The year was 2015 and Reliance Jio was emerging as a potential game changer. Reliance had tried to become a telecom player in the first 2G wave, even though this proved to be only a limited success. In 2015, Reliance Jio revisited its device-plus-network strategy from 2004, this time for 4G. And this time around, it worked wonders.

The Indian tech ecosystem, as we know it today, would arguably not be possible without Jio’s cheap mobile internet and affordable 4G devices.

Buoyed by this success, Reliance Jio has evolved beyond a mere telecom operator today and Reliance itself is changing from a petrochemical giant to a tech behemoth in so many ways. Alongside Reliance Jio, there’s Reliance Retail with its many massive marketplaces and an array of brands and Jio Financial Services, which is set to disrupt banks and the fintech ecosystem.

With eyes on the hardware manufacturing ecosystem (especially affordable smartphones and mobile devices), the Mukesh Ambani-led company has created a unique stack — from infrastructure and a mobile network to consumer and enterprise services across ecommerce, retail, financial services, entertainment, and most large sectors.

While the ‘Reliance Jio Stack’ is not just about Jio, the moniker fits because everything is centred around Jio and the internet that is powering the machine.

At the same time, however, one cannot ignore the elephant in the room. Today, Jio, Reliance Retail and JFS have become key competitors for major startups and tech companies in India. From enablers to rivals, the role of Reliance has changed just as it has transformed itself. And all of this has happened in less than a decade.

With Mukesh Ambani stepping aside from key companies such as Jio and Reliance Retail to pass on the baton to the next generation, there’s a lot at stake even for Reliance. Akash Ambani and Isha Ambani will lead the company into the next phase, as it looks to cross the 10 Lakh Cr mark for revenue in FY24.

Through conversations with key players in the industry as well as those who have seen the early days of Jio, we were able to piece together a picture of the grander vision of Reliance and Jio, and what it means for startups in the long run.

Reliance Jio did not respond to our questions about the organisational structure and how the various companies work together. 

The Starting Point: Reliance Jio & 4G

It’s no surprise that it all began with 4G. Even though the timing of Reliance’s 4G launch was fortunate, it did not have the 3G baggage of Airtel, Vodafone, Idea and others. It forced players to not just consolidate but focus on retaining subscribers rather than network expansion.

With its deep pockets, Reliance Jio forced many of these players to become 4G first and start again. For India’s internet companies though, Jio’s entry brought a whole generation of users online.

“Anyone who has seen India’s internet ecosystem mature knows that Mukesh Ambani tried this before with CDMA in 2000, but this time around it was a different market altogether. The mobile industry had evolved; consumer internet was changing and businesses were going digital for the first time; it was the right time for 4G,” recalled Elevation Capital partner Mayank Khanduja.

Khanduja, who began taking investment decisions in 2015 as a principal at venture capital firm Elevation Capital (then SAIF Partners), saw first-hand the emergence of the early stage ecosystem, startups that are today unicorns or value creators in the Indian market.

Between 2016 and 2019, Reliance Jio 4G spread like wildfire, and pretty much cast the competition aside. Reliance Jio added 90 Mn subscribers in 2019 to sit at a total of 370 Mn subscribers in just a matter of three years. Today, it commands a huge lead in the market with 439 Mn subscribers as per its FY2023 disclosures.

And somewhere along the way — between 2018 and 2020 — it began pressing home this market share.

The company’s net profit jumped to INR 5,297 Cr in Q2 FY24. Jio Platforms, the umbrella entity created around Jio, had a quarterly revenue of INR 26,875 Cr (roughly $3.3 Bn).

Targeted Acquisitions: Building The Reliance Jio Stack

“One of the things about Reliance is that it saw waves early on and acquired companies to fill those gaps. When these acquisitions happen, they seem small, but they can snowball,” according to an entrepreneur and investor, whose startup was acquired by Reliance (RIL) in 2019.

In 2019, Reliance Industries signed eight acquisition deals, including the likes of retail tech startup Fynd, marketing SaaS platform Haptik, and digitalisation enabler Nowfloats among others.

The acquisitions in 2019 and since form the backbone of Reliance’s growing prowess in the SaaS space.

The entrepreneur quoted above believes there’s no entity like Reliance anywhere in the world. “Amazon has ecommerce and AWS [besides OTT], Microsoft and Google have a huge array of services; Meta has social media power and Apple rules hardware, but Reliance has the capability to enter each of these spaces. And let’s face it, most of them, in India, they have to work with Reliance,” the entrepreneur added.

The acquisitions laid the foundation for what was to come. While RIL was using its years of profits to buy these companies, eventually they moved to a new umbrella entity encompassing all the digital services and products.

The Age Of Jio Platforms 

“Jio gave Reliance the pipeline through which it can feed all these services in the future,” added another Mumbai-based investor, who was a key figure at Jio for nearly six years when Reliance acquired these various startups and raised the funding from marquee names.

After acquiring these companies, the next big challenge was integrating them into one central vision. And this is where Jio Platforms came into the picture.

“The launch of Jio Platforms is not only a corporate structure, but it also was the first step in the transition of leadership from Mukesh Ambani to Akash Ambani. We then saw a similar thing with Reliance Retail and Isha [Ambani], so these new companies are not just an evolution of Reliance but a passing of the baton in many ways,” added the Mumbai-based investor, who did not wish to be named as they are close to the Reliance group.

Set up in late 2019, Jio Platforms was launched to encompass Reliance-owned digital businesses including Reliance Jio which offered the 4G telecom service, and key B2B and B2C apps and products such as JioMeet or JioCloud.

In 2020, Jio Platforms raised nearly $16 Bn from Google, Facebook, General Atlantic, KKR, ADIA, Mubadala, Qualcomm, Intel Capital among others. This fundraising spree not only gave Jio a capital boost, but also got it ready for a future IPO. But most importantly it signalled a new dawn for Jio and other Reliance companies.

Because, soon after, Reliance Retail began its fundraising spree and became a piece of the Reliance Jio Stack as well.

A majority of Jio’s investors lined up to back what is India’s largest retail operator now. Reliance Retail had raised close to $6 Bn in the year from strategic and financial investors, and went on its own spree of acquisitions.

From A Retail Giant…

It would be folly to think that Reliance has only emerged as a retail force in the last few years. In fact, the seeds were sown more than two decades ago with the launch of Reliance Fresh, Reliance Digital and other retail chains.

Reliance Retail also signed exclusivity deals with a host of renowned brands and labels to bring them to India. Reliance also has a grip on the FMCG segment with a number of private labels that leverage not just its own store network but also non-native retail channels.

The below graphic does not include brands such as Marks & Spencer, for which Reliance Retail had a JV which has now been dissolved. 

Interestingly, a number of international brands that may be more popular on other marketplaces are also owned by Reliance Retail in some way or the other.

“The retail scale is mind-boggling. Most people would not know that Reliance has a piece in bringing such brands to India. This allows the company to really get a huge share of the wallet and when it comes to retail, it’s hard to look around and not see a Reliance brand,” according to Ankur Bisen, a senior partner at Technopak.

..To Building An Ecommerce Empire

The ecommerce opportunity presented after Jio’s internet revolution meant that Reliance also had to double down on marketplaces and online-first brands.

Reliance began its ecommerce journey with AJIO in 2016, followed by JioMart in 2020 and added Tira in 2023. It also entered new areas through acquisitions such as epharmacy Netmeds, Urban Ladder, Just Dial, Milkbasket, lingerie maker Clovia and Alia Bhatt’s D2C brand Ed-a-mamma between 2020 and 2023.

For many years, AJIO was the lone horse battling the likes of Myntra, Nykaa, Flipkart and Amazon. Besides this, Reliance put up its brands on marketplaces to get the right revenue mix.

The addition of JioMart and Tira as channels will prove critical for Reliance in the long run because native revenue is any day more profitable than non-native channels.

Analysts believe that having an array of exclusive brands will be advantageous for fashion through AJIO or beauty and personal care through Tira in the long run, since Reliance can create a walled garden effect.

On the horizontal marketplace side, JioMart is expected to face stern competition not just from Tata-owned BigBasket, Amazon or Flipkart, but also quick commerce players that have emerged as real disruptors in the metros.

Talking about the Reliance Jio Stack, Bisen added that when Jio entered telco, it disrupted lives for existing players.

Reliance’s track record in establishing and nurturing new platforms is evident from its experience with AJIO, which it supported for many years. Additionally, its ability to attract the best talent and provide exposure to new platforms gives it a competitive edge. Those watching Reliance expect a similar strategy to be adopted for Tira, which is the latest platform to emerge from Reliance Retail.

The Tira offline store is expected to have technology-enabled features such as virtual try-on rooms, skin analyser, personalisation engines and smart assistance. This is said to be its key differentiation in retail.

“For Tira, a big chunk of revenue will initially go towards marketing and customer acquisition, at least for the first couple of years, as it is a new brand. More than marketing, Reliance will look at discounting more prominently. Reliance will try to give higher discounts compared to other players,” according to Karan Taurani of Elara Advisors.

Reliance’s Media Dominance Growing

It’s hard to believe that JioCinema, a service that did not exist till late 2022, is the biggest OTT platform in India today. With Disney+ Hotstar expected to be acquired by JioCinema, it would also very soon be the biggest streaming platform for live sports in India.

In the past one year, JioCinema has snatched the digital streaming rights for the IPL and other marquee properties from Disney+ Hotstar. JioCinema is today billing itself as the home of Indian cricket, which naturally brings in millions of subscribers.

Analysts now expect JioCinema to turn on the monetisation pipeline. It has already launched a subscription tier and is likely to put IPL 2024 behind a paywall of some kind. In just under eight months after its launch, JioCinema has 221 Mn monthly active users as of June 2023, according to reports.

Of course, beyond OTT and streaming, Reliance has the might and reach of Network18 with its various TV channels and digital publications, as well as production houses for motion pictures, and Mumbai Indians, which has won the IPL five times. These form a key part of the distribution side of the Reliance Jio Stack as well.

