‘One ring to rule them all, and in the darkness, bind them’ — the situation perhaps not as morbid as that line from The Lord of the Rings, but the launch of JioHotstar this week marks another pivotal moment for the Indian streaming industry, with Reliance now holding the keys to the kingdom.

Incidentally, the previous such moment also involved Hotstar as the streaming platform moved homes to Disney+ five years ago right in the middle of the Covid pandemic. Since then Disney+ Hotstar not only lost rights to key live sports properties but also marquee international shows, which put it on the backfoot.

Many of those shows and live sports events moved to JioCinema, so in a roundabout way, Hotstar is back to what it was before the pandemic. In fact, we can argue that no OTT or streaming platform in the world has the dominant slate that the all-new JioHotstar now boasts of  — not just movies and global hits, but also live cricket matches watched by hundreds of millions of Indians.

But before we look at the fate of the streaming industry, a short detour into the top stories from our newsroom this week:

• The EV Funding Question: A slowdown in sales across categories, cautious investment climate, and macroeconomic parameters have dampened investor interest in the EV space. What will change this malaise?
• Much Furore Over ‘Latent’: Outrage over Ranveer Allahbadia’s allegedly ‘obscene’ remarks have set India’s social media ecosystem on fire. Did the award-winning influencer cross a line that could have grave implications for the creator economy?
• Shein, Five Years Later: Shein is back in India, but the market has changed in the five year exile for the fast fashion giant. Will Reliance’s backing be enough to dethrone Zudio, NEWME and others that are now ruling the roost?

JioHotstar Goes Large

Putting an end to months of speculation, Disney and Reliance officially announced the signing of binding agreements in late 2024 to create a joint venture, merging Viacom18 with Star India Private Limited.

The combined JioHotstar entity is anticipated to host more than 100 TV channels and two of the country’s most prominent OTT platforms – Disney+ Hotstar and JioCinema.

As of now, RIL is set to infuse INR 11,500 Cr into the new platform — an investment that has raised concerns around Reliance gunning for big revenue in the streaming business. Thus far, JioCinema had taken a slower approach to revenue growth, with its subscription plans launching only last year, despite the platform being around since 2022.

If Reliance’s past is any indication, JioHotstar will not go slow on customer acquisition. Armed with the content library that no other platform can boast of, this is Reliance’s new money machine. All indications are that even formerly free content such as the Indian Premier League will now require subscriptions.

According to a Reuters report, viewers will only be able to match a few minutes of an IPL match without a subscription. Post this, users will have to subscribe to plans starting at INR 149.

In other words, it’s the end of the freebie era that defined Reliance’s streaming service till now. In many ways, this is JioHotstar flexing its content muscles and unlocking a huge revenue stream for the Mukesh Ambani-led company. It’s also worth noting that Jio has played it smartly by integrating JioCinema into the larger Disney+Hotstar app rather than the other way around.

According to RIL’s annual report, JioCinema reached 225 Mn monthly active users in FY24, while Disney+ Hotstar led the way with 333 Mn monthly active users as of December 2023.

Disney+ Hotstar reported 35.5 Mn paid subscribers as of June 2024, despite a decline in its customer base, whereas JioCinema, as of September, became the fastest-growing subscription-based OTT platform, surpassing 16 Mn paid subscribers. But with subscriptions now coming to the fore, we expect this base to skyrocket in the next couple of months, especially with the IPL around the corner.

The OTT Monopoly

The other big concern around the JioHotstar combine is the potential monopoly on international content and live sports streaming in India. While Netflix and Amazon Prime have tried their hands at live sports, neither came close to what Disney+ Hotstar or JioCinema can offer.

In fact, the new merged platform leaves Netflix or Amazon Prime with very little in terms of differentiation in content and a very limited library. For instance, when Disney combined with Hotstar in 2020, Netflix lost access to a whole host of Disney-owned content in India.

This forced Netflix into a corner and compelled the company to spend heavily on its original content slate in India, which we have covered in the past. But this is a cost-intensive strategy.

Instead of going this way, JioCinema chose to acquire rights to marquee content by splurging millions. Now, JioHotstar has the luxury of sitting back and watching the subscription revenue roll in and recover the investment into these sporting rights.

Kiran Mani, a former Google executive with extensive experience in digital business, has been leading JioCinema for about a year, and will helm JioHotstar as its CEO. Additionally, Viacom18 has brought in another former YouTube executive, Ishan Chatterjee, as the chief business officer for the combined platform.

JioHotstar Or Nothing

Before the merger was announced, there was talk about keeping Disney+ Hotstar and JioCinema as separate platforms. However, experts believe this wouldn’t have been sustainable, given that the company would have to spend separately on content acquisition and technology. It would have been challenging to generate robust average revenue per user (ARPU) from these two separate platforms, especially if both involved subscription plays.

And going ad-only on one platform would have exposed Reliance to the risk of slow revenue quarters where there is no big streaming property to bank on, such as when there’s no live cricket, for instance.

“Regarding pricing, Reliance has a potential advantage due to its strong last-mile reach. Reliance can tap into its vast Jio network. This distribution capability allows JioHotstar to set competitive pricing, likely at more affordable rates. Unlike competitors that may realise only 30-40% of rack-rate pricing due to revenue sharing with telecom and OEM partners, the direct reach could enable JioHotstar to capture a larger share of revenue, leading to better ARPU and increased subscription revenue,” Taurani said.

Competition with international giants like Netflix and Amazon Prime Video will be worth watching — will these giants double down on India or look to increase prices as their user base shrinks?

Amazon, after its merger with MX Player, is eyeing low-hanging fruits and low budget productions, while the failed Zee-Sony merger leaves Zee5 and SonyLIV as distant contenders. At the moment, the Indian market looks like a JioHotstar or nothing kind of a situation.

Sunday Roundup: Startup Funding, Deals & More

• Indian startup funding seems to have found new wings in 2025. With $270 Mn raised in the past week, the total funding in the first seven weeks of the year has now crossed $1.6 Bn
• In a major restructuring exercise at fintech major Navi, Sachin Bansal has stepped down as CEO of Navi, but will continue to be the executive chairman of the Navi Group
• Shailesh Lakhani and Abheek Anand, both managing directors at Peak XV Partners, are set to leave the VC giant, which has seen a heavy exodus from the leadership in the past few months
• IPO-bound cloud kitchen unicorn Rebel Foods has forayed into the 15-minute food delivery segment to take on the likes of Zomato and Swiggy with the launch of QuickiES
• Bollywood music labels like T-Series, Saregama, and Sony are reportedly looking to join an ongoing lawsuit against ChatGPT developer OpenAI in the Delhi High Court over alleged copyright violation

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Weeks after it rolled out its crypto token ‘JioCoin’ for the users of its web browser JioSphere, Jio Platforms has now integrated the virtual digital asset with its messaging app, Messages.

‘Messages’ will reward users with JioCoin if they make it their default app for sending and receiving text messages, sources told Inc42. 

Messages is a free-to-use service that enables users to send ‘chat’ messages and SMS from the same app. The app by Jio Platforms, a subsidiary of Reliance Industries Ltd (RIL), has over 50 Lakh downloads so far on Google Play Store. 

While the app is available on both Google and Apple app stores, JioCoin integration is currently only available for Android users. “Unlock rewards for engaging with Messages and redeem to save on transactions!,” reads the app description. 

JioCoin is a blockchain-based reward token built atop Ethereum Layer 2. It is currently listed on crypto platform Polygon Labs. As per the “FAQ” section on Messages, JioCoin is currently in beta stage and is available only in India. 

Messages is the second app after JioSphere to integrate JioCoin. The coins earned by the users for engaging with the apps will be deposited into a wallet integrated on Polygon. 

Inc42’s queries to Jio Platforms on the development didn’t elicit any response till the time of publishing the story.

RIL forayed into the Web3.0 and cryptocurrency space last month by unveiling JioCoin. However, the company is yet to make an official announcement on the same. 

On JioSphere, both Android and iOS users can earn JioCoins coins by surfing the internet on the browser. Jio Platforms is likely to roll out JioCoins for the users of JioCinema and MyJio as well in the coming days, according to reports.

Weeks before the launch of JioCoin, Polygon Labs, in January 2025, announced a strategic partnership with Jio Platforms for the latter’s Web3 and blockchain foray in India. 

“The partnership would aim to add Web3 capabilities to some of the existing applications and services owned and operated by JPL by leveraging Polygon’s cutting edge blockchain solutions to create innovative Web3 services for Jio’s existing 450+ million customers,” the digital giant said then in a statement.

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Jio Platforms Limited has partnered with California-based data streaming company Confluent to drive the development of real time and GenAI use cases in India.

As part of the agreement, Confluent Cloud will be available on Jio Cloud Services, allowing businesses in India to start using data streaming seamlessly.

