Reliance Jio, which disrupted the Indian market with cheaper data and calling services making it more accessible, has been ranked number 1 in the Fortune 'change the world' list this year.
Reliance Jio, which disrupted the Indian market with cheaper data and calling services making it more accessible, has been ranked number 1 in the Fortune ‘change the world’ list this year. Fortune said that if the internet is a basic human right, as declared by the United Nations in 2016, then “Reliance Jio deserves more credit than most for expanding access to it”.
In Mukesh Ambani’s own word, Reliance Jio aims to provide digital oxygen to the public. It is interesting to note that Reliance Jio has left Bank of America and Alibaba Group behind. According to the list, pharmaceutical company Merck is ranked second, followed by Bank of America, speciality retailer Inditex, and Alibaba Group.
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“India had just 153 million mobile Internet subscribers among its population of 1.3 billion. Enter Jio, with a speedy 4G network (which it spent billions building out), free calls, and dirt-cheap data (as low as 4¢ per GB). It has since issued a super-low-cost smartphone and is rolling out fixed broadband service as well,” Fortune said in a statement.
Not only has Reliance Jio made a market for itself in less than two years, the Mukesh Ambani-led company has also started making a profit in last six months, leaving its rivals much behind. Reliance Jio reported a revenue of Rs 8,110 crore in the quarter ended June 30 and posted a profit of Rs 612 crore for the second quarter in a row.
Mukesh Ambani recently said that Reliance Jio has been able to achieve a record that no technology company has been able to achieve as it added 215 million customers within 22 months.