They help drive Reliance’s empire of products and services, as was evident during the IPL 2023, when Reliance products such as Tira and AJIO featured heavily during ad breaks.

JioCinema has the potential to become a very cost-effective sales funnel for Reliance platforms in the long run. Reliance can leverage the scale to succeed at formats such as live commerce, which have so far failed to take off due to the lack of vertical integration.

“The Reliance Jio Stack, or whatever you want to call it, is all about unlocking this vertical integration across all segments, unlike ever done before,” says the Mumbai-based investor quoted above.

The Final Frontier: Financial Services

While we expected Reliance to do something about fintech in the long run, the launch of Jio Financial Services this year was still something of a surprise. From payments to insurance to investment tech, JFS is set to disrupt several key fintech segments and pose a significant threat to existing players — both startups as well as legacy BFSI companies.

At launch, JFS is the world’s highest capitalised financial services platform and this safety net is a key to success for Jio’s fintech ambitions.

“The cost of fintech is still very high in India, whether you look at payments or insurance broking or any other service which relies on commissions. Having capital means JFS can be bullish on expansion. It can acquire some customers very easily due to Reliance Jio and Reliance Retail,” according to the founder of a Delhi-based B2B and B2C lending tech startup.

What works out for JFS is the fact that Reliance Jio boasts of over 439 Mn subscribers, while Reliance Retail has close to 250 Mn registered customers and 3 Mn merchants. These will be the anchors for scaling up Jio Financial Services over the next few quarters as it looks to push personal loans and consumer durable loans.

All this makes ominous reading for India’s fintech startups, which have so far banked on Reliance Jio’s internet services as a growth ladder. But now, startups not only have to solve the revenue puzzle that has plagued fintech for long, but also compete with a giant such as JFS, backed by Reliance’s technological prowess, retail network and significant reach across sectors.

As is evident from Reliance’s journey in the past eight years, the company looks to dominate the verticals it enters with a mix of capital-led growth and inorganic acquisitions.

Will we see a similar burst of acquisitions for JFS? It’s very much on the cards given the wider problems in the fintech space. Startups are struggling with revenue growth and JFS could use its deep pockets to acquire some of these ailing startups.

Even established players such as Paytm, Zerodha, Groww, PhonePe, Policybazaar, Lendingkart and others are very likely to see JFS as a challenge in payments, investment broking, insurance and other areas.

Startups have faced regulatory headwinds, a funding winter and Reliance’s mega entry means another massive player to compete with. A potential consolidation wave of fintech startups cannot be ruled out, which brings us to the final point about this “Reliance Jio Stack”.

Reliance Jio’s Big Tech Avatar

By all indications, Reliance is not about to halt its juggernaut any time soon.

Jio Financial Services is only the latest piece of the empire, which may soon include automotives and electric vehicles besides hardware manufacturing. Reliance is essentially aiming to become an everything-tech company.

And for many startups that have so far leaned on Reliance for growth, this is a scary proposition. There are fears about a monopoly in certain segments such as streaming as well as retail, but more ominously, entrepreneurs and other ecosystem stakeholders are worried about potentially having to cede ground to Reliance in other areas as well.

“No one can dispute that Reliance has taken Indian tech to a new place, but at the same time, there needs to be a check on where this is going. We have seen cases in CCI about monopolistic practices of foreign giants like Google or Meta, and the same argument can be extended to Reliance in many areas,” says the Delhi NCR-based entrepreneur and investor quoted first in this story.

Others pointed out that the Future Retail battle with Amazon shows that as Reliance tries to stretch further it will attract more such opposition. The potential Disney+ Hotstar deal will be an acid test for these concerns. Will there be some opposition to the fact that Reliance would pretty much be in a dominant position in the digital media space?

On the JFS front, many fintech founders have raised concerns in the past few weeks. “JFS will earn the fruits of our years of working with regulators and banks to form this foundation we have today,” the Delhi-based lending startup founder added.

Their primary contention is that Reliance gets an unfair advantage of having seen regulations evolve and mature, which are headwinds that fintech founders have fought back. Similar concerns were raised about Reliance Retail using its financial muscle in the Future Retail saga.

There’s little doubt eight years ago, Reliance Jio changed India forever and gave new wings to Indian tech. Today, in late 2023, the clear signs of the Reliance Jio Stack threaten to do it once again. How will it change Indian tech next?

The post The ‘Jio Stack’: The Making Of Reliance’s Digital Empire appeared first on Inc42 Media.

Internet giant Info Edge has written off a total loss of INR 532.25 Cr in Rahul Yadav’s proptech startup 4B Networks in Q2 FY23. Info Edge had invested in the company via its partly owned subsidiary Allcheckdeals India Pvt  Ltd. 

This consists of INR 80.77 Cr for net assets, INR 12.32 Cr for ICD (Inter-corporate deposits)  given and reduced by Non-Controlling Interest payable of INR 2,80.27 Cr, as per Indian accounting standards (IND AS), as mentioned in the filing with Ministry Of Corporate Affairs.

While Info Edge’s cash infusion in the startup stood at INR 288 Cr, the rest is the notional loss from a higher valuation than the startup commanded earlier. The startup had a valuation of INR 719 Cr, mentioned as Goodwill in the MCA filing before Info Edge had to write down its entire investment made through its wholly owned subsidiary ALLcheckdeals India.

The company has cited reasons such as excessive cash burn, prevailing liquidity issues and significant uncertainty towards funding options as the reason for write-off. 

“The Company continues to explore various options in best interest of stakeholders and will re-evaluate such position, if and when underlying assumptions relating to survival and sustainability of investee company,” as mentioned in Info Edge’s Q2 FY23 financial statement.

To be noted, Info Edge had returned to black in the previous quarter after reporting a net loss of INR 503.2 Cr in the March quarter of FY23 amid write-off of investment in Rahul Yadav’s 4B Networks and Bijnis.

The internet giant reported a consolidated net profit of INR 239.7 Cr in the September quarter (Q2) of the financial year 2023-24 (FY24), a jump of 155.3% from INR 93.9 Cr in the year-ago quarter helped by cost control measures and growth in two verticals – Naukri.com and 99acres.com.

In May 2022, Info Edge acquired a majority stake in 4B Networks, investing INR 137 Cr in the Mumbai-based startup and increasing its stake to 57.16% on a fully diluted basis. Overall, it has invested about INR 280 Cr+ and holds over 65% stake in the company.

4B Networks, which was incorporated in November 2020, is engaged in the business of enabling real estate developers and brokers to communicate with each other and conduct their business via the Broker Network Platform.

In the past few months, several criminal complaints have been filed against Yadav and others at the company. In October this year,  Info Edge also filed a complaint with the Economic Offences Wing (EOW) of Mumbai Police against Broker Network founder and former Housing.com cofounder Rahul Yadav over alleged cheating to the tune of INR 288 Cr. 

These are currently being investigated by Mumbai Police as well as other law enforcement authorities (more on these later). An earlier deep dive by Inc42 into Yadav’s fifth startup 4B Networks suggested that the startup is on the brink of collapse. 

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Drone manufacturer ideaForge’s profit after tax (PAT) tanked more than 77% year-on-year (YoY) to INR 89.2 Lakh in the second quarter (Q2) of the financial year 2023-24 (FY24) on account of a sharp decline in revenue. 

The startup had clocked a PAT of INR 3.96 Cr in the year-ago period. Sequentially, PAT fell 95% from INR 18.8 Cr. 

Revenue from operations declined 41% to INR 23.7 Cr in Q2 FY24 from INR 40.2 Cr in the year-ago period. On a quarter-on-quarter (QoQ) basis, operating revenue declined more than 75% from INR 97 Cr. 

During the quarter under review, ideaForge earned 69% of its revenue from defence contracts while the remaining came from the civil business. 

Earnings before interest, taxes, depreciation, and amortisation (EBITDA) declined 28% to INR 7 Cr in Q2 FY24 as against INR 9.82 Cr in Q2 FY23. 

“This quarter has been a building phase for ideaForge… We have strengthened our operations to gear up for the deliveries in the next few quarters and meet our annual revenue target. The order book has improved on the back of new orders received in this quarter,” said ideaForge chief executive officer (CEO) Ankit Mehta.

Meanwhile, total expenses rose marginally to INR 37.3 Cr in Q2 FY24 from INR 36.6 Cr in the year-ago period. Cost of materials consumed during the quarter under review stood at INR 35.6 Cr.

Employee benefit expenditure fell steeply to INR 8.3 Cr from INR 12.7 Cr in the year-ago period. However, other expenses jumped to INR 9.49 Cr compared to INR 7.87 Cr in Q2 FY23. 

Meanwhile, the startup continues to be focussed on expansion. As per Mehta, ideaForge has made ‘progress’ in the development of middle-mile logistics and quadcopter UAVs which will propel the growth in the coming years. He also said the ‘successful’ proof of concept (PoC) of its drone-as-service (DraaS) offerings are moving towards potential commercial contracts. 

“Successful PoCs of Drone as a Service (DraaS) are moving towards potential commercial contracts. Obtaining the SCOMET (Special Chemicals, Organism, Materials, Equipment and Technologies) licence to stock and sell the systems in the US through our US subsidiary and successful product demonstrations on the field bolster our confidence to establish our presence in the international market,” Mehta added. 

On the operational front,ideaForge bagged new orders worth INR 169 Cr during the quarter under review. The manufacturer also claimed that its drones completed a cumulative 4 Lakh flights on the field in Q2 FY24. 

The drone manufacturer listed on the bourses at a 94% premium to the issue price in July this year.

ideaForge’s shares ended Tuesday’s session 4.44% higher at INR 872.80 on the BSE.

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Online classifieds major Info Edge reported a consolidated net profit of INR 239.7 Cr in the September quarter (Q2) of the financial year 2023-24 (FY24), a jump of 155.3% from INR 93.9 Cr in the year-ago quarter helped by cost control measures and growth in two verticals – Naukri.com and 99acres.com.

