Jio Platforms is targeting nearly 340 million potential new mobility users over the next five years and plans to more than triple its home broadband customer base to 100 million, as it looks to expand beyond its existing mobile business ahead of its much-awaited initial public offering (IPO).
Speaking at the IPO launch event on Thursday, October 15, Jio Platforms Managing Director Akash Ambani identified mobility, home broadband, enterprise services and the monetisation of its technology stack as key opportunities for future growth.
“The mission of Jio is to connect every Indian home, every Indian citizen, and every Indian enterprise with the highest quality and most affordable digital services,” Ambani said.
Jio eyes 340 million new mobility users
Ambani said Jio sees an opportunity to add close to 340 million users to its mobility base over the next five years. This includes 240 million subscribers currently using 2G networks who could migrate to 4G and 5G, and another 100 million Indians expected to get a SIM card for the first time.
“The simple breakdown of that is 100 million new citizens of India will get a SIM card for the first time because of the age criteria over the next five years. 240 million subscribers that sit on 2G networks will migrate to 4G and 5G networks faster than ever,” he said.
Ambani said operating 2G networks was becoming increasingly uneconomical and labour-intensive as the device ecosystem shifted towards newer technologies. Jio believes its combination of network quality, affordable services and digital offerings will help it capture this opportunity.
The company added three times more net active subscribers than its nearest competitor in the last financial year, he said.
Jio, which launched 5G services three years ago, has built the world’s largest 5G subscriber base outside China, according to Ambani. The company carries more than 60% of India’s data traffic, with average monthly data consumption of 43.7 gigabytes per customer.
Home broadband is Jio’s biggest growth engine
While mobility remains a key opportunity, Ambani said home broadband is Jio’s “biggest growth engine for the coming years”, with the company targeting an expansion of its customer base from around 30 million to 100 million homes.
Jio has built fibre infrastructure that passes close to 40 million homes. However, extending fibre connections further has been challenging because of right-of-way requirements, society and building permissions, and the need to connect customers across 19,000 PIN codes.
“The solution to go from 40 million homes to 100 million homes was very obvious to us within the organisation. The last mile had to go wireless,” Ambani said.
Jio has developed its own technology using the unlicensed 5G and Wi-Fi bands to extend broadband access without relying entirely on fibre connections to individual homes. The company said 40% of its new home broadband additions are coming through this technology, with around 6.5 million customers already using it.
Ambani said 40% of Jio’s net additions were coming from outside Tier 1 and Tier 2 cities, highlighting the opportunity to expand connectivity beyond major urban centres.
The company is also looking to offer an integrated home experience spanning broadband, television and digital applications, rather than just an internet connection. Its next-generation technology is designed to support download speeds of up to 5 gigabits per second and upload speeds of up to 1 gigabit per second, he said.
Jio currently accounts for around 67.5% of India’s net fixed broadband additions, according to Ambani.
Enterprise and technology monetisation offer further growth
Beyond consumer connectivity, Jio sees an opportunity to expand its enterprise services across sectors including banking, financial services, insurance and hospitality.
Ambani said India has a potential $56 billion digital services market. Jio already connects 65% of the country’s bank branches, offering services including secure broadband and video surveillance.
The company also plans to monetise its proprietary end-to-end technology stack through partnerships with telecom operators globally. Rather than operating only as a vendor or software service provider, Jio wants to offer managed services that allow partners to use its technology infrastructure and capabilities.
Ambani said the approach could help India become an exporter of technology rather than an importer.
Jio IPO: India’s largest issue
The growth plans come as Jio Platforms prepares for its stock market debut. The company has set an IPO price band of ₹1,065 to ₹1,119 per equity share, with the issue expected to raise approximately ₹30,213 crore at the upper end of the band.
The IPO will open for subscription on October 21 and close on October 23, 2026. The issue is set to surpass Hyundai Motor India’s ₹27,870-crore IPO in 2024 to become India’s largest public offering by issue size.
Uday Kotak, speaking at the launch event, said the Reliance Industries Group would become India’s largest conglomerate by listed market capitalisation following the Jio listing. He highlighted Jio’s 530 million users, execution capabilities and proprietary end-to-end connectivity stack as key differentiators.
Isha Ambani, meanwhile, said financial prudence remained central to the group’s approach to building businesses, adding that “Growth is life” continued to be its guiding motto.