Reliance Jio Platforms gears up for $3.8 billion Mumbai IPO
Business
Reliance Jio Platforms, part of Mukesh Ambani's Reliance Industries, is gearing up for a $3.8 billion IPO in Mumbai, which could be India's biggest ever.
Launched in 2016, Jio shook up the telecom scene by offering free voice and data plans initially and now has more than 500 million subscribers.
Jio diversifies into AI cloud apps
Jio now handles nearly 60% of India's data traffic and isn't just about telecom anymore: it's into AI, cloud computing, and apps too (including a major collab with NVIDIA).
Last year alone, Jio made $13.65 billion in revenue and pulled in $2.8 billion in profit.
Big global names like Meta and Google have already invested billions here, so this IPO is set to get even more eyes on India's digital future.