Sequentially, net profit rose almost 63% from INR 147.4 Cr. 

It must be noted that Info Edge made an exceptional gain of INR 46.01 Cr during the quarter under review. While it incurred a loss of INR 15 Cr from the provision for diminution in the carrying value of its investments during the reported quarter, Info Edge said it gained INR 61.10 Cr from disposal of a joint venture.

Info Edge’s operating revenue jumped to INR 625.8 Cr in the reported quarter from INR 604.1 Cr in Q2 FY23. 

However, on a quarter-on-quarter (QoQ) basis, the company’s operating revenue remained almost flat compared to INR 625.9 Cr posted in the June quarter of the current fiscal.

Meanwhile, Info Edge’s other income jumped over 161% QoQ to INR 166.2 Cr in Q2 FY24.

Info Edge’s online recruitment platform Naukri.com posted revenue of INR 468 Cr, a 7.4% rise YoY, while its real estate portal 99acres.com’s revenue jumped 27% YoY to INR 87.3 Cr.

Meanwhile, its other segments, which comprise matrimony portal Jeevansathi.com and education platform Shiksha, witnessed a decline in income to INR 70.6 Cr in Q2 FY24 from INR 98.6 Cr in the corresponding period of last year.

Info Edge also announced an interim dividend of INR 10 per share for FY24, which would be paid on or after November 29, 2023.

Following the announcements, the company’s shares fell and were trading marginally lower at INR 4,306 on the BSE by 2.30 PM IST.

Info Edge’s Expenses In Q2

The company’s total expenditure increased 7.7% YoY and 1% QoQ to INR 455.3 Cr in Q2 FY24, with employee benefits expenses continuing to comprise the largest portion of it.

However, Info Edge managed to bring down its employee cost on YoY and QoQ basis to INR 276.4 Cr in the quarter under review. The company spent INR 299.6 Cr in Q2 FY23 and INR 281.7 Cr in Q1 FY24 towards employee benefits.

Info Edge’s advertising and promotion cost also declined almost 18% YoY to INR 86.5 Cr in the September quarter this year. However, this was a slight increase from INR 85.6 Cr in Q1 FY24.

Other expenses more than halved YoY to INR 40 Cr in Q2 FY24, while network, internet and other direct charges increased almost 11% YoY to INR 18.3 Cr during the quarter.

We must note that Info Edge had returned to black in the previous quarter after reporting a net loss of INR 503.2 Cr in the March quarter of FY23 due to the writing-off of its investment in Rahul Yadav’s 4B Networks and Bijnis.

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As a part of the Reliance Jio internet and connectivity universe, Reliance has launched JioMotive, a new pocket-sized on-board diagnostics (OBD) device, which, it claims, can transform any car into a ‘smart car’. 

The new device can be plugged-in to a car’s OBD port located under the dashboard and can connect the car to the Jio network via an integrated eSIM.

The device is available on Reliance Digital website, JioMart, and Amazon at INR 4,999. It offers features such as real-time location, vehicle health, driving behaviour, anti-tow and theft alert, accident detection, Wi-Fi hotspot, among others. 

To install JioMotive, users will have to access the JioThings App available on Google and Apple app stores and sign up with their Jio phone number to get started.

Lately, Jio has been on a spree to launch new products. Recently, at the Indian Mobile Congress 2023 (IMC), the conglomerate launched the ‘JioPhone Prima 4G’ feature phone. Back then, it said that the phone would be made available in the market around Diwali. 

Prior to that, it launched another range of internet-enabled phones, called Jio Bharat feature phones and priced at INR 999. At the time of the launch, Jio said that the device will be powered by the Jio Bharat platform which will leverage device and network capabilities to offer internet-enabled services on feature phones. 

Recently, Jio also launched India’s  first satellite-based giga-fibre service. The service is designed  to provide last-mile fast and reliable internet connectivity. The company said it plans to make JioSpaceFiber accessible nationwide at cost-effective rates. 

Jio Platforms reported a 12% year-on-year (YoY) increase in its consolidated net profit to INR 5,297 Cr in Q2 of FY24. Meanwhile, digital and new commerce businesses contributed 18% to the total revenue of Reliance Retail, its retail arm, in the September quarter.

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Airtel Digital’s chief executive officer Adarsh Nair has tendered his resignation following a five-year stint with the telecom operator.

Airtel Digital is the digital services arm of Bharti Airtel. Nair was also the chief product officer of the company.

“We wish to inform you that Nair, chief product officer of the company has resigned and accordingly, ceases to be a senior management personnel of the company. His resignation has been accepted on November 03, 2023 and he will be relieved from his duties upon closure of business hours on February 15, 2024,” Bharti Airtel said in an exchange filing.

As per his resignation letter, Nair plans to relocate to the US in the early part of the upcoming year.

Nair, in the letter to Airtel MD Gopal Vittal, said, “I am deeply grateful to Airtel, Sunil and you for the multitude of opportunities given to me over the past 5 years in crafting and scaling our digital organisation.”

As per his LinkedIn profile, Nair scaled Wynk Music app to 75 Mn users and built fintech app Airtel Finance, Xstream video app, cloud communication platform Airtel IQ, and Airtel IOT platform.

Earlier this month, Bharti Airtel reported a consolidated net profit of INR 2,093.2 Cr on operating revenue of INR 37,043.8 Cr in Q2 FY24. The revenue for India business stood at INR 26,995 Cr, while average revenue per user for mobile stood at INR 203 per month.

Meanwhile, Jio Platforms, which houses Airtel’s rival Jio Infocomm Ltd, reported a 12% year-on-year increase in consolidated net profit to INR 5,297 Cr in Q2. ARPU stood at INR 181.7 per month.

Airtel’s 5G services are currently available across 5,000 towns and 20,000 villages and the company is aiming to roll out 5G services across the country by March 2024. 

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Tech giant Intel on Friday (November 03) announced that it has collaborated with eight electronics manufacturing services (EMS) and original design manufacturers (ODMs) in India to manufacture laptops in the nation.

The names of Intel’s manufacturing partners include Bhagwati Products, Dixon Technologies India, Kaynes Technology India, Optiemus Electronics, Panache Digilife, Smile Electronics, Syrma SGS Technology, and VVDN Technologies 

“I am very pleased that global organisations like Intel are partnering with India helping to build and catalyse the electronics manufacturing ecosystem for laptops and computers,” MoS Rajeev Chandrasekhar said on the development. 

He added that such collaborations align with Prime Minister Narendra Modi’s vision of India’s $1 Tn digital economy and to develop an electronic devices manufacturing ecosystem in the country.

As part of the deal, Intel will offer its expertise to the partners to boost the production of complete entry-level laptops in the country, including utilisation of SMT lines, setting up a quality control process for components and even benchmarking the finished products. 

Commenting on the development, Intel’s India VP and MD Santhosh Viswanathan said, “By enabling the laptop manufacturing process – from surface mount technology assembly to finished product – we are not only meeting the demands of the Make in India initiative but also contributing to the technological progress of the nation.”

The development comes a day after the Indian government approved 100 applications for importing laptops, computers and other IT hardware items. The government has received about 111 requests from several tech majors, including HP, Dell, Acer, Lenovo, and Samsung, among others.

The approval of the applications came as a result of the government’s decision to roll back the restrictions on the import of such products, which were imposed months back. 

After the restrictions were imposed, the government received applications from some global IT and hardware companies for the PLI Scheme 2.0 to begin domestic manufacturing of such products. 

Unsure of the situation, many global tech giants have turned towards India for manufacturing their products. Recently, Samsung was reported to be planning to commence laptop manufacturing at its Delhi NCR unit. According to media reports, if things go as planned, Samsung will be the first global company to manufacture laptops in India.

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Geotech startup MapmyIndia on Monday (October 31) reported a 30.4% year-on-year (YoY) rise in its profit after tax (PAT) to INR 33.1 Cr in the September quarter (Q2) of the financial year 2023-24 (FY24), helped by positive momentum across business verticals.

MapmyIndia’s PAT stood at INR 25.4 Cr in the corresponding quarter last year. 

On a quarter-on-quarter (QoQ) basis, the company’s profit grew a muted 3.4%.

Operating revenue jumped 19.4% to INR 91.1 Cr in Q2 FY24 from INR 76.3 Cr reported in the corresponding quarter of the previous fiscal.

Sequentially, operating revenue grew a mere 1.9%. 

Speaking on the financials, Rakesh Verma, chairman and MD at MapmyIndia, said the company posted all-time high revenue, EBITDA, and PAT during the quarter under review. 

Its EBITDA stood at INR 40.5 Cr in the quarter under review as against INR 30.6 Cr in Q2 FY23.

“Map-led business EBITDA margin was strong at 56.4%. IoT-led business EBITDA margin continued to expand quarterly to 8.2% in Q2 FY24 versus 6.3% of Q1 FY24, due to improved product mix and operational efficiency,” said Verma.

As per the company, besides its core B2B and B2B2C business, the B2C Mappls app has received significant traction. The app has already seen over 11 Mn lifetime downloads.

Zooming Into The Expenses 

On the expenditure side, MapmyIndia saw almost a 13% jump to INR 54.6 Cr in Q2 FY24 from INR 48.3 Cr in last year’s quarter. 

However, the company managed to bring down its expenses 2.2% from INR 55.8 Cr reported in the previous quarter – Q1 FY24, largely due to the QoQ decline in total cost of materials. 

Total cost of materials include spending towards software and hardware.

MapmyIndia’s total cost of materials stood at INR 13.2 Cr in Q2 as against INR 14.2 Cr in Q1 FY24.

On a YoY basis, MapmyIndia’s total cost of materials increased 2.4%. On the other hand, marketing and business promotion expenses fell over 43% YoY to INR 2.2 Cr in the quarter under review.

The company also spent INR 19.2 Cr towards employee benefits, which increased almost 14% YoY.

Ahead of its Q2 earnings report, shares of MapmyIndia ended today’s trading session marginally higher at INR 2,085.25 on the BSE.