This collaboration is set to boost India’s digital infrastructure, as data streaming plays a pivotal role in enabling real-time analytics and GenAI advancements, according to an official statement.

“We’re on the precipice of rapid transformation in India, and data streaming is a must-have for businesses to stay ahead of consumer trends, including advancements in AI,” said Kiran Thomas, president and chief executive at Jio Platforms Limited. 

On Jio Cloud Services, Confluent will cover all key aspects of streaming service – streaming, connecting, processing and governing data. 

Confluent Platform will be offered as a managed service for both consumers and enterprises in India, including the public sector, ensuring enterprise-grade security and governance to manage large scale data securely.

Recently, at the inaugural AI Action Summit held in Paris, Indian Prime Minister Narendra Modi called for a need of global collaboration to establish governance and standards that uphold shared values.

“India is building its own large language model (LLM), considering its diversity. We are developing AI applications for public good. We have the world’s largest AI talent pool,” the PM claimed.

India’s bid to build its own LLM was first revealed by union minister Ashwini Vaishnaw, who recently said that India plans to build its own foundational AI model in the next 10 months. 

The minister also said that the government will make available 18,000 high-end GPU-based compute facilities for AI development to entities across the country in the next couple of days, which will enable the development of the AI model.

While the country’s leader focussed on the benefits that humanity can extract from AI, the Indian Economic Survey 2024-25 highlighted the immense job disruption threat the tech can pose on the country’s job market. 

Highlighting researches from the International Monetary Fund, the International Labour Organisation, Goldman Sachs, among others, the Economic Survey said that AI-led automation can prove to be challenging for the Indian economy and the labour market. 

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Shares of ideaForge slumped as much as 19.09% to record its fresh 52-week low figure of INR 390.20 during the intraday trading session on the BSE today (January 29), following weak financial results for the third quarter of fiscal year 2024-25 (Q3 FY25).

The stock neared its lower circuit limit which was set at INR 385.85, 20% below the previous close.

However, the stock shed some losses and was trading 7.01% lower at INR 452.80 at 10:35 PM. 

The company’s market capitalisation was at INR 1,932.95 Cr at the above-mentioned time and as much as 7.33 Lakh shares traded hands by then. 

The stock has shown weak performance in the short and long term. While the shares have dipped 22.77% in the last month at the current market price, it has given a negative return of 37.51%% in the last year.

ideaForge‘s bottom line slipped into the red in Q3 FY25, reporting a consolidated net loss of INR 24.02 Cr against a net profit of INR 14.80 Cr. Sequentially, the loss widened by 42% from INR 13.73 Cr. 

Similarly, its operating revenue crashed 81% to INR 17.61 Cr during the quarter under review from INR 90.89 Cr in the year-ago quarter. This marked a 53% sequential decline from INR 37.10 Cr. 

Founded in 2007 by IIT Bombay graduates Ashish Bhat, Ankit Mehta, Rahul Singh, Vipul Joshi, and Amardeep Singh, ideaForge is a pioneer in UAV (Unmanned Aerial Vehicle) technology, focusing on designing high-performance drones for surveillance, reconnaissance, and intelligence missions.

The company collaborates with armed forces and paramilitary, providing tactical drones equipped with advanced payloads for border surveillance and counter-insurgency operations.

ideaForge made its debut in the bourses in July 2023 with its shares listing at INR 1,305.10 apiece on the BSE. This listing was at a premium of 94.21% to the IPO issue price.

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Reliance-backed Jio has reportedly introduced a new feature for its JioBharat device – JioSoundPay, an offering designed for small-scale merchants across India.

This new feature is designed to provide instant, multilingual audio confirmations for every UPI payment, making business operations smoother and more efficient for small kirana stores, vegetable vendors and roadside eateries, the company said in a statement.

“Existing small and micro merchants pay around INR 125 a month for a sound box. Now, with JioSoundPay being provided free, JioBharat users will save Rs 1,500 annually,” an official told ET.

Reliance Jio regained momentum in November, adding wireless users after four months of subscriber losses. BSNL, which had been gaining subscribers for four months, saw its growth streak end, recording losses during the same period.

Meanwhile, other private telcos, Bharti Airtel and Vodafone Idea, also lost subscribers in November, according to data from the Telecom Regulatory Authority of India (TRAI) released on Wednesday. This contributed to an overall decline in wireless subscribers, with a net loss of 1.76 Mn users. The total wireless subscriber base at the end of November stood at 1.14 Bn.

Reliance Industries Ltd’s (RIL’s) digital arm Jio Platforms’ average revenue per user (ARPU) surged to INR 203.3 per month at the end of the quarter as against INR 181.7 in Q3 FY24 and INR 195.1 in Q2 FY25. Total subscriber base stood at about 482 Mn, up 2.4% YoY, at the end of the December quarter.

The company said that the net subscriber addition in the quarter stood at 3.3 Mn with a monthly churn of 2%. It added that the customer addition rebounded to pre-tariff-hike levels in the exit month after transient SIM consolidation. 

Notably, Jio hiked the tariffs for its postpaid and prepaid plans by 12% to 25% from July 3. 

RIL said that Jio’s 5G customer base stands at over 170 Mn and accounts for 40% of the company’s wireless traffic. 

This development comes at a time when Jio Platforms has scaled up its digital play in the past year by launching a clutch of new offerings, including JioCoin, AI cloud services, 4G feature phones and Bluetooth tracker JioTag Go.

Meanwhile, Reliance Jio Infocomm’s standalone profit for the quarter stood at INR 6,477 Cr, up 24% year-on-year (YoY). Its revenue from operations zoomed 16% YoY to INR 29,627 Cr.

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Reliance Industries Limited’s (RIL’s) digital arm Jio Platforms has rolled out a reward-based crypto token ‘JioCoin’ for JioSphere web browser users.

This marks the company’s foray into the cryptocurrency market.

JioCoin is a blockchain-based reward token built atop Ethereum Layer 2 and is currently listed on crypto platform Polygon Labs.

“Excited to share that our first integration with Jio Platforms Limited (JPL) is now live on JioSphere – Safe, Fast and Powerful Web Browser,” said Polygon Labs global payments head Aishwary Gupta in a LinkedIn post. 

While Reliance is yet to make an official announcement, both Android and iOS users have begun noticing the addition of JioCoins on the JioSphere browser. These Web3 coins will be available to desktop users soon.

The browser “now features native wallet integration powered by Polygon Labs PoS, where JioCoins will reside,” said Gupta. 

Users can earn JioCoins for free by surfing the internet on the JioSphere web browser. These Web3 coins will be deposited into their Polygon Labs wallet. The company is likely to dole out JioCoins to the users of JioCinema and MyJio in the coming days, according to reports.

Polygon Labs in an official statement last week announced a strategic partnership with Jio Platforms (JPL) for the latter’s Web3 and blockchain debut in India. 

“The partnership would aim to add Web3 capabilities to some of the existing applications and services owned and operated by JPL by leveraging Polygon’s cutting edge blockchain solutions to create innovative Web3 services for Jio’s existing 450+ million customers,” the company said in the statement. 

“Joining forces with Polygon Labs marks a significant milestone in Jio’s journey towards digital excellence. We are excited to explore the boundless possibilities of Web3 and bring unparalleled digital experiences to our users,” said Kiran Thomas, CEO at Jio Platforms.

This development comes at a time when Jio Platforms has scaled up its digital play in the past year by launching a clutch of new offerings, including AI cloud services, 4G feature phones and Bluetooth tracker JioTag Go.

To note, earlier this week, telecom giant Reliance Jio also rolled out its 4G and 5G services at the Siachen glacier. 

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Reliance Industries Ltd’s (RIL’s) digital arm Jio Platforms posted a 26% increase in its consolidated net profit to INR 6,861 Cr in the third quarter of the financial year 2024-25 (Q3 FY25) from INR 5,447 Cr in the year-ago quarter. 

On a sequential basis, profit grew 5% from INR 6,539 Cr . The EBITDA for the quarter stood at INR 16,585 Cr, up 18.8% from INR 13,955 Cr in Q3 FY24. However, EBITDA margin for the quarter dipped 30 basis points to 50.1% from 50.4% in Q3 FY24. 

Revenue from operations zoomed 19.2% to INR 33,074 Cr in Q3 FY25 from INR 27,697 Cr in the corresponding quarter of previous year. On a quarter on quarter basis, operating revenue grew 4.3% from INR 31,709 Cr.

The company attributed the growth in operating revenue to the partial impact of tariff hike, increase in pace of home connections, and accelerating non-connectivity digital services businesses.

Meanwhile, Reliance Jio Infocomm’s standalone profit for the quarter stood at INR 6,477 Cr, up 24% year-on-year (YoY). Its revenue from operations zoomed 16% YoY to INR 29,627 Cr. 

