Good news for Mukesh Ambani as Akash Ambani-led Reliance Jio's subscriber base jumps to...

Reliance Jio, India's leading telecommunications provider, saw its subscriber base increase by 42.4 million, reaching 481.8 million in the financial year 2023-24 (FY24), according to the company's annual report released on Wednesday. The report highlighted that over 108 million of these subscribers have transitioned to Jio's 5G network, known as True5G. With the nationwide 5G rollout, Jio now holds an 85 percent share of India's 5G network capacity.

The report also noted that Jio accounts for 60 percent of the country's data traffic. "The pan-India deployment of the True5G network was completed within the year, setting a world record for the fastest rollout," the report stated. Currently, nearly 30 percent of Jio's mobile data traffic is carried by the True5G network, with the entire 5G data traffic now handled by Jio's 5G+4G combo core network.

Reliance also reported that its JioAirFiber service—a wireless broadband solution offering high-speed internet—has been well-received, with 12 million subscribers across India. The service is currently available in 5,900 cities and towns, with plans for nationwide coverage.

Additionally, the JioBharat phone, an internet-enabled, budget-friendly alternative to smartphones, has captured 50 percent of the market share in the sub-Rs 1,000 segment. "A smartphone at the price of a feature phone, the JioBharat phone will significantly contribute to achieving a 2G-free India," said Reliance Chairman Mukesh Ambani in his address to shareholders.

Reliance Jio launched its 4G services in 2016. For the fiscal year, Reliance’s digital services sector posted an 11 percent revenue growth, reaching $15.9 billion, while earnings before interest, taxes, depreciation, and amortization (EBITDA) increased by 12.7 percent to $6.8 billion.