This is a really cool piece. Some choice quotes below:
Jio has raised more money in four months than the entire Indian start-up ecosystem raised in 2019, combined.
Reliance Industries is India’s largest company in terms of revenue, profit, market capitalization, and exports, but all these statistics still do not fully explain the company’s importance. A 2004 New York Time s headline is even more apt now than it was then — “A Giant So Big It’s a Proxy for India’s Economy.”
The biggest subsidiary of Jio Platforms, and the company from which it borrows its name, is Jio Infocomm Limited. Jio Infocomm made a huge splash in the telecom sector in 2016 by offering free unlimited 4G data and calls for its customers for six months. The company was able to lure millions of users this way, but many initially questioned the sustainability of this model and wrote it off as a stunt.
Ultimately, that stunt turned out to be a gamble that paid off. Jio managed to convert these users to paying customers by providing coverage, delivering high data speeds, and setting prices that were unmatched by competitors.