Reliance Jio s rise in the Indian telecom space can be considered nothing short of spectacular. The Mukesh Ambani-backed company took the competitors by surprise, forcing them to completely revamp their offerings in order to keep up with Reliance Jio s lucrative combo data-voice packs. Also Read - Airtel vs Jio vs Vi: Best work from home prepaid plans during COVID-19 lockdownAlso Read - Let our firms take part in 5G trials, China tells India
Now, almost two years after it arrived on the scene, Jio has taken over Vodafone India as the country s second largest telecom operator by revenue market share, inching ever so closer to market leader Bharti Airtel. This growth can be largely attributed to Jio s strong performance in India s rural markets, where its affordable data-voice offerings have left rivals struggling to keep up. Also Read - DoT permits telecom service providers to go ahead with 5G trials
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According to a report by Economic Times, Jio s RMS (Revenue Market Share) increased by 253 basis points on-quarter to 22.4-percent at the end of June, based on data released by the Telecom Regulatory Authority of India. At the same time, Vodafone India s RMS went down 175 basis points to 19.3-percent, and Idea Cellular s RMS plunged 106 basis points to 15.4-percent.
As per Economic Times report, Jio also reported a 14-percent surge in its Adjusted Gross Revenue (AGR) to Rs 7,200 crore in the quarter that ended in June, while Vodafone India and Idea Cellular reported slumps of 7.1-percent and 5.2-percent to Rs 6,000 crore and Rs 5,200 crore, respectively.
Reliance Jio was recently ranked as the top company globally on Fortune s Change The World list, ranked companies using the profit motive to help the planet and tackle social problems.
If access to the Internet is a basic human right and the United Nations declared it one in the summer of 2016 then Reliance Jio deserves more credit than most for expanding access to it, Fortune said.