Jio IPO: From 5G to AI, how Reliance is building a technology stack around 524 million users

Reliance Jio is transforming into a diversified technology powerhouse, expanding from mobile connectivity into artificial intelligence (AI), cloud computing, connected devices and enterprise solutions to unlock new growth opportunities across India’s digital economy. As Jio Platforms prepares for its proposed initial public offering (IPO), its technology portfolio offers a glimpse into how the company plans to expand its role in India’s digital economy.

The strategy centres on bringing multiple layers of technology under one ecosystem, from the networks that connect users to the devices they use, the cloud infrastructure that powers applications and the AI tools that can make these services more intelligent.

Jio Platforms’ Draft Red Herring Prospectus (DRHP), filed with the Securities and Exchange Board of India (Sebi) on June 19, 2026, outlines the scale of its operations and its push into businesses beyond traditional telecommunications.

The company had 524.4 million customers, giving it a substantial distribution network for introducing new digital services. Its challenge is to turn that reach into a broader business spanning consumer products, computing infrastructure and technology solutions for enterprises.

5G remains the foundation

Despite its expansion into new areas, telecom remains the backbone of Jio’s business. The company had 268.5 million 5G subscribers as of March 31, 2026, and its network carried approximately 60% of India’s wireless data traffic in fiscal 2026.

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Average monthly data consumption reached 42.3 GB per customer in the fourth quarter of FY26, underlining the scale of demand for mobile data and digital services.

Jio has also developed an indigenous 4G and 5G technology stack, including network core systems and proprietary operational and business support platforms. Its standalone 5G network is designed to support applications such as private enterprise networks, network slicing and large-scale machine-to-machine communication.

The significance of this infrastructure extends beyond faster internet speeds. A software-driven network can support new services, automate operations and provide connectivity for businesses that need reliable, dedicated networks.

Jio is also expanding its fixed-broadband business. It had 27.1 million home broadband customers as of March 31, 2026, and accounted for 67.56% of fixed-broadband net additions during FY26, according to its DRHP.

Through JioFiber and JioAirFiber, the company is building connections that can serve as entry points for a wider range of household digital services.

From connectivity to cloud computing

Jio’s broader ambition is to make its network the foundation for services beyond calls, messaging and internet access.

Its portfolio includes digital entertainment, cloud storage, gaming, home surveillance and connected appliances. These services can be delivered through the same broadband infrastructure, allowing the company to expand its relationship with customers beyond a monthly connectivity subscription.

One example is JioCloud PC, which aims to make computing resources accessible through compatible connected televisions. Instead of relying entirely on a conventional computer’s local hardware, users can access computing resources and applications hosted in the cloud.

Cloud gaming follows a similar model, with processing handled remotely and the gaming experience delivered over a network.

Such offerings could broaden access to computing while creating additional opportunities for Jio to monetise its existing connectivity infrastructure. Their adoption, however, will depend on pricing, service quality, device compatibility and consumer demand.

Satellite broadband targets underserved regions Jio is looking beyond fibre and wireless networks to expand connectivity in areas where conventional infrastructure is difficult to deploy.

Its JioSpaceFiber initiative is designed to bring satellite broadband to remote locations. The company’s DRHP discloses Jio Space Technology Limited, a satellite joint venture, as part of its broader connectivity strategy.

The approach combines fibre broadband in dense markets, fixed wireless access for faster deployment and satellite technology for areas where terrestrial networks may be less practical.

Commercial adoption and the economics of satellite connectivity will determine how significantly the service contributes to Jio’s future business.

Affordable devices widen the consumer base

Jio is also investing in devices and software to make digital services accessible to a wider population.

Its JioBharat feature phone, priced at Rs 799, supports UPI payments through JioPay, live television, HD voice and multiple Indian languages. Other offerings include JioBook laptops, JioOS and set-top boxes.

The strategy gives Jio greater control over how consumers access its services, from the underlying network to the device and applications.

For the company, affordable hardware could help bring more users into its digital ecosystem, particularly those who may not be able to afford conventional smartphones or computers.

AI takes centre stage

Artificial intelligence is emerging as a key part of Jio’s expansion beyond connectivity.

Its JioBrain platform is designed to support machine learning, predictive analytics, anomaly detection and network automation. These capabilities could help the company identify network problems, improve operational efficiency and manage increasingly complex infrastructure.

Jio is also expanding AI access for consumers and businesses through partnerships.

According to its IPO disclosures, eligible Unlimited 5G users can access Google AI Pro under a partnership arrangement. The company also plans to distribute enterprise AI products through Reliance Enterprise Intelligence, a venture involving Reliance Intelligence and a subsidiary of Meta Platforms.

These initiatives give Jio potential routes into the consumer and enterprise AI markets, although their eventual contribution to revenue will depend on adoption and monetisation.

Revenue rises to Rs 1.47 lakh crore

Jio Platforms’ financial performance provides the foundation for its expanding technology ambitions.

Revenue from operations increased from Rs 1,09,558 crore in FY24 to Rs 1,46,885 crore in FY26, a compound annual growth rate of 15.8 per cent.

EBITDA stood at Rs 76,255 crore in FY26, with a margin of 51.91 per cent, while net profit reached Rs 30,049 crore. The company’s network operating expenses declined from 27.54 per cent of total income in FY24 to 23.03 per cent in FY26. Net leverage improved from 0.88 times to 0.36 times over the same period.

These figures reflect the scale of Jio’s existing business as it seeks to expand into new technology segments. However, its ability to generate meaningful revenue from AI, cloud computing and enterprise services will remain an important factor in assessing the long-term strategy.

Jio IPO: What investors will watch

Jio Platforms filed its DRHP with Sebi on June 19, 2026, taking a key step towards a public listing. Reuters reported on October 5, citing sources, that the company was planning to launch its IPO on October 21, with a potential listing on October 28. The reported timeline and issue details remain subject to confirmation.

The proposed offering is expected to bring greater investor scrutiny to the company’s subscriber growth, profitability, capital requirements and ability to diversify beyond telecom. Its technology portfolio could provide additional growth opportunities, but investors will also assess the costs and execution risks associated with these businesses.

At the heart of Jio’s strategy is the attempt to use a base of more than 524 million customers to distribute a broader range of digital products and services.

The company’s next phase will depend on whether it can convert its scale in connectivity into sustainable growth across AI, cloud computing, enterprise technology and other digital businesses.