Reliance AGM 2025: Jio crosses 500 million customers, aims IPO by H1 2026, Mukesh Ambani says

Mukesh Ambani on Friday said that Reliance Industries' telecom venture Jio has become a family of 500 million customers and is also set to file for its Initial Public Offering (IPO) by first half of next year.

Speaking at the company’s 48th annual general meeting, Ambani said Jio had ended India’s “digital poverty” within a few years of launch and transformed how people use mobile services.

For FY24, Jio reported revenues of ₹1,28,218 crore. Ambani said the company is now making all arrangements for an IPO to unlock global investor value. "I assure you that this will demonstrate that Jio is capable of creating the same quantum of value like our global counterparts. I am sure that it will be a very attractive opportunity for all investors."


“Jio made voice calls free from anywhere to everywhere in India and made it a habit of common Indians to watch videos on their phones,” he told in his address to shareholders.

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He listed five major achievements of Jio since its launch in 2016. The company, Ambani said, laid the foundation for India’s digital public infrastructure such as Aadhaar and UPI, enabled the rise of the world’s third-largest startup ecosystem with more than 100 unicorns, and rolled out 5G networks that have laid the groundwork for the AI revolution in India.

Further, Ambani also shared the plans to take Jio global with its in-house tech.

Ambani also underscored Jio's strong financial performance. For FY 2024-25, Jio reported revenues of Rs 128,218 crore, a 17% year-on-year growth, and an EBITDA of Rs 64,170 crore.

"These figures are a testimony to the enormous value Jio has already created, and the still greater value is destined to create," he said.