Jio Platforms’ average revenue per user (ARPU) surged to INR 203.3 per month at the end of the quarter as against INR 181.7 in Q3 FY24 and INR 195.1 in Q2 FY25. Total subscriber base stood at about 482 Mn, up 2.4% YoY, at the end of the December quarter.

The company said that the net subscriber addition in the quarter stood at 3.3 Mn with a monthly churn of 2%. It added that the customer addition rebounded to pre-tariff-hike levels in the exit month after transient SIM consolidation. 

Notably, Jio hiked the tariffs for its postpaid and prepaid plans by 12% to 25% from July 3. 

RIL said that Jio’s 5G customer base stands at over 170 Mn and accounts for 40% of the company’s wireless traffic. 

“JioAirFiber has transformed broadband connectivity in the country, especially beyond the top 1,000 cities/towns. More than 70% of incremental JioAirFiber additions are coming from these previously underserved cities/ towns. Overall pace of home connect for Jio has continued to accelerate with a total installed base of about 17 Mn,” the company said.

During the quarter, Jio also launched its AI powered cloud service offering JioAICloud. 

In August last year, RIL CMD Mukesh Ambani unveiled the offering which allows Jio users to get up to 100 GB of free cloud storage space. Moving forward, RIL said that it is looking to offer a rich bouquet of AI services for consumers and enterprises on the back of gigawatt scale AI infrastructure in India. 

“… Rapid scale up of 5G adoption and proliferating fixed broadband beyond Tier I towns over the past year, further strengthens the Digital India mission. Jio will continue to lead the charge in technology innovation by fully embracing the power of AI to create a connected, intelligent future that is truly transformative. This will drive sustained value creation over the next many years,” Ambani said.

Earlier this month, Jio also launched its “5.5G” network, which will offer download speeds of up to 10 Gbps and upload speeds of up to 1 Gbps, developed in partnership with OnePlus.

Meanwhile, RIL said that the digital and new commerce business accounted for 18% of revenue of its retail arm Reliance Retail in Q3 FY25.

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The world’s largest asset manager, BlackRock, is reportedly in discussions with Jio Financial Services (JFS) to establish a private credit venture. 

The 50:50 partnership will aim to leverage the growing direct lending market in India, with plans to provide loans to a wide range of businesses – from large corporations to startups, Bloomberg reported.

Notably, the joint venture (JV) would mark BlackRock’s fourth collaboration with JFS. However, the report said that no final decision has been made on the new JV and the firms may decide to not go ahead with it.

Inc42 has reached out to JFS and Blackrock for comments on the development. The story will be updated on receiving their responses. 

JFS and BlackRock first signed a JV to foray into the Indian asset management space under the brand name Jio BlackRock in 2023. At the time, the two entities said that they would target an initial cumulative investment of $300 Mn in the joint venture.

Recently, the JV received in-principle approval from the Securities and Exchange Board of India (SEBI) to set up the mutual fund business. 

In April this year, JFS and BlackRock also teamed up to launch wealth management and stock broking ventures in India. 

The latest development comes at a time when JFS has been gradually expanding its services. Recently, the company announced the full-fledged launch of its JioFinance app, which allows users to open digital savings accounts with Jio Payments Bank Ltd, get a consolidated view of their bank accounts and mutual fund holdings, among others. The company claimed that the app is currently being used by 1.5 Mn customers.

From digital lending, banking and insurance to broking and asset management, JFS aims to disrupt the fintech sector in the country by leveraging technology and Jio’s wide customer base.

On the financial front, JFS’ net profit declined 5.7% to INR 313 Cr in Q1 FY25 from INR 332 Cr in the year-ago quarter. Operating revenue rose slightly to INR 418 Cr from INR 414 Cr in Q1 FY24. 

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Reliance Jio Infocomm, the telecom arm of Mukesh Ambani’s Reliance Industries, claims to be the world’s fastest growing 5G fixed wireless access (FWA) provider with more than 2.8 Mn JioAirFiber connections as of quarter ended September 30, 2024 (Q2 FY25).

Reliance Jio expanded its subscriber base 3X with Air Fiber over the past four quarters, as per the company’s Q2 earnings statement.

Now, Jio is gearing up for 100 Mn subscribers and aims to add over 1 Mn users every month to its 5G-based JioAirFiber and wired JioFiber broadband services.

“Scale up of distribution, optimized onboarding process and technology edge would enable Jio to connect over 1 Mn homes every month,” the company said.

Jio continues to build on its market leadership with pan India 5G services with over 148 Mn subscribers switching to 5G and accounting for 34% of wireless data traffic.

The company reported a strong 7.4% year-on-year growth in average revenue per user (ARPU) to INR 195.1 in the September quarter. Jio said that the full impact of tariff hike will flow through in the next 2-3 quarters.

Jio also saw a healthy 4.2% YoY increase in its customer base to 478.8 Mn during the quarter under review. 

According to Mukesh Ambani, the chairman and managing director of Reliance Industries, the company once again benefited from its diversified business portfolio, with robust growth in digital and upstream business compensating the weak performance of its oil-to-chemicals business.

Reliance Jio saw its consolidated net profit jump over 23% to INR 6,539 Cr in Q2 FY25 compared to INR 5,299 Cr in the year-ago period. It also reported a strong 18% YoY increase in operating revenue at INR 31,709 Cr.

The company’s EBITDA rose nearly 18% YoY to INR 15,931 Cr in the second quarter of FY25 from INR 13,528 Cr in the corresponding quarter last year. 

Inc42 reported earlier that the digital and new commerce business made up 17% of Reliance Retail’s total revenues in Q2 FY25.

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Reliance Industries Ltd’s (RIL’s) digital giant Jio Platforms posted a 23.4% year-on-year (YoY) increase in its consolidated net profit to INR 6,539 Cr in the second quarter of the financial year 2024-25 (Q2 FY25). 

On a sequential basis, net profit grew about 15% from INR 5,698 Cr in Q1 FY25.

Revenue from operations jumped 18% YoY to INR 31,709 Cr in Q2 FY25. On a sequential basis, operating revenue grew 7.6% from INR 29,449 Cr.

Jio Platforms, which houses telecom operator Reliance Jio, saw its Average Revenue Per User (ARPU) increase 7.4% YoY to INR 195.1 per month. On a sequential basis, the number went up more than 7% from the INR 181.7.

The company, in a statement, said that the ARPU increase was a result of a partial follow through of tariff hike and a better subscriber mix. It expects the full impact of the tariff hike to flow through in the next 2-3 quarters.

It is pertinent to note that Jio hiked tariffs for prepaid and postpaid plans by 12% to 25% on July 3. With the increase in tariffs, the cost of its lowest plan increased 21% to INR 189 from INR 155 earlier.

Earnings before interest, tax, depreciation and amortisation (EBITDA) rose 17.8% YoY to INR 15,931 Cr during the quarter, while EBITDA margin stood at 50.2%. The company said that the EBITDA growth was a derivative of the healthy increase in its revenue

Jio’s customer base stood at 47.88 Cr at the end of the September quarter, an increase of 4.2% from 45.97 Cr a year ago. However, the number declined over 2% on a sequential basis. Jio Platform’s total customers stood at 48.97 Cr at the end of Q1 FY25. 

“Limited amount of SIM consolidation observed after the tariff hike, offsetting continued strength in gross addition in 2Q FY25; monthly churn increased to 2.8%,” the company said.

Giving an update on the rollout of its 5G network, the telecom operator said that it has reached 14.8 Cr subscribers for its True5G network. This translates to onboarding of 4 Cr new customers to its high-speed internet network during the quarter. It said that the 5G network contributed about 34% of its wireless data traffic.

For its high-speed internet, home entertainment, and digital services offering JioAirFiber, the company said that it set up the highest number of home connections in Q2 FY25. The number of JioAirFiber connections in India as of September 24 stood at about 2.8 Mn. 

“Scaling up distribution, continuous optimisation of the onboarding process, and technology edge would enable Jio to achieve the target of connecting 100 Mn homes in India at record speed,” it said. 

Commenting on the quarterly performance, RIL’s chairman and managing director Mukesh Ambani said, “Growth in digital services was led by increased ARPU and improving customer engagement metrics reflecting the strong value proposition of our services. The home broadband segment is witnessing accelerated momentum on the back of our unique industry-leading JioAirFiber offering… The digital services business continues to focus on innovative deep-tech solutions on a national scale and is on track to deliver the path-breaking benefits of Artificial Intelligence (AI) to all Indians.”  

The quarter saw Jio expand into the growing AI industry in India with the introduction of an AI service platform called Jio Brain.

Under Jio Brain, the company plans to offer a comprehensive suite of AI platforms and tools, currently being tested within all Reliance Group companies. 

In its quarterly result announcement, the company said that JioBrain is helping RIL embed AI into several processes and offerings, creating end-to-end workflows with real-time, data-driven insights and automation.