The post MapmyIndia’s Q2 PAT Jumps 30% YoY To INR 33.1 Cr appeared first on Inc42 Media.

Months after it launched internet-enabled Jio Bharat feature phones, Reliance Jio unveiled ‘JioPhone Prima 4G’ feature phone at the Indian Mobile Congress 2023 (IMC), held last week. 

The new feature phone is reported to be available in the market around Diwali this year. 

As per reports, the new phone was seen on Reliance Digital and JioMart platforms at a price of INR 2,599. However, Inc42 couldn’t independently verify this. Jio has not yet officially declared the feature phone’s pricing.

JioPhone Prima 4G features a 2.4-inch TFT display with a keypad for input and navigation. It is available in blue and yellow colours. Additionally, the phone is equipped with a flashlight, FM radio, and a 0.3MP primary camera.

The phone is powered by KaiOS, an open-source project-based mobile operating system, and offers access to a variety of popular apps, such as WhatsApp, YouTube, Facebook, and Google Maps.

Additionally, it supports Bluetooth 5.0 and FM Radio. The phone comes pre-installed with various Jio apps, including Jio TV, Jio Cinema, Jio Saavn, Jio News, JioChat, and JioPay for UPI payments. It is also compatible with 23 different languages.

It comes with 512MB of RAM and a microSD slot for storage expansion of up to 128GB and an 1800mAh battery. 

In comparison, the Jio Bharat feature phone is priced at INR 999. 

The launch of the feature phones is part of Reliance Jio’s plan to expand into the devices space and upgrade feature phone users in the country to 4G services.

Meanwhile, Reliance Jio continues to scale up its 5G network. During the IMC, Reliance Jio Infocomm chairman Akash Ambani said the company has installed over 10 Lakh 5G cells across all 22 circuits of India.

During the event, the company also introduced JioSpaceFiber, India’s first satellite-based giga-fibre service to deliver fast and dependable internet connectivity to remote and hard-to-reach areas.

Jio Platforms, which houses telecom operator Reliance Jio, reported a 12% year-on-year jump in its consolidated net profit to INR 5,297 Cr during the quarter ended September 2023, while revenue from operations zoomed 10.7% to INR 26,875 Cr.

Ambani said ubiquitous 5G, JioBharat and JioAirFiber are the three big growth engines which would accelerate Jio’s market share gains and profitability.

The post After Jio Bharat, Reliance Unveils JioPhone Prima 4G Feature Phone appeared first on Inc42 Media.

Bharti Enterprises chairman Sunil Bharti Mittal on Friday (October 27) said that the telco’s satcom venture OneWeb will be ready to offer services across the country from next month. 

Addressing the inaugural session of India Mobile Congress 2023, Mittal said that OneWeb’s constellation of satellites was ready and that users from remote parts of the country would be able to benefit from these services. 

“OneWeb constellation is ready to serve the globe and is ready to serve the country. Anybody, anywhere in the country, in remote parts or in difficult areas, wherever they are located can be connected from next month from the satellite ground station that has been set up in Gujarat’s Mehsana,” Mittal said.

Touting the ‘new technology’, Airtel chairman said that satellite communications would serve ‘every inch’ of the country and the globe. He added that OneWeb was able to launch 72 satellites last year, with the help of ISRO’s GSLV (geosynchronous satellite launch vehicle) Mark-III. 

Speaking on the 5G rollout, Mittal said that Airtel currently covers 5,000 towns and cities as well as 20,000 villages across the country. He also promised a pan-India rollout of the next-generation internet services by March 2024. 

The announcement comes a month after OneWeb merged with Eutelsat and rebranded itself as Eutelsat OneWeb. With operations based out of London, Eutelsat OneWeb counts Bharti Enterprises as its largest shareholder and has a 21.2% stake in the combined firm. 

As of now, OneWeb claims to have formulated a constellation of more than 618 low earth orbit satellites that would offer internet services across the country. 

Mittal’s comment came on the same day as competitor Reliance Jio Infocomm announced its satellite-based giga-fibre service JioSpaceFiber. Just like OneWeb, Reliance’s new offering aims to offer fast and reliable internet connectivity to remote regions at affordable rates. 

Meanwhile, the competition in the satcom space appears to be heating up as a host of global and domestic giants have lined up to get a licence to offer the service. The contenders include Reliance Industries, Bharti Global, Elon Musk-backed Starlink, and Amazon’s Kuiper. 

So far, only two companies in the country have satcom licences – Bharti Group-backed OneWeb and Jio Satellite Communications, which Reliance operates in a joint venture with Luxembourg-based SES. However, Amazon is also looking to catch up as reports surfaced, earlier this month, that the ecommerce major was seeking approval from the Indian National Space Promotion and Authorisation Centre (IN-SPACe).

The fight between some of the richest men in India and globally points to the opportunity that the nascent satcom space offers. The government itself believes that satcom will play a key role in delivering internet services to 1.2 Bn Indians by 2025-26.

As per a report, the global satellite communications market is projected to grow to a market size of $192 Bn by 2032.

The post Airtel-Backed OneWeb Set To Offer Satellite Communication Services Next Month appeared first on Inc42 Media.

Reliance-backed digital juggernaut Jio Platforms reported a 12% year-on-year (YoY) increase in its consolidated net profit to INR 5,297 Cr in the second quarter (Q2) of the financial year 2023-24 (FY24). The company’s net profit stood at INR 4,729 Cr in the year-ago quarter.

Sequentially, Jio platforms’ net profit jumped nearly 4% from INR 5,098 Cr.

Revenue from operations rose 10.7% to INR 26,875 Cr in Q2 FY24 from INR 24,275 Cr in Q2 FY23. On a quarter-on-quarter (QoQ) basis, operating revenue jumped 2.9% from INR 26,115 Cr.

The company attributed the increase in its top and bottom lines to a healthy growth in subscriber numbers. “Strong subscriber growth across mobility and wireline services and scale up of digital services platform drove Jio Platform’s consolidated revenue and EBITDA growth,” Reliance Industries Ltd (RIL) said.

Average revenue per user (ARPU) jumped 2.5% YoY to INR 181.7 per month during the quarter under review, driven largely by a better subscriber mix across mobility and wireline services. ARPU stood at INR 180.5 in the preceding June quarter.

Earnings before interest, tax, depreciation and amortisation (EBITDA) rose 12.6% YoY to INR 13,528 Cr due to growth in the number of users and ARPU.

Commenting on the results, RelianceJio Infocomm chairman Akash Ambani said, “… Ubiquitous 5G, JioBharat and JioAirFiber are three big growth engines for Jio which would accelerate market share gains and profitability.”

The company’s subscriber base stood at 459.7 Mn at the end of September 2023, up 7.5% from 427.6 Mn a year ago.

Earlier today, the telecom operator debuted the ‘country’s first’ satellite-based gigabit fibre services at India Mobile Congress 2023. This adds to a flurry of new launches by the company in the past few months.

Jio also said that its newly launched JioBharat feature phone has gained ‘substantial market share’ in the non-smartphone segment since its launch in July this year. The telco now plans to expand the JioBharat platform to multiple SKUs to ‘widen the reach and address demand across various price points’.

On the other hand, the telecom operator’s 5G rollout continues on full scale. Jio claims to have so far deployed more than 10 Lakh 5G cells that cover nearly 8,000 cities and towns. In contrast, Bharti Airtel chairman Sunil Bharti Mittal on Friday said the company’s 5G network now covers 5,000 cities and towns and 20,000 villages.

Jio also introduced the Jio True 5G Developer Platform and Jio 5G Lab in August to foster development of 5G use cases by startups on the telco’s 5G network, edge computing and partner solutions.

In addition, Jio Platforms is also collaborating with semiconductor giant NVIDIA to build cloud-based artificial intelligence (AI) infrastructure in the country.

Meanwhile, Reliance Jio Infocomm’s standalone revenue rose 10% YoY to INR 24,750 Cr, while net profit rose nearly 12% to INR 5,058 Cr in Q2 FY24.

Overall, RIL’s net profit rose 29.7% YoY to INR 19,878 Cr in Q2 FY24.

Shares of RIL ended Friday’s session 1.75% higher at INR 2,265.25 on the BSE.

The post Jio Platforms’ Q2 Profit Jumps 12% To INR 5,297 Cr, ARPU At INR 181.7 appeared first on Inc42 Media.

Mukesh Ambani-owned Reliance Jio Infocomm has introduced JioSpaceFiber, India’s first satellite-based giga-fibre service. The offering is designed to provide fast and reliable internet connectivity to remote and challenging-to-reach regions.

The company said it plans to make JioSpaceFiber accessible nationwide at cost-effective rates. Jio introduced its satellite broadband service during the India Mobile Congress on October 27.

As per the company, today, high-speed broadband fixed line and wireless services are provided to over 450 Mn Indian consumers by Jio. To enhance digital inclusivity for every household in India, Jio has incorporated JioSpaceFiber into its leading range of broadband services, including JioFiber and JioAirFiber.

“With Jio, consumers and businesses have unprecedented access to reliable, low latency, and high-speed internet and entertainment services, regardless of location. The satellite network will also support additional capacity for mobile backhaul, further enhancing the availability and scale of Jio True5G in the remotest parts of the country,” the company said in a statement.

JioSpaceFiber has connected remote locations like Gir in Gujarat, Korba in Chhattisgarh, Nabarangpur in Odisha, and ONGC-Jorhat in Assam.

Jio and SES have also joined forces to access medium earth orbit (MEO) satellite technology. This MEO constellation is unique in its ability to deliver high-speed, fibre-like services from space. With access to both SES’s O3b and the new O3b mPOWER satellites, Jio is the exclusive provider of game-changing technology, offering scalable and affordable broadband coverage across India.

The global satellite internet market was pegged at $2.93 Bn in 2020 and is expected to rise to $18.59 Bn by 2030, growing at a CAGR of 20.4% during the 2021-2030 period, according to a report.

In September 2022, Jio Infocomm received approval from the Department of Telecommunications (DoT) to offer global mobile personal communication by satellite (GMPCS) services in India.

