Reliance's Jio Platforms Puts IPO On Hold: Report

Jio Platforms, the technology subsidiary of Reliance Industries Ltd (RIL) which houses telecom operator Reliance Jio Infocomm, has reportedly decided not to go public this year. Instead, the company is focussing on strengthening its business performance and growing its core operations.

According to a Reuters report, there is now no official timeline for the IPO. No investment banks have been appointed to manage the process.

“It’s (the IPO) not happening this year. The company wants the business to mature more,” the report quoted a source as saying.

Inc42 has reached out to Jio Platforms for a comment on the development. The story will be updated on receiving a response.

Analysts currently value the company at about $100 Bn (about INR 8.5 Lakh Cr). However, the report said that Jio Platforms is aiming to boost that figure further before listing. The delay is reportedly driven by Jio’s goal to grow revenue and its customer base in the telecom sector, while also expanding its digital services, including apps, smart devices and AI solutions.

In 2019, RIL chairman Mukesh Ambani said that Jio Platforms would aim for a stock market listing within five years. This was the company’s first clear indication of IPO plans. In the following years, several reports pointed to a possible listing in 2025.

On the financial front, Jio Platforms’ top line rose 16% to INR 1.28 Lakh Cr in FY25 from INR 1.10 Lakh Cr in the previous fiscal year. Net profit grew 22% to INR 26,120 Cr during the year from INR 21,434 Cr in FY24.

Jio Platforms earns about 80% of its revenue from its telecom unit Jio Infocomm, which serves over 488 Mn subscribers. Notably, Jio Infocomm added 6.1 Mn new users in the final quarter of the year, bringing total subscribers to 488.2 Mn by March 2025.

Jio’s Satcom Ambitions

To support its growth, the telecom operator strengthened its network by acquiring spectrum worth INR 973.63 Cr in June last year. This included 5 MHz in Bihar and 9.4 MHz in West Bengal. With this purchase, its total spectrum holdings now stand at 26,801 MHz.

Meanwhile, it is also working to establish its presence in the satellite communications space. For this, it has partnered with SES to form a joint venture called Orbit Connect India, which also had received approval to operate satellites in Indian skies.

The company has also partnered with SpaceX to offer Starlink’s broadband internet services to its customers in India. “Jio will offer Starlink equipment in its retail outlets and also establish a mechanism to support customer service installation and activation,” the company said in its Q4 FY25 filings.

Notably, Starlink has reportedly secured a licence from India’s space regulator to begin commercial operations in the country, effectively clearing its final regulatory obstacle to entering the market.

Jio Rides The AI Wave

While the company earns 80% of its revenue from telecom-related services, it is actively pushing to broaden its revenue sources. AI has emerged as a key piece of this strategy. Jio Platforms has partnered with NVIDIA to build AI infrastructure in India, including powerful supercomputers, to help process large amounts of data.

Just like Jio Infocomm played a major role in making 4G services available across the country, Jio Platforms is now eyeing to make AI tools widely available in sectors like healthcare, education, and farming by leveraging its strong distribution network.

Jio Platforms is also working with IIT-Bombay to develop language models that understand and speak Indian languages better.

Notably, the company is backed by tech giants like Meta, Google, Intel, Qualcomm, among others.

Currently, Jio Platforms provides AI features like call transcription and voice commands on JioPhone, along with cloud storage capabilities.

For businesses, Jio Platforms has created platforms that help companies use AI tools without needing deep technical knowledge. These tools can support tasks like customer service, data analysis, and content creation. Jio is also offering cloud services that combine storage with AI features, aiming to compete with global tech giants.

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