It is pertinent to mention that during RIL’s 47th annual general meeting, Mukesh Ambani also announced the launch of the Jio AI-Cloud Welcome Offer under which Jio users would get up to 100 GB of free cloud storage space to securely store and access documents by Diwali this year. 

At a group level, RIL witnessed a 3.6% decline in net profit to INR 19,101 Cr from INR 19,820 Cr in the year-ago quarter. Its revenue from operations, however, rose 0.2% YoY to INR 2.35 Lakh Cr  Cr from INR 2.34 Lakh Cr in Q2 FY24.

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The government has approved the transfer of non news TV channel licenses from Reliance Industries’ Viacom18 to Star India.

“… it is hereby informed that the Ministry of Information and Broadcasting, Government of India, vide its order dated September 27, 2024, has granted its approval for transfer of licenses relating to non news and current affairs TV channels held by Viacom18 Media Private Limited in favour of Star India Private Limited,” as per exchange filings by Reliance Industries. 

However, the filing added that it is subject to conditions laid by the Competition Commission of India.

The merger is poised to create the largest media entity in the country, valued at nearly $8.5 Bn and will house two streaming services and around 120 television channels. 

As a part of this merger, Reliance Industries will hold a stake of 63.16% in the new entity, while Disney will own the remaining 36.84%. 

The proposed combination aims to merge the entertainment businesses of Viacom18, a part of the Reliance Industries Ltd (RIL) group, and Star India Private Limited (SIPL), which is wholly owned by The Walt Disney Company (TWDC). 

Following the transaction, SIPL will become a joint venture (JV) jointly held by RIL, Viacom18, and TWDC’s existing subsidiaries.

While Nita Ambani is set to chair the joint venture, Uday Shankar will be the Vice Chairperson. 

Notably, RIL will also infuse around $1.4 Bn into the joint venture to bolster its growth strategy and enhance its competitive edge against global media giants. 

This comes after NCLT greenlit the merger deal on August 30 after CCI gave its consent on August 28. 

It is pertinent to note that CCI’s approval was vital as it ensured that the the merger did not violate antitrust laws and maintained competitive integrity in the media sector. 

Earlier in February, RIL and The Walt Disney Company inked a deal earlier this year to set up a joint venture (JV). 

As this merger unfolds, the newly formed entity will position itself to compete against players in India’s media landscape like Sony, Netflix, and Amazon Prime Video. 

In a bid to get the necessary approvals for the merger, RIL and Walt Disney have reportedly been offering a slew of rebates, including proposals to offload some news channels. 

Last month, the two parties reportedly also proposed a two-year freeze on advertising rate cards to secure the CCI’s approval for their merger. 

On the financial front, Walt Disney previously disclosed that it had incurred over $2 Bn in charges for the second quarter of 2024 due to goodwill impairments related to Star India, stemming from the merger with Reliance Industries.

The post Govt Approves Transfer Of Licence From Viacom18 to Star India appeared first on Inc42 Media.

With more and more companies joining the reverse flipping parade, Info Edge cofounder Sanjeev Bikhchandani said that the companies want to move their domicile to India due to better initial public offering (IPO) prospects in the country compared to other nations.

During a discussion with Inc42 cofounder and CEO Vaibhav Vardhan at Money X, Bikhchandani shared that the IPO standard is higher overseas in terms of revenue, profitability and other metrics. 

According to him, companies in India target for public listing in 10-12 years since launch. “While Mamaearth went for IPO in just 6-7 years, companies like MakeMyTrip took close to 10 years,” said Bikhchandani.

It is pertinent to note that after a lull in IPOs in 2022 and 2023 due to geopolitical tensions, a raging funding winter and macroeconomic pressures, startups in India are lining up in droves to list on the bourses this year..

The latest ones mulling to go for IPO are Swiggy, Mobikwik, Physics Wallah, Ather Energy, among others.

Notably, Bikhchandani’s InfoEdge was one of the early investors in Swiggy’s rival Zomato and still holds around 13% of Zomato’s total shares, the company which went public in 2021.

Currently, over 90% of startup investors are expecting a funding revival in H2 2024.

Unlike H1 2023, when funding raised by Indian startups cratered 72% year-on-year (YoY), the decline in numbers was a mere 2% YoY in the first six months of the ongoing calendar year.

Also, two startups turned unicorn in H1 2024 (Rapido became the third unicorn of the year in July) whereas the same number of startups (Zepto and InCred) entered the coveted club in the entire 2023. Additionally, the total funding raised by the Indian startup ecosystem since 2014 touched the $150 Bn mark during the first six-month period of 2024.

The post Companies Seeking To Flip Back To India Due To Better IPO Prospects: Sanjeev Bikhchandani appeared first on Inc42 Media.

Telecom major Reliance Jio faced a severe outage across its network on Tuesday (September 17). Many users took to social media platform X to report that they were facing issues with making calls or using the internet. 

According to outage tracker website Downdetector, more than 10,000 users reported that they weren’t receiving any signals, having troubles with JioFiber and accessing mobile internet. 

Confirming the issue, a Jio spokesperson told Reuters, “This morning, some Jio customers in Mumbai faced problems in availing seamless services on account of minor technical issues. The same has been resolved, and seamless services of Jio have been fully restored. We regret the inconvenience to our subscribers.”

Citing a source, the report said that a fire incident in the morning at the Jio IDC Data Centre was the reason behind the disruption of services. 

It is pertinent to note that Jio is the biggest player in the Indian telecom market. In its annual report, Reliance Industries Ltd said that Jio commanded a 60% share in India’s overall data traffic in the financial year 2023-24. 

Further, the company said that Jio’s broadband services facilitated 5.5 Tn minutes of voice calls in the prior fiscal year. Besides, average per capita data and voice usage stood at 28.7 GB and 1,008 minutes per month, respectively, in FY24. 

Its customer base stood at 48.97 Cr at the end of the June quarter (Q1 FY25), an increase of 9% from 44.85 Cr a year ago. The number stood at 48.18 Cr at the end of Q4 FY24.

Jio posted a 12% year-on-year (YoY) increase in its consolidated net profit to INR 5,698 Cr in the first quarter of the financial year 2024-25 (FY25). Revenue from operations grew 13% YoY to INR 29,449 Cr in Q1 FY25. On a sequential basis, operating revenue grew 2% from INR 28,871 Cr.

The post Fire Incident At Jio’s Data Centre Leads To Massive Outage appeared first on Inc42 Media.

Instant messaging platform Telegram is reportedly being scrutinised by the government over allegations of extortion and gambling. 

A Moneycontrol report, citing a government official, said that the Centre could mull banning the Dubai based app in India on the basis of the probe’s findings. 

The investigation is reportedly being led by the Indian Cyber Crime Coordination Centre (I4C) under the Ministry of Home Affairs (MHA) and the Ministry of Electronics and Information Technology (MeitY).

“The I4C under MHA and MeitY have been looking into P2P communications on Telegram,” a government official told the publication.  

This isn’t the first time that the company has ended up in regulatory troubles in India. Earlier this year in January, the Delhi High Court (Delhi HC) ordered the platform to remove or block access to accounts allegedly used for cheating people by using the name of private equity firms Peak XV Partners and Sequoia Capital.

Its tenure in India has seen it land in multiple controversies throughout the year. For instance, reports back in 2019 highlighted that Telegram lacked proper cybersecurity against spyware and viruses for users. 

Besides, the platform is also a host to rampant piracy. In many such instances, the messaging app has escaped by evoking the Information Technology Act. Telegram has repeatedly claimed to be an intermediary and evaded any responsibility for the content being circulated.

The probe comes at a time when Telegram’s CEO Pavel Durov is also behind bars in France. Durov was arrested at the Paris airport over allegations that his messaging app facilitates criminality including money laundering and drug trafficking on August 25.

“It is absurd to claim that a platform or its owner are responsible for abuse of that platform,” Telegram said in a post on X after Durov’s arrest. 

However, investigations on Telegram come at a time when the government has upped the ante for players engaged in illegal activities like gambling or extortion which often sees platforms like Telegram becoming a conduit for bad actors to spread social malice. 

For a user to get involved in betting on Telegram, they have to join groups and channels where tipsters share their predictions. These can range from free advice to premium tips, depending on the tipster’s service

About a week ago, the directorate of enforcement (ED) initiated a crackdown on gambling apps operating in India by handlers settled abroad. More than two dozen offshore gaming applications are currently under ED’s scanner for remitting and round-tripping funds. These offshore gambling apps have caused gamblers to incur losses to the tunes of INR 1 Lakh Cr.

Besides, on August 19, conducted searches at 20 premises across multiple cities in connection with a money laundering probe into online betting platform “magicwin”.

Despite the Centre’s efforts to clamp down on online betting, India’s online gambling market is projected to touch the $5.49 Bn mark by 2032, as per a report by IMARC Group.

The post Telegram Under Lens Over Alleged Betting & Extortion On The Platform: Report appeared first on Inc42 Media.