In February 2022, Ambani’s company announced a joint venture to provide satellite-based broadband services across India, entering the competition with Elon Musk’s SpaceX and Sunil Mittal’s OneWeb to offer reliable, high-speed internet access.

Jio Platforms had previously revealed a partnership with Luxembourg-based SES to deliver satellite-based broadband services in India.

In October 2022, SpaceX, the parent company of Starlink, submitted a license application to the DoT for introducing satellite-based broadband services in India. 

On launching its satellite services, Jio has joined the likes of Elon Musk’s SpaceX and Bharti Enterprises’ OneWeb, which already provide satellite-based broadband services across the globe.

Satellites in orbit can bring high-speed internet to remote areas without requiring fibre-optic infrastructure. Reliance, in its partnership with SES, aims to extend internet services to distant towns and cities across India through satellite broadband.

According to an Inc42 report, the Indian commercial spacetech market is expected to grow to $77 Bn by 2030.

The post Reliance Jio Launches India’s First Satellite-Based Giga Fibre Service appeared first on Inc42 Media.

US tech giant Microsoft’s India entity Microsoft Corporation India Private Limited’s operating revenue surged 39% in the year ended March 31, 2023. Operating revenue stood at INR 19,229.4 Cr in the financial year 2022-23 (FY23), a 1.2X increase from INR 13,819.5 Cr in FY22. 

Microsoft India earned a majority of its revenue from services. In FY23, it earned INR 13,103 Cr from sale of services, a 46% increase from INR 8,951.3 Cr in the previous fiscal year. Service revenue mostly comprises subscription revenue earned from Microsoft 365, Microsoft Azure, Xbox 360, LinkedIn, among others. 

Meanwhile, it earned INR 4,508.3 Cr from sale of products in FY23, a 28% increase from INR 3,518.9 Cr in FY22. Microsoft’s product portfolio comprises operating system, cross-device productivity applications, server applications, business solution applications, desktop and server management tools, software development tools, among others.

Including other income, Microsoft India reported a total revenue of INR 19,353.7 Cr during the year under review, a 39% increase from INR 13,922.5 Cr from the previous year. 

In line with the increase in revenue, Microsoft India’s net profit rose 30% to INR 648.6 Cr from INR 498.2 Cr in the previous fiscal. 

Meanwhile, expenses stood at INR 18,472 Cr in FY23, a 39.5% increase from INR 10,480.7 Cr in FY22. Microsoft India’s biggest expense was royalty cost. In FY23, the Indian entity spent INR 13,139 Cr on royalty cost, an increase of 51.8% from INR 8,654.7 Cr in the previous fiscal year. 

In simple terms, royalty cost is the amount paid by a company to the owner of a product or patent for the use of that product or patent. 

Employee benefit cost was another major contributor to Microsoft India’s growing expenses. The company spent INR 1,411.3 Cr on employee benefits expenses in FY23, an increase of 16.5% from INR 1,210.8 Cr in the previous year. 

It is worth noting that Microsoft, which has offices across the world, has laid off over 10,000 employees across verticals this year. 

Microsoft India spent INR 372 Cr on advertising and promotional activities, a decline of 15% from INR 436.2 Cr in the previous fiscal year. 

In July this year, Microsoft India president Anant Maheshwari resigned from his position after serving the company for almost seven years.

A Microsoft spokesperson said, “Anant has decided to leave Microsoft to pursue a role outside the company. We would like to thank Anant for his many contributions to our business and culture in India.”

The post Microsoft India’s FY23 Profit Jumps 30%, Revenue Rises To INR 19,229 Cr appeared first on Inc42 Media.

Indian IT giant Infosys will expand its partnership with tech major Google Cloud to develop industry-specific artificial intelligence (AI) solutions for enterprises. 

Under the expansion plan, Infosys will establish global generative AI Labs to accelerate development of AI solutions for enterprises that can be embedded in business processes. These new offerings will be built by leveraging Google Cloud’s generative AI solutions and Infosys’ in-house Topaz offerings. 

Infosys will also train 20,000 practitioners on Google Cloud’s various AI solutions to ensure resources and expertise are available to develop, implement, and manage generative AI projects. 

Besides, the IT major is also working with the tech giant to develop a suite of generative AI solutions and platforms to solve ‘large and complex problems’ across both business and technology domains. These products will cover use cases such as consumer AI, autonomous supply chain, anti-money laundering, among others. 

The partnership will also leverage Infosys’ existing trove of data, analytics and expertise in the AI space to build effective solutions, the company said. 

“Infosys has been long making investments in the AI space… The combined strength of Google Cloud’s generative AI capabilities, Infosys Cobalt, and Infosys Topaz will help enterprises transform and future-proof their business, built on strong digital, cloud, and next-generation AI capabilities,” said Infosys chief executive officer (CEO) Salil Parekh.

Commenting on the announcement, Google Cloud CEO Thomas Kurian said, “… Through our expanded partnership with Infosys, we will give our mutual customers the resources and skills needed to use generative AI today to create real-world value for their organisations.”

The joint partnership will also enable Infosys to enhance its existing suite of products with generative AI capabilities. This will help both companies accelerate the adoption of generative AI among enterprises and drive operational efficiency. 

The development comes at a time when more and more companies are looking to leverage and adopt generative solutions. The debut of ChatGPT has sparked an AI boom as companies look to deploy such solutions to improve efficiency while IT companies eye building AI-based offerings for clients. 

Just last month, Indian conglomerates Reliance and Tata Group inked pacts with US-based chipmaker NVIDIA to build and scale cloud-based AI computing infrastructure. Tata Group is the parent of Infosys’ archrival TCS. 

Meanwhile, the Centre is also pushing homegrown players to develop India-specific AI solutions, while a majority of Indian entrepreneurs too seems to have a positive outlook towards the emerging technology. 

Google has also followed this curve and introduced a slew of generative AI offerings for its customers as well as B2B clients. From new gen-AI search capabilities for healthcare professionals to unveiling chatbot Bard, Google has left no stone unturned to cash in on the AI wave. 

AI is expected to be the new frontier of competition for companies globally. As per a report, the global AI market is projected to reach a size of $738.8 Bn by 2030.

The post Infosys Partners Google Cloud To Accelerate Adoption Of Generative AI Among Enterprises appeared first on Inc42 Media.

In a digital era where information is a brand-new currency, governments are taking considerable measures to guard the privacy and security of individuals’ personal data. 

The Digital Personal Data Protection Act of 2023 (DPDPA) is one such progressive legislation that seeks to protect the digital private data of India’s citizens. 

Understanding The DPDPA Transition Period

The DPDPA, which was passed into law on August 11, 2023, and is scheduled to commence on January 1, 2024, includes a transition period that allows businesses the opportunity to align their data processing procedures with the new regulations.

This isn’t just a grace phase but a strategic window for businesses to bolster compliance and foster deeper trust with their clientele. It offers a unique opportunity for large tech corporations, fintech companies, and ecommerce platforms to strategically align their operations with the new data privacy law. 

Strategic Implementation Of Data Privacy

For big tech companies, fintech firms, and ecommerce platforms, strategic implementation during the transition period is crucial. Here’s how they can leverage this period effectively:

Review And Revise Data Processing Practices

The first step is to conduct a thorough review of data processing activities. Identify what data is collected, stored, shared, and transferred. This assessment should cover both personal and sensitive data. 

Once identified, ensure that data processing aligns with the principles outlined in the DPDPA, such as consent, purpose limitation, data minimisation, and accuracy. Automated compliance check platforms can simplify this assessment, ensuring alignment with DPDPA’s foundational tenets.

Obtain Valid Consent

Consent is at the heart of the DPDPA. During the transition period, organizations should focus on obtaining proper consent from individuals before processing their personal data, ideally leveraging advanced digital verification systems to build trust and transparency. Transparency is key – inform users about the purpose and manner of data processing to build trust.

Enhance Data Security Measures

Data breaches can have severe consequences under the DPDPA. Use this juncture to amplify data security, integrating AI-driven fraud detection systems and setting up agile protocols for timely notifications in case of breaches. – for notifying both the Data Protection Board of India (DPBI) and affected individuals in case of breaches.

Respect Individual Rights

The DPDPA grants individuals various rights, including access to their data, correction, erasure, and the right to raise grievances. Organizations should prepare consent management mechanisms to facilitate these rights during the transition period. Building user-friendly interfaces for data access and correction requests can improve the customer experience.

Appoint Data Protection Officers

Significant data fiduciaries handling substantial or sensitive data are required to appoint Data Protection Officers (DPOs). Use the transition period to identify suitable candidates and ensure they are well-versed in data privacy regulations. DPOs play a crucial role in compliance.

Conduct Privacy Impact Assessments

High-risk data processing activities should undergo privacy impact assessments (PIAs). These assessments focus on identifying privacy and rights risks. The transition period is an ideal time to conduct these assessments and make necessary adjustments to mitigate risks.

Prepare For Data Audits

Be ready for data audits by DPBI-approved independent auditors. Your current systems might be ready for the new era already – use the new features.The reports submitted to the regulatory body should reflect compliance with the DPDPA. Also use this period to align your internal processes with audit requirements.

Age-Gating To Protect Minors

The DPDPA contains rules that are extremely important with regard to the protection of the personal information of minors. 

Before collecting or using the personal information of a child who is younger than 18 years old, the Act requires that platforms first get the verifiable agreement of the child’s parent or legal guardian. 

Digital age-gating mechanisms can be instrumental, ensuring compliance by calibrating access based on age verification.

Government’s Role In Setting Specific Rules

While the DPDPA does provide an all-encompassing framework, some particular regulations and principles are still in the process of being developed. The federal government is working on getting these regulations published within the next several months. 

It is essential for companies to keep a careful eye on these developments and alter their strategy in accordance with the new information. Participating in government consultations and the activities of industry organisations can provide extremely useful insights into the ever-changing regulatory landscape.

