From ₹228 a GB to ₹7.5: How Mukesh Ambani’s Jio rewired India’s internet and is now seeking a ₹10 lakh crore valuation

Jio changed India’s internet market by making mobile data cheaper and networks faster. This mattered because internet access shifted from a limited service into a mass consumer habit. The change also accelerated the move from voice-led telecom toward data-led usage.

When Jio entered, industry download speeds were around 2.5 Mbps. By FY26, they exceeded 68 Mbps, according to a Systematix report. During the same period, data prices dropped from ₹228 per GB to ₹7.5. Average monthly consumption rose from below 0.2 GB per customer to 26.7 GB.

Usage has continued expanding. Jio customers consumed an average of 43.7 GB monthly in the June 2026 quarter. The figures show how affordability and better network performance reinforced each other, creating a much larger market for video, apps, broadband, enterprise services and other digital products.

An initial public offering, or IPO, is a public share sale through which investors can buy ownership in a company. It can raise capital, establish a market value and broaden the shareholder base. Jio Platforms’ IPO is described as entirely a fresh issue, with no offer-for-sale component.

That distinction matters because the proceeds go into the company rather than directly to existing shareholders. Jio Platforms plans to raise ₹30,213 crore, with up to ₹27,500 crore earmarked to repay or prepay borrowings at Reliance Jio Infocomm. This can strengthen the operating company’s balance sheet and reduce financing costs.

The issue opens on October 21 and closes on October 23. At the upper price band of ₹1,119, Jio Platforms would have an implied market capitalisation of about ₹10.3 lakh crore. The IPO is therefore both a fundraising exercise and a valuation event.

Jio’s scale is the central foundation of its business and IPO case. As of June 2026, Reliance Jio Infocomm had 533.3 million customers. Jio’s wireless broadband network covered more than 99% of India’s population, giving the company an unusually broad national reach.

Its network carried about 60% of India’s wireless data traffic during FY26. That traffic reflects both its large customer base and the high level of data consumption on the network. Jio customers averaged 43.7 GB of data per month in the first quarter of FY27.

The IPO values that reach at a substantial level. Jio Platforms’ ₹30,213 crore issue has an implied market capitalisation of about ₹10.3 lakh crore at the ₹1,119 upper price band. The company is asking investors to value it as more than a conventional telecom operator.

Cheaper data and faster networks changed internet access from occasional use into a much more frequent activity. Jio helped accelerate the shift from voice services toward data, as customers could use mobile networks for increasingly large amounts of digital content and services.

The market’s average monthly data consumption rose from less than 0.2 GB per customer to 26.7 GB. Jio’s own customers averaged 43.7 GB in the June 2026 quarter. Meanwhile, data prices fell to ₹7.5 per GB and industry speeds rose above 68 Mbps by FY26. These changes made smartphones and high-speed data more practical.

The transition is not complete. More than 260 million Indians still use 2G networks, according to market reports. Their possible move to smartphones and 4G or 5G creates a large potential market for Jio’s mobility business, while higher usage can support further monetisation.

Jio’s next growth plan is to earn more from its network and customer relationships, not only from mobile subscriptions. The company is presenting itself as a technology platform spanning 5G, fixed broadband, cloud, entertainment, enterprise services and artificial intelligence.

Its fixed broadband base reached 28.6 million customers in June, including 14 million JioAirFiber subscribers. For businesses, Jio offers cloud infrastructure, internet-of-things services, managed Wi-Fi, private 5G, cybersecurity, communications platforms and enterprise AI. It is also pursuing international partnerships and managed services.

AI is part of the same strategy. JioBrain supports network optimisation, capacity allocation and predictive fault monitoring. Jio says its network can distribute digital services at scale. The challenge is turning that technical reach into recurring revenue while continuing to fund networks, spectrum, digital infrastructure and product development.

Jio’s opportunity comes with significant execution and industry risks. It must keep investing in networks, spectrum, artificial intelligence and digital infrastructure. Those investments can support future services, but they also require large amounts of capital and may affect returns if monetisation lags.

Spectrum is important because Jio’s mobile network depends on access to suitable frequencies. Renewals can create costs, while its large spectrum portfolio requires continued investment. Network disruptions could damage service reliability, and cybersecurity threats could affect both consumer and enterprise offerings. Rapid technological change could also make existing platforms obsolete.

Competition may widen as satellite broadband develops. Jio also depends heavily on Reliance Jio Infocomm for revenue and profits, and on Reliance Retail for prepaid connectivity distribution. These dependencies, alongside regulation and changing technology, mean the company must grow new businesses while protecting its core network economics.

A telecom company makes money by charging customers for mobile data, voice, broadband and related services. It can also sell enterprise connectivity, cloud, cybersecurity, private 5G and digital platforms. Investors therefore examine both customer scale and how effectively the network converts usage into revenue and cash.

ARPU shows average revenue per user. Jio’s ARPU rose from ₹181.7 in FY24 to ₹215.6 in the June 2026 quarter. EBITDA shows operating earnings before major financing and accounting items; Jio’s EBITDA margin reached 50%. Cash flow from operations rose to ₹77,556.3 crore, showing funds generated by the business.

Spectrum matters because frequencies are essential network assets. Jio held 26,800.8 MHz, with an average remaining life of 16 years. Together, ARPU, EBITDA, cash flow and spectrum help investors judge monetisation, profitability, financial resilience and the durability of Jio’s network advantage.