Reliance Industries said in its FY24 annual report today (August 7) that its JioBharat feature phone has already commanded a 50% market share in the sub-INR 1,000 price segment.

Reliance’s digital and telecom business Jio unveiled its internet-enabled JioBharat feature phones in July last year, which was rolled out for the first 1 Mn users as part of a beta trial beginning that month. 

In January this year, JioBharat phone commanded a 45% market share in the sub-INR 1,000 price segment. The company has positioned the phone as the lowest-priced, made-in-India internet-enabled handset with affordable and competitive monthly service plans.

The company claimed that the JioBharat phone is helping over 10 Mn users upgrade to digital networks at affordable costs.

Mukesh Ambani, chairman and MD of Reliance Industries, said in its annual report today, “The launch of JioBharat phone was another revolutionary step towards bridging the country’s digital divide. A smartphone at the price of a feature phone, the JioBharat phone will go a long way in the realisation of a 2G-mukt (2G-free) Bharat.”

Along with the JioBharat phone, Jio’s other products launched during FY24 included JioSpaceFiber, JioCloudXP, JioGamesCLoud, JioCloudPC, JioMotive, JioSafe and JioTranslate.

“In pursuit of developing innovative products and services at affordable prices, Jio Platforms and its subsidiaries have filed for 1,255 patents and were granted 144 patents

in FY 2023-24,” said Reliance in its annual report. “The cumulative count of patents granted has increased to 331 as of March 2024. These patents span across 6G, 5G, AI, LLM, deep learning, big data, devices, IoT and NB-IoT.”

It is worth noting that Reliance’s digital arm Jio Platforms posted an operating revenue of INR 1.09 Lakh Cr and a net profit of INR 21,423 Cr in FY24.

In the June quarter (Q1) of FY25, its net profit rose 12% year-on-year (YoY) to INR 5,698 Cr while operating revenue grew 13% YoY to INR 29,449 Cr.

The post JioBharat Phone Captures Half Of Market Share In Sub-INR 1,000 Segment appeared first on Inc42 Media.

Reliance Industries’ Jio Platforms has taken a step ahead in the satellite internet race as the company’s joint venture with Luxembourg-based SES to provide gigabit fibre internet has reportedly won approval from the Indian space regulator to operate satellites there.

As per a Reuters report, the approvals were issued to Orbit Connect India, which aims to provide satellite-based high-speed internet access. The Indian National Space Promotion and Authorisation Centre (IN-SPACe) reportedly granted the authorisations in April and June. 

It would allow Orbit Connect to operate satellites above India. However, further approvals are still needed from the Department of telecoms to begin operations.

The development comes at a time when tech majors including Amazon and Elon Musk’s Starlink have been waiting for the go-ahead to launch their satellite communication services in India.

IN-SPACe chairman Pawan Goenka informed the news agency that Inmarsat, another company aiming to provide high-speed satellite-based internet, has also received the approval to operate satellites over India.

“Comparatively low pricing of communication services in India will compel global players to drive innovation to reduce their pricing,” Goenka was quoted as saying. 

He also informed the news agency that IN-SPACe would soon authorise private companies to operate ground stations, which would enable satellite operators to download data as they pass over India.

It is to be noted that Bharti Enterprises’ OneWeb received all the approvals late last year to offer satellite-based internet services.

Meanwhile, India has been pushing to grow the country’s space industry significantly over the last few years. The Indian government this year also fulfilled a long-standing demand of the industry by liberalising the FDI regime for the sector, which would now allow up to 100% FDI via the automatic route for certain sub-segments in the space sector.

Goenka informed the news agency that following FDI liberalisation, investors’ interest has increased significantly in India’s space sector.

“Last year investments into private companies were $2 Mn-$7 Mn. This year they are talking $20 Mn-$30 Mn,” he was quoted as saying.

Meanwhile, as per a last year’s report by Deloitte, India’s satellite broadband service market is expected to grow 36% per year over the next five years to reach $1.9 Bn by 2030.

The post Jio Platforms Gets Indian Space Regulator’s Nod To Launch Internet Satellite appeared first on Inc42 Media.

In the last decade, ‘fintech’ has been the most quintessential buzzword in finance; evolving everything from traditional banking to payments, credit, savings, remittances, and insurance. It’s leading the charge in digitising and empowering the entire financial services ecosystem.

Family offices in India have been the custodians of intergenerational wealth management. A report by Empaxis states that an estimated 300 family offices collectively have an average AUM of $30 Bn as of 2023. 

The total wealth management market in India reached $429.1 Bn in 2023. This reflects a significant share of the wealth that family offices manage against the total wealth management market in the country.

However, as custodians of substantial assets, these private entities have traditionally been characterised by meticulous manual processes, extensive paper trails, and a reluctance to embrace technological advancements. 

This is where a change is imperative for family offices to modernise their operations or risk being left behind in an increasingly digitised world. Family offices are still in the nascent stages of determining the most effective systems for their daily operations.

As the Ernst and Young report rightly reflects, with the immense variety of tools and platforms available, navigating this landscape can be overwhelming, especially with the barrage of options from the sell side. 

For family offices, integration goes beyond mere aggregation of tools; it’s about unifying functionalities to provide a comprehensive view. This entails more than a conventional dashboard as a PwC Report states that family offices require dynamic, participative platforms that can keep up with their evolving needs. 

Strategising The Path Forward 

Would you believe that the implementation of a single robust platform can revolutionise family office operations, potentially saving up to 60% of time spent on routine tasks?

The adoption of technology among family offices follows a U-shaped curve, with initial resistance giving way to gradual acceptance and eventual habit formation. Technology remains a key factor, necessitating a shift in behaviours and habits but realising these efficiency gains requires a concerted effort towards intent and behaviour change.

In addition to providing a holistic view of portfolios, platforms must facilitate collaboration, information sharing, and timely execution of routine tasks on a daily, weekly, and monthly basis. 

These functionalities are essential for fostering efficiency and transparency within family offices. Family offices view themselves as businesses, necessitating the adoption of professional platforms tailored specifically to their needs. These platforms should streamline operations while accommodating the unique complexities of family office management.

Disparate systems persist due to their familiarity and ease of operation. Rather than complete reinvention, the solution lies in marrying familiar interfaces with modern backend systems, ensuring a smooth transition to digitalisation. 

Family offices are eager to embrace new platforms, provided the process is seamless, quick, and requires minimal intervention.

High turnover rates pose a challenge for family offices, as new team members must navigate steep learning curves. Platforms designed with user-friendliness in mind can mitigate this barrier, ensuring continuity even amidst personnel changes. 

As family offices grow in size, complexity, and jurisdictional reach, virtual platforms become indispensable for preserving institutional knowledge and ensuring continuity across generations. 

As the saying goes, “Tomorrow is a very different picture”, family offices that embrace change today will emerge as resilient institutions capable of navigating the complexities of tomorrow’s wealth management landscape. 

The number of family offices is expected to reach about 1000 from 300, as per Empaxis. If 60% of the time spent by family offices is refrained from routine tasks, it is evidently indicative that family offices will take ownership of a significantly substantial amount of the total wealth management in the country. 

By integrating robust platforms and fostering a culture of collaboration and innovation, family offices can not only enhance their operational efficiency but also strengthen their position as key players in India’s evolving financial ecosystem.

The post The Missing Platformization In The Family Office Space appeared first on Inc42 Media.

One app to rule them all: that’s the fintech story in India over the past couple of years. And now Jio Financial Services (JFS) is ready to show off its own super app.

With the launch of the ‘JioFinance’ app, JFS is looking to integrate digital banking, UPI, bill payments, and insurance advisory in one app, and the company is also adding digital lending and an investments platform to the mix.

Even though it is in the beta phase at the moment, JioFinance is going to be a major headache for the competition due to Reliance’s vast network of retail stores and its various SME partners. If Jio 4G was a key growth factor for fintech apps (Paytm, PhonePe, Google Pay et al), JioFinance threatens to eat their lunch.

So, how does Jio’s entry change things for these startups and companies that have defined fintech in India till now? This is what we will look to answer this Sunday but after a look at the top stories from our newsroom over this past week, incidentally featuring two of JioFinance’s big rivals:

• • Into The CREDverse: Super apps are a strong theme in the fintech world and CRED exemplifies this movement with its acquisition-led platform play. A deep dive into how the platform has expanded in the past year.
  • Paytm’s Lost Merchant Magic: Paytm took the super app route for merchant services and it paid off massively till 2024, but now this vertical is reeling under operational challenges and compliance lapses. Can the fintech giant bounce back?
  • The ‘30 Startups’ Spotlight: Going from scaled up giants to early-stage innovators — a look at the May edition of our coveted list of the most innovative startups in India that are cracking PMF and gaining traction.