The Timelines For Compliance

A strategic, graded approach to compliance timelines under the DPDPA 2023 was unveiled. This approach prioritized big tech companies initially, followed by start-ups and less digitized entities like MSMEs. 

Crucially, these timelines will be collaboratively determined through industry consultations, ensuring they align with business continuity needs. This pragmatic strategy not only upholds data protection standards but also fosters an environment where diverse businesses can adapt to the DPDPA without undue disruption, reflecting a balanced approach to data privacy implementation.

In conclusion, the DPDPA 2023 transition period is not merely a compliance hurdle; it’s a strategic opportunity for big tech companies, fintech firms, and ecommerce platforms to strengthen their data protection practices, enhance customer trust, and gain a competitive edge. 

By proactively aligning their operations with the DPDPA’s principles, leveraging software platforms, and preparing for the specific rules to come, organizations can emerge as leaders in responsible data management and privacy in the digital era.

The post A Deep Dive Into India’s DPDPA 2023 And Its Impact On Business appeared first on Inc42 Media.

Internet giant Info Edge has filed a complaint with the Economic Offences Wing (EOW) of Mumbai Police against Broker Network founder and former Housing.com cofounder Rahul Yadav over alleged cheating to the tune of INR 288 Cr.

Besides Yadav, the EOW complaint names 4B Networks Private Limited, and cofounder and director Pratik Chaudhary as well as Devesh Singh (Yadav’s brother-in-law), Yadav’s wife Karishma Khokhar, and RY Advisory LLP, the partnership firm which was set up by the Broker Network founder.

Key employees and business heads involved with Broker Network such as Sanjay Saini, Vivek Jagtap (former CTO), Ashish Chandna, and Manish Agrawal have been named as co-accused in the complaint.

It’s imperative to note that the complaint filed on August 22, 2023, has not yet been registered as an FIR by the EOW. A copy of the complaint, seen by Inc42, is signed by Allcheckdeals India Private Limited’s Amitendra Singh Antal, Info Edge’s senior lead counsel. Allcheckdeals is an Info Edge subsidiary created to invest in startups.

Sources close to Broker Network and Info Edge corroborated its existence, but Info Edge declined to respond to questions about the complaint.

Overall, Sanjeev Bikhchandani-led Info Edge invested INR 276 Cr as equity investment as well as INR 12 Cr as bridge funding to pay employees and vendors, through Allcheckdeals. Info Edge has attached the entire amount in the complaint.

The complaint has been filed for the alleged commission of offences under Sections 415, 418, 420, 405, 406, 411, 421, 422, 424, most of which deal with cheating and dishonesty, concealment of properties, as well as misappropriation of funds.

Besides this, Mumbai Police’s EOW is probing another case involving Broker Network and founder Yadav, which has been registered as an FIR.

Info Edge Vs Rahul Yadav: Financial Web Untangled 

Many parts of Info Edge’s complaint deal with the transfer and routing of funds as exposed by Inc42’s original deep investigation into the financial web created by Yadav at Broker Network. Several key former employees at the company pointed out the syphoning of funds and invested capital by Yadav as well as many of the others named in Info Edge’s complaint.

For instance, the criminal complaint points to the use of related entities such as RY Advisory, Aceuser Private Limited, Kult App Private Limited and 4B Realtech Private Limited, all of which figured in Inc42’s original investigation in June this year.

Further, the complain names E-Cipher Technologies LLP, Rush Techmart Solutions Private Limited, and Switchme Technologies and Services Private Limited, as being part of the alleged syphoning and routing of funds.

Much of the syphoning has been alleged to have been done as part of payments to vendors as well as loans against advance salary taken by key employees, who soon quit the company. The loan amount has been alleged to have been transferred either to Yadav or the companies named above and other entities controlled by Yadav and/or his family.

“From December 2022-January 2023, the Accused no. 2 [4B Networks] advanced a loan of Rs. 10,00,00,000/- to 4B Realtech. The Complainant company [Allcheckdeals] has reasons to believe that a substantial amount from such loan was transferred by 4B Realtech to Aceuser Pvt. Ltd,” Info Edge alleges.

The Noida-headquartered internet giant also claimed to believe that transactions were made with a view to deliberately moving money from 4B Networks through multiple entities. Even as the complaint lists a range of allegations, it also hints at a more extensive network of questionable transactions.

“The transactions are not isolated incidents but rather part of a larger pattern of illegal, suspicious, and unwarranted activities. We strongly suspect the involvement of the accused persons and other parties in a broader range of similar transactions,” the complaint reads.

The EOW complaint comes after Info Edge claimed Yadav and others at Broker Network have been uncooperative in forensic audits of the company’s books and financials, after the company wrote off the entire investment in Broker Network. This led to an investigation into the books and accounts by Info Edge, which also empanelled a Big Four audit firm to look into the books and cash flow.

The alleged resistance led to legal proceedings before the Delhi High Court and an arbitral tribunal. Those arbitration proceedings are still pending, and as per sources close to Info Edge, the EOW complaint has been filed to account for the possibility that those proceedings might not yield results for Info Edge.

Rahul Yadav’s Second Brush With EOW

While the eventual fate of Info Edge’s complaint is uncertain as the EOW has not yet registered an FIR, the agency’s Mumbai wing is probing another case involving Broker Network and founder Yadav.

The FIR filed by Vikas Nowal, country head and cofounder of Interspace Communications, has been registered under sections 406, 409, 420, 34 of the Indian Penal Code. The EOW at Mumbai Police had issued a lookout notice against Yadav in August, and his bank account is said to have been frozen, with searches conducted at his residence.

Interspace Communications is an advertising agency that was empanelled by Broker Network to carry out outdoor advertising campaigns in February 2022. In his FIR, Nowal has alleged that the company has defrauded Interspace, which is owed INR 10 Cr by Broker Network (4B Networks) for the activity undertaken in 2022.

The FIR claims that a total of 83 ad hoardings were installed by Interspace in Pune from April to August 2022. The issue is related to Broker Network having multiple vendors for several activities but not paying their invoices till date, more than a year after the work was completed.

At the moment, it’s not clear whether these two cases will be combined and investigated as one by the Economic Offences Wing. Sources close to Info Edge did not offer much clarity on any approaches by the EOW, but told us that the agency has been given access to all books and documents related to the Broker Network.

The post Info Edge Alleges INR 288 Cr Fraud By Broker Network’s Rahul Yadav In EOW Complaint  appeared first on Inc42 Media.

JioMart reported on Friday (September 29), it saw a 7X growth in monthly orders as a result of its partnership with Meta’s WhatsApp. 

Celebrating a year of the partnership to enable shoppers simply browse and shop for their household needs through WhatsApp chat services, the retail giant announced that with an end-to-end shopping experience within WhatsApp, JioMart is able to tap consumers, who are hesitant to shop online. 

Last year, Jio Platforms partnered with Meta to offer JioMart-on-WhatsApp to offer convenient shopping experience to users.

It further said in a statement that WhatsApp’s user-friendly functionality has also enabled a 6x month-on-month growth in new customer conversion on JioMart- on-WhatsApp. Additionally, this partnership has helped consumers and businesses of all sizes to connect in new ways.

Commenting on the development, Sandhya Devanathan, VP, Meta India said, “The growth JioMart has seen since both sales and customer acquisition on WhatsApp is a testament to the fact that businesses and people are finding messaging to be the faster, more convenient way to get things done. Business messaging is an area with real momentum, and these chat-based experiences will be a game-changer around the world.”

To this, Sandeep Varaganti, CEO, JioMart added, “We have been expanding our offerings on the platform and now have multi-categories available on the catalogue, from groceries and fashion to electronics.”

He furthered that on WhatsApp, the retail major is planning to offer collections from the Reliance Jewels range soon. “Together, we are determined to make this new channel of digital shopping a success and fill the need gap of the digitally shy customers and reach a larger audience across the country,” he added. 

On this partnership anniversary, JioMart will offer  discounts up to 70% on products across categories on WhatsApp shopping. Also, it announced a live session on their social media platforms for consumers on Friday evening. 

Last month, JioMart announced this partnership to be a “huge success” as it saw a 9X growth of JioMart customers on WhatsApp since its launch. Back then, the company said that its saw an overall growth in its digital and new commerce businesses surged in the financial year 2022-23 (FY23), reaching INR 50,000 Cr.

Earlier this year, JioMart came on WhatsApp after shutting down its quick commerce venture JioMart Express. Also, soon after shutting down this vertical it laid off abut 1000 employees as a cost-cutting measure. 

The post JioMart Sees 7X Growth In Monthly Orders Via JioMart-on-WhatsApp Channel appeared first on Inc42 Media.

Reliance-backed streaming platform JioCinema is all set to name Kiran Mani, formerly a General Manager at Google, as its new Chief Executive Officer (CEO). 

Previously, Mani held a key leadership role at Google, where he managed the Android business for the Asia Pacific region. In his new capacity as CEO of JioCinema, Mani will take charge of driving the streaming service’s technological advancements. Additionally, he will play a pivotal role in facilitating partnerships and agreements with major Hollywood studios, according to a Bloomberg report.

Mani has already assumed his role at the company, the report added. 

Interestingly, in his previous roles, he has also served as an investor and advisor to James Murdoch and Uday Shankar’s investment firm, Bodhi Tree, as per his LinkedIn profile. 

When Inc42 reached out to JioCinema, they declined to comment.

Viacom18, the parent company of JioCinema, is a joint venture among three prominent entities: Bodhi Tree, Paramount Global, and Reliance Industries Ltd.

This development comes at a time when Walt Disney Co, the parent company of Disney+ Hotstar, has been in discussions with Reliance Industries Ltd (RIL) regarding a possible sale of its streaming and television operations in India.

Lately, JioCinema has made significant strides in the OTT industry by offering broadcasts of various tournaments, including the highly popular Indian Premier League (IPL), at no cost.

In addition to this, the platform has inked strategic content partnerships with renowned American studios such as HBO and NBCUniversal. These collaborations have solidified JioCinema’s reputation as the go-to destination for premium English content in the Indian market.

