.
“This is not a simple distribution deal,” Ambani, Jio platforms' Managing Director, said at Jio’s IPO press conference, explaining how the partnership had helped create a market for Google’s flagship AI product in India.
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Google already has a significant presence in India, with more than a billion users across each of its platforms, and Gemini as its flagship product. Yet the company partnered with Jio, Ambani said, drawing a parallel with how the telecom operator had approached the data market.
“What we were able to do, like we did with the data market, was co-create a new market,” he said.
The partnership has since resulted in Gemini adding 13 million new subscribers to its paid service, Ambani said, pointing to the opportunity Jio sees in working with technology companies beyond conventional connectivity.
Jio eyes share of $1.4 trillion digital economy
Ambani said Jio Platforms aims to capture a significant share of India's projected $1.4 trillion digital economy by FY31, citing its technology capabilities and end-to-end technology stack.
"We see $1.4 trillion digital economy by FY31. The end-to-end stack gives us the ability to capture a large market share for this," he said.
The technology-led growth strategy is central to Jio's pitch to investors ahead of its public listing, as the company looks to expand digital services, technology platforms and enterprise businesses alongside its telecom operations.
Ambani said Jio had filed 7,200 patents so far, placing it among the world's leading companies in patent filings. "We are the only Indian company among top 20 global companies in terms of patents filed. 7200 patents filed till now for Jio," he said.
5G network and global partnerships
Ambani also pointed to Jio's network reach and pricing as advantages in expanding access to digital services across India.
"Mission of Jio is connect every Indian home to highest order of digital services. We are the largest 5G base outside China. Our pricing per GB is the lowest anywhere in the world," he said.
Jio has expanded beyond mobile connectivity into home broadband, entertainment, cloud services, enterprise technology and artificial intelligence. Its subscriber base stood at about 533 million at the end of June 2026, providing a potential customer base for additional digital offerings.
"Some of the biggest global tech companies like Google have partnered with us," Ambani said. Google holds a 7.73% stake in Jio Platforms, while Meta owns about 9.98%. Both were among the investors that backed the company during its 2020 fundraising exercise.
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Jio IPO: Price band, issue size and dates
Jio Platforms has set a price band of Rs 1,065-1,119 per share for its IPO, which opens on October 21 and closes on October 23. The anchor investor book opens on October 19, with listing expected on October 28.
The company plans to issue up to 27 crore fresh equity shares, raising as much as Rs 30,213 crore at the upper end of the price band. At that price, the offering values Jio Platforms at about Rs 10.3 lakh crore, or roughly $108 billion.
The IPO could surpass Hyundai Motor India's Rs 27,900 crore issue in 2024 to become India's largest public offering. It will comprise an entirely fresh issue, with no offer for sale by existing shareholders.
Jio has also reserved shares worth up to Rs 2,500 crore for eligible Reliance Industries shareholders and Rs 500 crore for eligible employees. Retail investors can apply for a minimum of 12 shares, requiring Rs 13,428 at the upper end of the price band.