Jio Goes The Paytm Way

Jio’s strategy of having products in key verticals is similar to Paytm’s playbook, right down to the payments bank licence. JioFinance app’s key features on debut include digital banking centred around the Jio Payments Bank as well as insurance broking and secured loans against mutual funds.

“Our end goal is to simplify everything related to finance in a single platform for any user across all demographics, with a comprehensive suite of offerings like lending, investment, insurance, payments and transactions and make financial services more transparent, affordable and intuitive,” a JFS statement said.

The payments bank account is likely to sit at the centre of the super app platform, just as Paytm Payments Bank did for Paytm till February 2024 before the RBI action against the bank, and the subsequent changes in Paytm’s backend banking partnerships for lending and payments.

Till the RBI action, most analysts saw the payments bank licence as a major competitive advantage for Paytm. It also enabled the payments app to offer faster transaction times and lower failure rates.

The same advantage will be critical for JioFinance to stand out among a sea of payments apps today. JFS also plans to include secured lending products such as loans against mutual fund investments and home loans in the future. Besides this, it plans to enter the mutual fund business through the JV signed with BlackRock.

During the Q4 FY24 post-earnings call with analysts, JFS managing director and CEO Hitesh Kumar Sethia said, “In the past quarter, the [payments] bank has revamped its digital savings account offerings and also launched virtual debit cards leading to a rapid increase in the number of customers acquired. In the coming quarters, we expect to ramp up our business correspondent touch points to facilitate further growth.”

But given the current market, the payments play will be the central large funnel through which Jio Financial Services acquires users for other services. JFS’ go-to-market strategy will be critical given the competition.

The Fintech Super App Field

While most large fintech companies have gone the super app way, their GTM strategy has differed.

Paytm relied heavily on acquiring digital payment consumers at a very early stage with its wallet business and built inroads into other services including UPI. Till very recently, in fact, UPI was not a big focus for Paytm given how much more profitable the wallet business is and the better terms for merchant discount rates on wallets compared to UPI.

Google Pay and PhonePe used Paytm’s example and doubled down on customer acquisition as well, before slowly adding more and more pieces to their platforms. PhonePe’s entry into the secured lending space, announced this week, is an example of how the Bengaluru-based decacorn is building a larger fintech empire leveraging its lead in UPI.

BharatPe took the B2B route and is now slowly adding B2C products to its mix. BharatPe’s JV for the Unity Small Finance Bank is another competitive advantage for the Peak XV Partners-backed company.

CRED started by tapping the creditworthy creamy layer of the urban population and built on that with more products, while Groww built a sizable lead in the investments space before jumping into lending and payments.

Zerodha which has the second largest active investor base after Groww is another formidable competitor for JFS in the investments space.

Each of these companies is also looking at payment aggregator licences to build further products that help them own a bigger piece of the digital financial services value chain. Jio too has a PA licence which will be leveraged for its B2B verticals.

While the super app field is growing wide, and rightly so given the untapped depth in the market, these specific GTM strategies indicate that owning a single niche is vital. This forms the spine against which the other parts can be added.

What strategy will Jio Financial Services and JioFinance rely on? And how will the fintech platform look to tackle the scale of existing players in each of these verticals? How will the larger Reliance universe link to JFS?

The Jio Financial Services Advantage

By all indications, JFS is more focussed on the wealth management opportunity. The JV with BlackRock has been expanded to cover wealth management and broking, in addition to the asset management.

The strategy questions will be more important for Jio to answer because it is already on course to raise funds and is expected to garner plenty of interest from institutional investors, sovereign funds and private equity giants.

The company is also looking to raise the limit of foreign investment in its equity capital up to 49%, for which it has sought a shareholder nod. JFS’ formation as part of a demerger from Reliance Industries in mid-2023 meant it was already a heavily capitalised business, but its new platform push will require further fresh infusion.

Remember the Jio Platforms funding spree in 2020, and then a similar run for Reliance Retail in 2023? It’s time for Jio Financial Services to be the next big Reliance bet.

Besides investments in the JV with BlackRock, Jio will also use the funds to scale up its merchant business and take on the likes of Paytm which are currently struggling. JFS launched Voice Boxes last year and plans to add to its PoS and devices network in 2024.

Its subsidiary Jio Payment Solutions Limited, which operates the payment aggregator business, will drive the merchants business, and here Jio will also have to fight off Paytm, PhonePe, Google Pay, BharatPe, CRED, Pine Labs and others that have scaled up their PoS businesses.

Not to mention the big investments needed on the consumer side for payments. If Jio hopes to drive scale for its platforms rapidly, it will need to invest heavily on customer and merchant acquisition. The Jio telecom subscriber base of 470 Mn (47+ Cr) users will very likely be JFS’ first target.

Adani Group is also eyeing a fintech super app and has partnered with ICICI Bank for its payments play. The Adani One super app logged INR 750 Cr in sales in FY24, according to reports, the group could leverage ONDC for its ecommerce and payments businesses. Along with Jio, Adani also poses a major threat to the fintech startup ecosystem.

Given the intense competition, Sethia told analysts in April this year that JFS’ advantage can be broken down into three aspects: “Number 1, the Jio brand; number 2, capital; and number 3, customer adjacency from our ecosystem,” he said.

Will these three be enough for the JFS super app? The competition has the deeper fintech experience, and startups such as Paytm, PhonePe, Google Pay, BharatPe, CRED have shown that they rapidly implement new technology and have built tech stacks that can support scale of millions. These are brands in their own rights too and are digitally-native companies that are also investable.

JFS will definitely have the pedigree of Reliance and the Jio brand and even the capital, but fintech is proving to be more than that. Can Jio Financial Services step up?

Sunday Roundup: Tech Stocks, Startup Funding & More

• Indian startups raised more than $217 Mn across 31 deals, this past week, a massive 273% week-on-week jump, taking the May 2024 tally to just over $650 Mn. Stay tuned for our full report
• Coworking space provider Awfis made a strong market debut this week, with its shares listing at a substantial premium of 12.8% on the BSE

• Online travel aggregator Yatra slipped into losses in FY24, just like software development company Yudiz, which reported a loss of INR 2.9 Cr
• On the other hand, recently listed B2B travel portal TBO Tek posted a 64% jump in profit at INR 46.4 Cr for Q4 FY24
• Paytm CHRO Swati Rustagi has quit the company, adding to the recent leadership exodus as the fintech company goes through a reorganisation

The post The Jio Threat To Fintech Startups appeared first on Inc42 Media.

It was May 17, 1973, and the world was formally celebrating its first World Telecommunication Day. Just a month ago, Motorola had demonstrated the world’s first handheld cellular mobile phone, and with it, the global telecommunications ecosystem had come to life.

In India, the telecom space was still taking baby steps as trunk dialling and PCOs (public call offices as they were called back then) were still the norm. Despite boasting one of the world’s oldest postal and telecom sectors, India was nowhere on the global telecommunication map at that time. 

Five decades later, as India celebrates World Telecommunication and Information Society Day 2024, we foster the world’s second-largest telecom network. Not just this, India was home to 119 Cr telecom users at the end of March 2024.

At the end of 2023, the country had 82 Cr active internet users who consumed an average of 24.1 GB of data a month per user. In total, Indian subscribers consumed 17.4 exabytes (or 17.4 Bn GB) of data last year. 

Fuelling this rapid internet adoption has been the pan-India 4G services that cover most of the country, even as 5G is witnessing a rapid rollout. Banking on high-speed internet and dirt-cheap data prices, the country’s digital economy has witnessed a growth explosion, akin to a proverbial supernova.

However, this was not the case a decade ago (around 2015) when the average cost of one GB of data was around INR 226, according to Telecom Regulatory Authority of India (TRAI) data. Interestingly, this cost first declined to INR 75 the next year, INR 19.35 per GB in 2017, and INR 11.78 in 2018.

As data costs continued to plummet, the nation’s digital prowess soared, so much so that today we are the world’s third-largest new-age tech ecosystem. 

The Era Of Cheap Mobile Data, Free Calls

It was September 2016, and mobile phone users were queuing up in droves for a SIM card. At the centre of this mania was Reliance Jio, which offered free calling and data usage to its customers across the country.

Between 2016 and 2019, Reliance Jio 4G spread like wildfire. It added 90 Mn users in 2019, bringing its total subscriber base to 370 Mn in just three years. At the end of March 2024, the company was commanding a market share of more than 40.3%. 

Thanks to the fierce competition ignited by Reliance Jio, other telecommunication companies were forced to significantly reduce their data prices. Those unable to adapt faced harsh consequences, either went bankrupt, exited the Indian market entirely, or were acquired by larger players. 

Some of these names included Aircel, Videocon Telecom, MTS India, Telenor India, and Tata Docomo, among others. Vodafone and Idea were forced to merge amid the Jio onslaught.

While the competition ignited by Jio paved the way for cheap data and free voice calls, it was time for 5G to shine. 