Furthermore, JioCinema’s ambitious plan to roll out over 100 Indian films and TV shows, with a staggering budget of INR 2,000 Cr, has further intensified the competition in the market. 

The post Former Google Exec Likely To Join JioCinema As CEO appeared first on Inc42 Media.

Between 2008 and 2015, a wave of corporate venture capital funds (CVC), both local and international, started investing in Indian startups. It is this period that also marked the rise of the Indian startup ecosystem, with companies like Flipkart, BigBasket, BYJU’S, Firstcry, and Axio (formerly Capital Float) lapping up equity funding on the back of their high-potential business models and product-market fit.

A similar surge was witnessed between 2015 and 2019 when the number of startups launched rose to 2,650+ from 1,380+ between 2010 and 2014, as per Inc42 data analysis. In 2019, Wipro Consumer Care Ventures, an INR 200 Cr CVC fund associated with IT giant Wipro Consumer Care & Lighting, entered the Indian startup ecosystem.

Armed with an understanding of the ecosystem and the support they could offer to startups, Wipro Consumer Care Ventures began evaluating business models and making investments. The Bengaluru-based CVC fund has largely focussed on areas such as FMCG, digital, B2C ecommerce, female personal hygiene, and personal grooming, among others, in the Indian and Southeast Asian markets.

Over the past four years, the team has made 10 investments in India and Southeast Asia, with an average ticket size ranging from $1 Mn to $3 Mn. Some of the most prominent names in the fund’s portfolio include LetsShave.com, The Ayurveda Co., YOU (Youvit), Power Gummies, Soul Flower, MyGlamm (acquired by Good Glam Group), One Life Nutriscience, and Happily Unmarried (Ustraa) among others.

“We initiated the fund with the idea that if we can’t start a startup ourselves, at least let us be a part of it. Let’s invest in them and assist in scaling them to the best of our abilities,” said Sumit Keshan, the managing partner of Wipro Consumer Care Ventures while talking to Inc42 as part of Moneyball Series.

However, according to Keshan, it is inherently challenging for large corporations to fall on the same page as startups. This is because corporations tend to have a different mindset, while startups operate with innovation, simplicity, and agility.

Edited excerpts…

Inc42: In today’s scenario, do you believe CVC funds have lost their first-mover advantage in comparison to VCs when it comes to startup investments? 

Sumit Keshan: The way a VC can provide value to a company differs from what a CVC can offer, and vice versa. CVCs bring industry-specific expertise and can focus on building operational competencies. While it’s commonly perceived that CVCs seek strategic funding opportunities, I believe, not all CVCs are equipped to provide such strategic investments. Early stage startups often require extensive mentoring, which CVCs can readily provide.

However, does this diminish investment opportunities? I don’t think so. With the growing number of startups and diverse initiatives, CVCs can undoubtedly find opportunities to add value and potentially outperform VCs.

Accelerated programmes also prove highly beneficial for CVCs to select the right investments. At Wipro Consumer Care Ventures, in addition to financial capital, we bring deep operational knowledge, scalability expertise, and a strong understanding of consumers in the Indian and Southeast Asian markets.

Even today, CVC funds have limited investments in the Indian startup ecosystem. While most look at it from a strategic standpoint with future acquisitions in mind, we approach startup investments more from a financial perspective and function more like a VC.

Inc42: What are some of the key startup evaluation parameters at Wipro Consumer Care Ventures?

Sumit Keshan: When assessing startups, we primarily focus on several key factors. Primarily, we focus on product quality. For consumer products, we conduct lab testing to ensure the product meets meaningful standards.

Secondly, the founders and their skill sets play a pivotal role in our selection process. The expertise of founders and management teams is crucial, especially considering the various challenges that markets go through.

Further, we assess whether the startup has achieved product-market fit and if it aligns with the category size.

Finally, we place significant importance on unit economics. Regardless of the company’s scale, its ability to sustain itself over the long term is imperative for us.

As I often say, we are not building a company for investors; we are building a company for ourselves with a focus on long-term sustainability.

Inc42: What are your thoughts on investing in VC funds?

Sumit Keshan: We are primarily focussed on direct investments, as it allows for a deeper relationship and mutual learning. We find this model to be more valuable. However, we remain open to exploring other investment models, such as more VC-like or indirect investments. Each company has its unique approach, and each CVC has its distinct strategy.

Inc42: What is the intent behind your entry into the D2C space? 

Sumit Keshan: The growing interest of larger corporations in the D2C space is intriguing. This sector has gained significant prominence in the past 5-6 years. While our strengths traditionally lie in offline businesses, we were somewhat slow to enter this space. D2C has become crucial for all businesses, and the interest is rising across the board — from larger players to midsized companies. It’s a logical move to be part of this trend, but the key is how effectively we can integrate and succeed.

Inc42: Are you actively hiring young talent to foster innovation, gain a better understanding of newer technologies and offer new services?

Sumit Keshan: Yes. This is an opportunity we cannot afford to miss. Continuous skill development is essential to align with the requirements of different channels. We have dedicated teams focussed on ecommerce, and while we are leaders in certain product categories like smart lighting, there is still a lot of ground to cover in the consumer business segment.

Inc42: While compiling your portfolio, do you consider the possibility of cross-pollination? 

Sumit Keshan: Our investments are primarily minority stakes, limiting opportunities for cross-pollination. However, as domain experts, we bring valuable knowledge to the table, which can benefit portfolio companies. We don’t interfere with day-to-day operations, marketing, or the founders’ roles.

Inc42: Your portfolio comprises an interesting mix of startup categories. What is the next segment you are exploring?

Sumit Keshan: We aim to maintain consistent year-over-year growth across segments. Our growth strategy includes organic expansion overseas and within our communities. We have identified food as a significant area for expansion, as the food market size surpasses that of personal care. We have entered this space through the acquisition of two companies in the regional spice category and plan to launch our snack brand soon.

The post Wipro Consumer Care Ventures’ Sumit Keshan On Growth Of Indian CVCs, D2C Ecosystem And More appeared first on Inc42 Media.

Artificial Intelligence (AI) has undergone a remarkable evolution, ushering in capabilities that seemed futuristic only a few decades ago. Within the expansive AI landscape, two prominent paradigms have emerged: Generative AI and Operational AI. 

While both possess unique strengths, the enduring impact of Operational AI is becoming increasingly evident across various industries. 

In this article, we’ll delve into the distinctions between Generative AI and Operational AI, supported by industry data, to underscore why the latter is the strategic choice for long-term transformation.

Generative AI’s Rise And Strengths

Generative AI, fueled by deep learning algorithms, has undeniably left its mark on the AI landscape. It’s celebrated for its capacity to create content, ranging from lifelike text to stunning artwork, capturing the imagination of researchers and businesses alike. 

Leading examples include OpenAI’s GPT-3, known for generating human-like text, and DALL-E, capable of transforming textual descriptions into vivid images.

Generative AI brings several strengths to the table such as:

• Creative Content Generation: It exhibits the ability to produce highly creative and novel content, spanning art, literature, and music, often with astonishing levels of realism.
• Personalisation: Generative AI excels at tailoring content to individual preferences, delivering personalized user experiences that resonate with diverse audiences.
• Innovation Catalyst: By automating ideation processes, Generative AI sparks new ideas and concepts, fueling innovation across industries.

The Strategic Power Of Operational AI

Operational AI, often referred to as Applied AI, follows a distinct path. Instead of concentrating on creative content generation, it focuses on streamlining and enhancing business operations through automation and data-driven decision-making. 

Here’s why operational AI stands out as the strategic choice for long-term impact, supported by industry data:

• Tangible Business Impact: Operational AI is distinguished by its ability to deliver concrete, measurable results. It enhances operational efficiency, reduces costs, and accelerates decision-making. According to a recent McKinsey report, companies leveraging Operational AI saw a 20% increase in operational efficiency on average.
• Automation of Repetitive Tasks: Operational AI excels at automating routine, time-consuming tasks that once demanded human intervention. This liberation of human resources from mundane duties enables them to concentrate on strategic endeavors. A Deloitte study highlights that organizations adopting automation technologies, including Operational AI, experienced a 90% reduction in processing time.
• Data-Driven Decision-Making: Leveraging data analytics, Operational AI provides invaluable insights for critical decision-making. It equips businesses with data-backed intelligence.
• Enhanced Customer Experiences: Operational AI elevates customer experiences through real-time support from chatbots and virtual assistants. Faster response times and 24/7 availability translate into higher customer satisfaction levels, as indicated by a Salesforce survey revealing a 45% increase in customer satisfaction among businesses employing chatbots.
• Security and Compliance Vigilance: Operational AI serves as an ever-watchful guardian when it comes to security and compliance. It continuously monitors and detects security threats and compliance infractions in real-time, reducing risks and ensuring adherence to regulatory standards. 
• Scalability: Operational AI solutions offer high scalability, seamlessly adapting to evolving business needs as companies grow. This scalability ensures long-term relevance and value.

Operational AI’s Enduring Impact

Operational AI’s practical, results-oriented approach aligns seamlessly with the demands of modern businesses. It creates impact in areas such as:

• Immediate ROI: Operational AI often delivers a quicker return on investment (ROI) compared to Generative AI. The cost savings and efficiency gains can be realized within a relatively short period.
• Alignment with Business Goals: Operational AI is meticulously designed to address specific business challenges and objectives. It serves as a steadfast ally in furthering core operations and strategic goals, positioning itself as an indispensable asset for businesses.
• Versatility: Operational AI transcends industry boundaries, finding applications in finance, healthcare, manufacturing, and retail, among others. Its versatility underscores its worth as a tool adaptable to diverse sectors.
• Real-World Impact: Operational AI has already demonstrated its tangible impact across a spectrum of industries. In healthcare, it streamlines patient data analysis and diagnosis, leading to improved healthcare outcomes. In finance, it serves as a vigilant guardian, detecting fraudulent transactions and safeguarding the interests of businesses and consumers alike. A report by the World Intellectual Property Organization reveals that operational uses of AI have surged in recent years across industries.
• Future-Proofing: As businesses pivot toward data-centric models, Operational AI emerges as the cornerstone for navigating a digitalized world. It empowers businesses to adapt to shifting consumer preferences, dynamic market landscapes, and evolving regulatory environments, ensuring their operations remain future-proof.

