Its digital businesses also operate in markets where competition comes from specialised technology, entertainment, cloud and consumer internet companies.
The Jio IPO is expected to be one of the biggest public offerings in India's primary market. Jio Platforms has received approval from the Securities and Exchange Board of India (SEBI) for an issue of up to 27 crore shares. The company is looking to raise funds through a fresh issue, with most of the proceeds expected to be used to repay or prepay borrowings of Reliance Jio Infocomm.
But the size of the issue is only one part of the story. Jio has grown from being a telecom operator into a much broader technology and digital services business. Its mobile network remains the main source of scale, while broadband, cloud, enterprise services and digital products are becoming increasingly important.
For anyone following the upcoming IPO, understanding this business mix is important. What exactly does Jio Platforms do, and where is its growth coming from?
How Does Jio Platforms Make Money?
Reliance Jio Infocomm contributes around 90% of Jio Platforms' revenue, with mobile and fixed broadband services accounting for a large part of its business. Its expanding 4G and 5G network helped take Jio's customer base to 524.4 million as of March 2026. Its fixed broadband base stood at more than 27 million connections.
The company earns from these users through mobile services, broadband and a growing range of digital offerings. These include entertainment, cloud services and other products available through the Jio ecosystem.
The company is also putting more emphasis on artificial intelligence. Jio says its technology stack covers networks, devices, operating systems, software and applications. It is positioning these capabilities as the base for AI-powered services for both consumers and businesses.
How Has Jio's Business Grown?
As per the Jio IPO filing, the revenue from operations was ₹1,09,558 crore in FY24, which is expected to increase to ₹1,28,218 crore in FY25 and ₹1,46,885 crore in FY26. Over the same period, EBITDA increased from ₹54,959 crore to ₹64,170 crore and then to ₹76,255 crore. Jio Platforms reported a 51.91% EBITDA margin in FY26.
Profit after tax also increased during this period, reaching ₹30,049 crore in FY26 compared with ₹26,109 crore in FY25 and ₹21,423 crore in FY24.
The customer numbers tell another part of the story. Jio's total customer base increased from 481.8 million in March 2024 to 488.2 million in March 2025 and 524.4 million in March 2026. Average revenue per user, or ARPU, for the exit quarter rose from ₹181.7 in FY24 to ₹206.2 in FY25 and ₹214 in FY26.
Data usage has also climbed sharply. Total data traffic increased from 148.5 billion GB in FY24 to 184.5 billion GB in FY25 and 241.4 billion GB in FY26. Monthly data consumption per customer reached 42.3 GB in the exit quarter of FY26, compared with 33.6 GB a year earlier.
Jio was able to achieve over 3,60,000 network towers as well as over one million route kilometres of fibre optic cables by March 2026. The company had 26,800.8 MHz of spectrum with an average of 16 years of remaining lifespan.
What Is Jio’s Place In The Indian Market?
Jio’s network handles about 60% of India's wireless data traffic. Thus, the company is free to introduce additional services for its current customer base. This gives Jio room to add more services to its existing customer base. It has already expanded beyond mobile and broadband into areas such as entertainment, cloud services and other digital products.
Maintaining this network requires continued spending on spectrum, equipment and fibre, particularly as Jio expands its 5G and broadband operations. How well it can turn these investments into higher revenue will be an important part of its growth story.
Moving beyond the traditional telecom model, the company has more than 6,800 patent applications filed globally across areas including 4G, 5G, 6G, cloud-native technology and AI-driven network automation.
The company's shareholder base also includes major global technology investors. Meta and Google invested in Jio Platforms in 2020, while Reliance Industries remains the controlling shareholder.
There are challenges too. Jio operates in a capital-intensive telecom industry where network investment remains necessary as technology changes. Its digital businesses also operate in markets where competition comes from specialised technology, entertainment, cloud and consumer internet companies.
The IPO proceeds are another important point to watch. The proposed fresh issue is expected to provide funds that will largely be used by Reliance Jio Infocomm to repay or prepay borrowings. The IPO would therefore also change the way the market can assess Jio Platforms as a separately listed company.
Conclusion
For investors tracking the upcoming IPO, the key numbers to follow will include Jio's customer additions, ARPU, data consumption, broadband growth, margins and spending on network and technology. The final issue price and valuation will provide additional context once the IPO details are announced.
The IPO will give public-market investors a closer look at how that strategy translates into revenue, profits and future growth.