The Arrival Of 5G 

While 3G and 4G brought faster connectivity on the move for Indians, 5G, launched in October 2022, aimed to upend the entire landscape by offering data speeds to the tune of 1 Gigabyte per second (GBPS), with the number theoretically going all the way up to 10 GBPS. 

The speeds offered by the 5G network opened an endless world of possibilities. For instance, online gamers could now enjoy low latency and little lags, while experts also cited potential use cases in deploying autonomous vehicles and the world of metaverse. 

Such has been the chatter about this new technology that 5G spectrum auctions fetched the government a record INR 1.5 Lakh Cr in 2022. And the telecom operators spent billions of dollars to acquire these licences.

Since then, the 5G rollout has seen Airtel and Reliance Jio spend extensively on expanding its network of towers to offer pan-India 5G access so that more and more netizens could upgrade from their outdated 3G or 4G networks. 

Pertinent to note that Vodafone-Idea (Vi) has been a laggard in terms of the 5G rollout and expects to start the process by year-end or next year. 

On the agenda of telcos is a new breed of data-guzzling urban Indian users with their novel needs. But, it could take some time before the Indian hinterlands get a whiff of 5G. To bring the internet to these treacherous terrains, the government seems to have much going on behind the scenes. 

Making Way For Satcom & India’s 6G Leadership 

In February 2023, the Centre said that more than 45,000 villages across the country still had no 4G services. Partly to blame for this inaccessibility are the country’s tough-to-reach terrains, posing mammoth challenges for Indian telcos. 

In the past, the Centre has made no qualms about its ‘Antyodaya’ approach – ensuring the development of the last person in society. So, how does the internet reach areas where it is commercially non-viable and physically not feasible?

Here is where satellite communication, or satcom, comes into the picture. This futuristic technology skips the need for extensive capital expenditure and can be accessed via on-ground satellite access stations.

Owing to these considerations, the Centre recently announced that satcom spectrum will be available without auctioning and there will be administrative allocation of the licence. This could spur the entry of both global as well as domestic players in the segment and foster India’s spacetech ecosystem.

With an eye on the future, the country aims to lead the world in 6G development. To achieve this, the Centre has constituted a dedicated 6G task force, launched the country’s first 6G test bed at IIT-Madras and even unveiled the ‘Bharat 6G Mission’ roadmap to turn India into a 6G hub.

All this has culminated in one of the world’s biggest telecom revolutions, with India at the centre of it. But, all lofty ambitions aside, the theme of World Telecom Day 2024 seems to offer a guiding light for India’s roadmap ahead — “Digital Innovation for Sustainable Development”.

As India treads the path of growth and digital transformation, the country seems to be under the spotlight as the next wave of innovation in the telecom space awaits.

The post From PCOs To Satcom: Tracing India’s Telecom Journey This World Telecom Day appeared first on Inc42 Media.

India aspires to become the world’s third-largest economy by 2030 by achieving a $5 Tn GDP. This requires a big surge in innovation and entrepreneurship. Aspiring to be a fully developed nation by 2047, the government has implemented strategic policies to bolster the economy, employment, innovation, and industrial output. 

At the forefront of this transformation are Indian startups, constituting the world’s third-largest startup ecosystem and poised for consistent annual growth of 12-15%. Disrupting conventional industries, these startups are pioneers in technology, healthcare, renewable energy, and more. 

One of the key challenges for startups is to prioritise cybersecurity. Emerging enterprises can become easy targets for cybercriminals who are eager to exploit any vulnerability to gain unauthorised access to sensitive data. Increasing risk quotient multifold.  The outcome of this can extend beyond financial losses and brand reputation.

Cybersecurity Challenges For Startups

Entrepreneurship is exhilarating, but it comes with its unique set of challenges. While many startups may prioritise building their products or services, it’s essential to recognise and address common cybersecurity challenges.

With limited financial means, the emphasis naturally gravitates towards scaling the business, inadvertently neglecting the crucial aspect of cybersecurity. This oversight is further compounded by a lack of cybersecurity expertise within the organisation, leaving it susceptible to potential threats emerging in the digital landscape. 

In navigating this dynamic ecosystem, it becomes imperative for startups to bridge the gap in cybersecurity knowledge, effectively counteract the evolving threat landscape, and strike a delicate balance between fortifying security measures and fostering innovation for sustained success.

Building A Robust Cyber Threat Model

Startups may not have the financial muscle of larger enterprises, but they are not immune to cyber threats. The first step in embracing cybersecurity is to understand the specific threats that could target the startup. 

This involves creating a cyber threat model, which identifies potential vulnerabilities, attack vectors, and the impact of a security breach on the business. By prioritising risks and understanding the potential consequences, startups can allocate their limited resources more effectively.

Ensure Perimeter Security

1. Data Center (DC) and Disaster Recovery (DR) Security: Protecting the physical and virtual infrastructure is crucial for startups. Implementing access controls, surveillance, and secure data backup and recovery mechanisms are essential components of data centre and disaster recovery security.
2. Server Security: Securing servers is fundamental to safeguarding the core of a startup’s operations. Regular updates, vulnerability assessments, and robust access controls are vital for maintaining server security.
3. Vulnerability Assessment and Penetration Testing (VAPT) Patching: Startups should conduct regular VAPT to identify and address vulnerabilities in their systems. Timely patching of software and applications helps in closing potential security loopholes.

Internal Security Process and Employee Training

1. a) ISO Certification: Obtaining ISO certification (such as ISO 27001 for information security) can enhance the credibility of a startup’s security practices. This internationally recognised standard provides a framework for establishing, implementing, maintaining, and continually improving an information security management system.
2. b) Employee Training: Employees are often the weakest link in cybersecurity. Conducting regular training sessions on security awareness, safe computing practices, and the company’s cybersecurity policies is essential to create a culture of security within the organisation.

Security for Customer-Facing Mobile Apps & Website

a) Mobile App Security: While delivering services on mobile apps, startups capture large amounts of sensitive data. It could be the customer’s login credentials, financial transaction history and sensitive information. 

Hence securing mobile apps is of utmost importance to avoid any financial damage or attracting any penalties. This includes secure coding practices, encryption, and robust mobile app security measures which protect the application on the runtime basis such as Runtime Application Self Protection (RASP). This technology prevents threats before it arises by securing vulnerable endpoints.

b) Website and Portal Security: Implementing Secure Sockets Layer (SSL), regular security audits, and protecting against common web application vulnerabilities are critical steps to secure customer-facing websites and portals.

While startups may face budget constraints, they should strike the right balance between product development & cyber security. 

By understanding the cyber threat model, ensuring parameter and application security, and implementing security processes and employee training, startups can navigate the challenging cybersecurity landscape and build a secure foundation for growth. 

Remember, investing in cybersecurity is an investment in the future sustainability and success of the startup.

The post Embracing Innovation: A Startup’s Guide To Cybersecurity Advancements appeared first on Inc42 Media.

In the ever-evolving tech landscape, the industry is witnessing an escalated demand for specialised tech skills. However, employers are struggling to fill open roles due to the lack of technical expertise in applicants. 

This makes upskilling indispensable in a fast-paced technological world. To meet this demand, IT professionals are actively seeking opportunities to learn, upskill and reskill to stay ahead of the competition curve. 

Against this backdrop, professionals aiming to secure SDE roles with Product-based and especially MAANG (Meta, Amazon, Apple, Netflix and Google) companies should keep in mind the employers’ shortlisting criteria. 

Their requirements extend beyond the regular college curriculum. Instead, having a problem-solving mindset is considered a key indicator of potential performance. 

To nurture a problem-solving mindset, it is significant for professionals to navigate the tech landscape with strategic upskilling. In the present job market, strategic upskilling becomes a catalyst for career growth. 

Let us explore what makes up the components of strategic upskilling for professionals of today. 

Assessing Core Competencies

Tech professionals need to follow a meticulous approach for a successful upskilling journey. The two-pronged approach begins with a focus on identifying key technical skills and concepts that form the foundational basis for any tech career such as data structures, algorithms, system design and interview strategies. 

Additionally, an evaluation of strengths in these domains, considering proficiency level and practical application is necessary.

This helps professionals identify areas of improvement – bridging the gaps in their skills and emerging technologies. Ultimately, the assessment of core competencies sets a solid foundation for strategic upskilling in the fiercely competitive IT landscape.

Strategic Upskilling Roadmap 

The regular mediums available for upskilling are YouTube and online MOOC programs. Self-taught instructors convey information via video playlists that learners watch at leisure. However, the amount of actual learning taking place through these platforms is questionable. While solutions and content may have quality, spoon-feeding them to learners results in poor learning outcomes. 

Instead, learners need to explore more practical avenues of learning that lead to tangible outputs. Live classes enable learners to engage interactively with proven content quality delivered by experts from MAANG and top-product companies. Outcomes are monitored and enabled by a focus on active practice, problem-solving and clearing important doubts with dedicated mentors for each individual. 

