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.
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.
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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.