53 crore users, satellites in space, sovereign AI: Kshitiz Mahajan on why Jio IPO could rewrite India's tech playbook

Reliance Industries' telecom-to-tech arm Jio Platforms is accelerating toward one of India's most anticipated public listings, armed with a vision that extends well beyond mobile connectivity, into sovereign AI, low-earth orbit satellites, and a fibre network that is fast becoming a cornerstone of the country's digital infrastructure.

A platform play, not just a telecom IPO

Industry observers are quick to point out that Jio's IPO narrative has evolved significantly. "What they are talking looks like big," said Kshitiz Mahajan, Managing Partner and CEO of Complete Circle Wealth Solutions, commenting on the announcements made at Reliance's recent AGM. He noted that the company's pitch now encompasses a sovereign AI architecture, satellite communications in lower orbit, and proprietary Indian platforms -a deliberate move away from dependence on foreign technology stacks.

The timing is notable. India has been making concerted efforts to develop home-grown AI infrastructure, with HCL's recently announced collaboration with Sarvam AI being a parallel example. Jio's own AI ambitions, if executed, could position it as a foundational layer of India's digital economy.


Mobile subscribers: 53 Cr+
Jio Fibre users: 1.14 Cr+
IPO fundraise target: $4 Bn
Expected valuation: $125–130 Bn

The ARPU lever and why it matters

One of the most compelling aspects of the Jio story is its monetisation headroom. With over 53 crore subscribers already on the platform, even a modest ₹10 increase in average revenue per user (ARPU) translates to an estimated ₹6,000 crore in incremental net profit annually. Mahajan pointed out that Jio has already completed the capital-intensive groundwork, laying fibre, building towers, and acquiring users at scale. "It is for up to them what type of services as value add they can do," he noted, suggesting that the hard part is behind them.

The satellite broadband initiative adds another growth vector. By targeting low-earth orbit connectivity, Jio is positioning itself to compete globally, addressing the speed gap between India and leading markets in Southeast Asia and beyond - particularly as 5G and eventually 6G networks mature.

The Reliance stock conundrum

For investors in the parent Reliance Industries, the past few years have been a test of patience. The stock has largely moved sideways since the Jio Financial Services demerger. However, Mahajan draws a parallel with capital-raising cycles in the US, where companies often consolidate during heavy investment phases before rewarding shareholders once debt declines and strategic value becomes visible. The Jio Platforms IPO could serve as precisely that unlock event.

"Sometimes it tests your patience, but markets are like that. You do not get every year return. Sometimes you have to wait, and that is how things are," says Mahajan.

The listing, when it comes, will be watched not just as a telecom event but as a bellwether for India's ambitions in AI and deep tech. Execution, as Mahajan and most observers emphasise, remains the critical variable.