Various innovative tools involving pattern recognition, and visualisers facilitate learners by giving them comprehensive depth and allowing them to retain information without rote learning. These features are the hallmark of innovative edtech companies that redefine learning for all. 

Hands-On Experience

As India is gearing up for the Industry 4.0 revolution, the need for upskilling with a key focus on experiential learning is becoming the need of the hour especially for tech professionals. 

Hence, enrolling in an advanced upskilling program can help learners or working professionals get hands-on experience with the latest technologies and tools. 

Contributing to real-world applications and projects fosters collaboration while enhancing technical abilities. As a result, it also demonstrates initiative and adaptability to potential employers looking for a competitive workforce. 

Soft Skills Enhancement

Along with specialised tech skills, the present digitally driven world demands exceptional soft skills among applicants. Recognising the significance of communication, teamwork, and problem-solving skills helps tech professionals navigate the challenging business landscape. 

For pivotal career growth, technology professionals must find opportunities to polish their soft skills. This enables efficiency in a tech environment, bringing clarity and building trust with stakeholders. 

Certifications And Specialisations

Today, recruiters are keen to witness proof of expertise. For recent graduates, industry-recognized certifications become essential to boost credibility in their respective domains. Apart from validating skills, certifications demonstrate authenticity while also showcasing the professional’s commitment to excellence. 

Furthermore, graduates should specialise in niche areas to stand out in the competitive IT landscape. It adds to their overall portfolio of offering employers innovative solutions to their business needs and problems. Subsequently, it raises their bar of employability, increases the scope of getting plump packages, and opens avenues to specialised roles in an evolving industry. 

The tech landscape continues to evolve at an unprecedented pace. Hence, the upskilling of freshers and experienced professionals becomes imperative to adapt to the skills that the industry demands. Strategic upskilling requires embracing learning while actively applying it in the real world. This can help them secure career longevity and drive innovation in tech-led markets.

The post Transforming Tech Careers: The Power Of Strategic Upskilling appeared first on Inc42 Media.

Shares of drone manufacturer ideaForge jumped nearly 8% to INR 786 during the intraday trading on the BSE on Friday (February 23) after PTI reported that the startup is set to enter the US market.

ideaForge CEO Ankit Mehta told the news agency in an interview that the startup showcased its products in the US market. It is entering the American market when there is a reluctance to buy or acquire drones made in China, he said.

Mehta also said that the Indian drone industry has “leapfrogged” in the last 10 years with an enabling environment from the Centre. 

He added that Indian drones are unique as they are built in “some of the harshest environments and the highest altitude requirements in the world”.

“With the operations being conducted in India at 6,000 metres plus altitude due to the various regions we have in our country in the Himalayas, to operate in extremely low temperatures like minus 30 degrees celsius and also looking at drones that can operate in deserts in Rajasthan,” Mehta noted. “So, we are essentially a country that has a very large number of terrain conditions and weather conditions we have to cater to when we are looking at drones. We also have a lot of use cases and applications that exist simultaneously in one place.”

Founded in 2007 by IIT Bombay graduates Mehta, Ashish Bhat, Rahul Singh, Vipul Joshi, and Amardeep Singh, ideaForge is one of the pioneering drone manufacturers and startups in the country. Its shares listed on the Indian bourses in July 2023.

In fact, its shares listed at a 94% premium to the issue price after its public issue was oversubscribed 106X.

However, shares of ideaForge witnessed a sharp decline post listing and are currently trading around 40% lower than the listing price of INR 1,305.10 on the BSE.

In its last reported quarter – Q3 FY24 – ideaForge posted a net profit of INR 14.8 Cr against a loss of INR 7.8 Cr in the last year’s quarter. Its operating revenue surged over 1,000% year-on-year to INR 90.9 Cr during the quarter.

While announcing its Q3 results, the startup said it had reached the prototyping stage for many new technology and product initiatives. Product demonstrations and training in the US with end customers and value added resellers (VARs) had also begun, it added.

Shares of ideaForge gave up some of the gains to end today’s trading session nearly 7% higher at INR 779.60 on the BSE.

The post ideaForge Shares Jump Nearly 8% As Co Plans To Enter The US Market appeared first on Inc42 Media.

Jio Bharat B2, the potential successor to the previously launched Jio Bharat B1, has reportedly made a subtle appearance on the certification site Bureau of Indian Standards (BIS), hinting at an imminent launch in India.

A recent report from 91Mobiles Hindi has revealed a new Jio Phone with model number JBB121B1 on the BIS website, suggesting it could be the anticipated Jio Bharat B2. However, the report does not provide specific details, but expectations are high for significant improvements, such as a larger display, enhanced camera capabilities, and an upgraded processor.

Launched in October last year, the Jio Bharat B1 included 4G connectivity and a pre-installed UPI payment feature, accommodating multiple Indian regional languages. With a budget-friendly price tag of INR 1299, the phone allowed users to choose between two colours. Its compact design, weighing 110g and measuring 125 mm x 52 mm x 17 mm, added to its appeal among consumers.

Reportedly, Jio Bharat B2’s specifications, features, pricing, and launch date remain undisclosed. Insiders suggest it may continue the budget-friendly trend of its predecessor, the Bharat V2, with potential upgrades like a larger display, enhanced camera, and a better processor. If it delivers improved features at an affordable price, it could attract budget-conscious consumers, contributing to smartphone penetration and digital inclusion in India.

Since the very beginning, Jio has focussed its energies on scaling its feature phone ecosystem. It began in 2018, when the Mukesh Ambani-led conglomerate’s subsidiary Reliance Retail acquired a 16% stake in KaiOS for $7 Mn. Subsequently, the conglomerate integrated the operating system into its JioPhone. 

In five months since its launch, JioBharat feature phone now command a 45% market share in the sub-INR 1,000 price segment, Reliance Industries Ltd (RIL) said in its quarterly financial results on January 19.

RIL chairman and managing director, Mukesh Ambani, termed the strong uptake of the feature phone as one of the reasons behind telecom operator Jio’s expansion of subscriber base. 

Recently the company said that the JioBharat platform now operates three SKUs with price points ranging between INR 999 to INR 2,599. While touting its newest launch, JioPhone Prima, the conglomerate also said that discussions were underway with multiple original equipment manufacturers (OEMs) to expand the platform further.

RIL also claimed that JioBharat users accounted for a majority, 60% to be precise, of the UPI123 Pay transactions in December 2023. 

The post Buzz Around Jio Bharat B2’s India Entry, Spotted On Certification Site BIS appeared first on Inc42 Media.

Brokerage BofA has reportedly pegged the valuation of Mukesh Ambani’s Jio Platforms at $107 Bn and is bullish about the company. 

Jio Platforms houses telecom operator Reliance Jio Infocomm and other digital businesses of Reliance Industries Ltd (RIL).

As per a TechCrunch report, BofA said in a note to its clients that it expects Jio Platforms to continue adding subscribers this year while making deeper inroads with its advanced feature phone JioBharat and wireless broadband device JioAirFiber. 

“On enterprise business we see three areas where Jio Platforms could capitalise on: government contracts, SMEs and corporates (by offering VAS),” BofA was quoted as saying by the publication.

It is pertinent to note that the valuation assigned by BofA is 64.6% higher than the $65 Bn valuation at which the company raised $20 Bn from the likes of Meta, Google, and several other technology giants in a series of investments in 2020.

Jio Platforms has been constantly expanding its business since the mega fundraise. The company launched the JioBharat phone in July last year and said during its last reported quarter – Q2 FY24 – that the phone had received ‘substantial market share’ in the non-smartphone segment.

“… Ubiquitous 5G, JioBharat and JioAirFiber are three big growth engines for Jio which would accelerate market share gains and profitability,” Reliance Jio Infocomm chairman Akash Ambani said then. 

Meanwhile, the company’s broadband subscriber base also became robust over the years. It stood at 462.34 Mn at the end of October 2023.

Set up in 2019, Jio Platforms initially comprised RIL’s digital businesses, including Reliance Jio, and key B2B and B2C apps and products such as JioMeet or JioCloud. Over the years, Jio Platforms has expanded across ecommerce, fintech, and OTT services and has started challenging Indian startups in these areas.

RIL plans to come out with a separate initial public offering (IPO) of Jio Platforms. However, no timeline has been decided for it.

Last year, Jio Financial Services also got listed on the bourses as a separate entity, emerging as a potential competition to the likes of Paytm, PhonePe, Zerodha, and Groww. 

Jio Platforms reported a 12% year-on-year (YoY) rise in its consolidated net profit to INR 5,297 Cr in Q2 FY24, while its operating revenue increased 10.7% YoY to INR 26,875 Cr in the quarter. 

The post BofA Pegs Jio Platforms’ Valuation At $107 Bn, Sees Robust Growth In 2024 appeared first on Inc42 Media.