Reliance Jio Platforms tops 400M subscribers, explores expanding services outside of India – ProWellTech
Reliance Jio Platforms, India’s richest man-run telecommunications firm (Mukesh Ambani), had 405.6 million subscribers in the quarter ending September, becoming the first operator outside of China to cross 400 million subscribers in a single country market.
The Facebook and Google-backed telecom operator said its finances have also improved, despite the pandemic. Its EBIDTA operating rate exceeded $ 1 billion in the quarter above, while net income jumped to $ 409 million. The average revenue it records per user is now Rs 145 ($ 1.94), up from $ 1.88 in the previous quarter. In the past two quarters, the company has expanded its workforce by 30,000, he added.
Jio Platforms also operates a range of services, including JioTV (live TV service on demand), the JioMusic music streamer, and the JioMoney payment app. Kiran Thomas, president of Reliance Industries (parent company of Jio Platforms), said in a earnings call Friday that the company has shown that its services can be done feasibly in India and that the company plans to expand them outside the country. However, he didn’t share a timeline for this expansion.
Reliance Industries, India’s most valuable company, has announced further investment in its businesses, continuing its glaring funding spree at the height of a global pandemic.
The retail oil giant announced that the Abu Dhabi Investment Authority and the Saudi Arabia Public Investment Fund will invest $ 1.01 billion in the company’s digital fiber business as the Indian firm makes a further push in the roll-out of its broadband line across the country.
The Abu Dhabi Authority and the Saudi Arabian PIF are also an investor in Jio Platforms, which raised about $ 20 billion this year. A spokesperson for Reliance Jio told ProWellTech that the investments announced today are separate and are not part of the two companies’ previous deals.