Operational AI: Shaping The Future Of Business

While Generative AI continues to dazzle with its creative prowess, Operational AI stands as THe catalyst for pragmatic, real-world transformations. It empowers businesses to operate more efficiently, make well-informed decisions, and provide customers with enhanced experiences.

Looking ahead, it’s evident that Operational AI will play an instrumental role in reshaping industries, fueling innovation, and ensuring businesses remain competitive in an ever-evolving landscape. 

In the dynamic realm of AI, it’s not merely about creativity; it’s about tangible outcomes, and Operational AI is leading the charge toward a future of sustainable, lasting impact, supported by data and industry reports.

The post Operational AI’s Ascendancy Over Generative AI: A Strategic Bet For Long-Term Impact appeared first on Inc42 Media.

Hardly a month back, when United States of America (USA) President Joe Biden met with top entrepreneurs to discuss the negative implications that Artificial Intelligence (AI) can have on the world, I realised that this is a serious issue and needs urgent attention. 

The meeting was an effort to take significant steps to promote responsible innovation. Ever since the advent of AI, it has ambushed the lives of mankind and humans are at their wit’s end. 

Are the people of India ready for this infamous technology that has the entire world walking on eggshells? 

Artificial Intelligence Requires Real Digital Literacy 

India, however modern and progressive, still lacks the adaptability required to revert should things go south. Almost every citizen of India might have a smartphone in their hands, but they hardly have anything to do with its features related to surfing, security, and stability. 

Most opt for a smartphone just for the sake of their entertainment and use the internet accordingly, without realising their data can easily be compromised. Having access to the newest inventions does not mean people are in the know of things. 

Cybercrime is constantly on the rise. Online frauds are a daily phenomenon. Netflix series Jamtara encapsulates all the problems related to digital literacy that Indians face. 

There are many who are gullible to fall into the simplest of honey traps without any concern for their security– financial or physical. Between the completely literate and completely unlettered, there are a lot of people who fall into the trap. Because they are advanced enough to use technology but don’t have enough knowledge to use it judiciously. 

India sure has access, but it doesn’t have knowledge. And in such a country where people have limited knowledge of using technology in the way that it was intended, artificial intelligence poses a bigger threat to humans than ever before.

To simplify AI, it means the simulation of human intelligence through software codes. It is derived from the concept that the human mind and its intelligence are defined in a way that a machine can imitate and execute tasks. 

That is the ultimate goal. 

There is another term called machine learning, a subset of artificial intelligence. It is a concept wherein computers or systems can automatically learn from and adapt to new data without being looked after by humans. This is where things start getting messier. 

The Education And Employment Conundrum

There is not enough education on technology among Indians. When most people hear AI, they would always picture robots gobbling up mankind through their prowess. They take it as mere equipment that will listen to us and respond with fun answers thinking that the machines have gotten smarter. 

But in reality, they are being watched and their behaviours are sensed by the very machine. Lack of education in general among people leads them to forego its consequences. 

Moreover, India is already reeling from unemployment. The introduction and induction of AI in India will further hamper the phenomenon and fracture the economy on a big scale. 

People will rebel and revolt not against technology but their respective governments. Technology doesn’t have the sensitivity (or does it?) to gauge public sentiments, but the government can ensure that its application is not done at the cost of mankind. It should not create a social divide and conflicts that can lead to a breakdown. 

World over, people are cautioning against AI precisely for this reason. Technology is not a competition to humans, but it can rupture democracy and create difficulties in trusting another human being for any work. 

World Wary 

World leaders, entrepreneurs, and former technology moguls are wary of the technology and have cautioned the world of its ill effects. 

Recently, Biden used the words that AI can be “dangerous” and its effects on society are yet to unravel.” It is important to note that ChatGPT, an AI chatbot, is a product of the USA which is one of the premier instruments responsible for instilling fear into the minds of the world. 

Geoffrey Hinton, a scientist among the founders of AI, said artificial intelligence could pose a “more urgent” threat to humanity than climate change. Hinton quit tech giant Google to raise awareness about the dangers of the technology. He has warned that the rapid introduction of Artificial technology can prove to be “very dangerous” for society and humanity. 

Word Of Caution

We have already seen the side effects of technology in smashing hits such as Black Mirror and The Social Dilemma. There are ample books that have already shared the grim picture that may potentially lie ahead of us. 

The thing is though, as much as India may have understood the gravity of the situation through these pathbreaking, eye-opening docu-dramas, cinemas, and books, we are not ready for something like artificial intelligence. One simple reason is that people are equating smartness with intelligence. 

The world and its people are smart for sure, but intelligence is found few and far between. The idea of technology is the same, the way of using it changes and that requires smartness or, in the Indian lexicon, ‘jugaad’. 

New ideas are not propping up. It is probably due to the same reason that a group of scientists that studied AI, and human minds as well, concluded, “We are now creating machines that are more sharp and powerful than ourselves.”

The post India And AI: A Cautionary Tale appeared first on Inc42 Media.

Telecom service provider Jio has launched its fixed wireless broadband service JioAirFiber in eight cities in the country – Ahmedabad, Bengaluru, Chennai, Delhi, Hyderabad, Kolkata, Mumbai and Pune. 

The company has launched the services in two categories, starting from INR 599 per month. Besides broadband, JioAirFiber users will also get access to over 550 digital TV channels and over 16 over-the-top (OTT) platforms. 

A fixed wireless broadband offering does not need last-mile fibre connectivity. It essentially uses the 5G network of the telecom operator to provide high-speed broadband within a premises. 

Earlier, Reliance, during its annual general meeting (AGM) last month, said it would launch JioAirFiber on September 19. JioAirFiber will primarily compete with Bharti Airtel, which has a similar offering – Xstream AirFiber.

Jio said its optical fibre network is spread over 1.5 Mn Km across India, which puts the telecom giant in close proximity to over 200 Mn premises in the country. However, providing physical last-mile connectivity often becomes time consuming and this leaves many households with no access to home broadband. This is the gap that JioAirFiber aims to bridge with its services. 

Commenting on the launch, Akash Ambani, chairman of Jio, said, “With JioAirFiber, we are expanding our addressable market to rapidly cover every home in our country with similar quality of service. JioAirFiber will enable millions of homes with world-class digital entertainment, smart home services and broadband, through its solutions across education, health, surveillance and smart home.”

During Reliance’s AGM, chairman and managing director Mukesh Ambani said JioFiber had crossed the milestone of 10 Mn subscribers. The launch of JioAirFiber, he said, would lead to a 10X jump in the company’s daily broadband expansion rate and take daily addition to 1,50,000 from 15,000 earlier.

For the first quarter of FY24, the telecom giant reported a 12.5% increase in its consolidated net profit to INR 5,098 Cr from INR 4,530 Cr in the year-ago quarter. 

According to a study conducted by Nielsen India, the count of internet users in the country crossed 700 Mn as of December 2022. The number of users in rural areas saw a steep growth by 30% from 2021, while the urban user count grew by 10%.

The post Jio Launches JioAirFiber In 8 Cities To Expand Broadband Coverage appeared first on Inc42 Media.

After streaming the Indian Premier League (IPL) for free, JioCinema is set to stream the three-match ODI series between India and Australia for free.

The international series, which is scheduled to start on September 22, will be streamed on JioCinema in 11 languages, Viacom18 said in a statement.

“The 3-match ODI series between India and Australia will give viewers a peek into inarguably the new home of Indian cricket and with that responsibility, we will continue to bring the paradigm shift in the way sports is consumed,” said Anil Jayaraj, Viacom18 – Sports CEO.

“It is our constant endeavour to offer fans what they love the most in never-seen-before ways and digital allows us to continuously push the envelope and combined with linear/ offline TV, we will deliver BCCI events on an unparalleled scale,” he added.

Viacom18 has won the media rights for the Indian cricket team’s international home matches as well as the domestic matches of the Board of Control for Cricket in India (BCCI) till 2028.

JioCinema’s free broadcast of IPL 2023 garnered more than 449 Mn viewers, with the streaming platform claiming to have recorded ‘record’ revenues from it. The final of the tournament clocked 32 Mn viewers.

Earlier in June, Disney+ Hotstar also decided to take the JioCinema route and offer free streaming of the Asia Cup and the upcoming ICC Men’s Cricket World Cup to mobile users. The streaming platform registered a peak 2.8 Cr concurrent viewers during India Vs Pakistan match in the Asia Cup 2023.

Reliance Industries Limited (RIL) is expanding its presence in the OTT space through JioCinema. The OTT platform also won the media rights for the Indian Super League (ISL) until FY25 and entered esports streaming. Earlier, it partnered with NBCUniversal and HBO to further strengthen JioCinema’s offerings.

In its Q2 earnings, RIL claimed that JioCinema generated higher revenue from digital streaming of IPL compared to its rival Disney Star, which had the TV rights for the marquee cricket tournament.

The post Freebies Continue: JioCinema To Stream India-Australia ODI Series For Free appeared first on Inc42 Media.

Reliance’s Jio Platforms Limited has partnered with chip designer major NVIDIA to construct an advanced cloud-based AI computing infrastructure.

The initiative aims to bolster India’s burgeoning presence in the realm of artificial intelligence, the company said in a statement.

As part of the collaboration, NVIDIA will provide Jio with end-to-end AI supercomputer technologies, including CPU, GPU, networking, and AI operating systems and frameworks for building the most advanced AI models. Jio will manage and maintain
the AI cloud infrastructure and oversee customer engagement and access.

“As India advances from a country of data proliferation to creating technology infrastructure for widespread and accelerated growth, computing and technology super centres like the one we envisage with NVIDIA will provide the catalytic growth just like Jio did to our nation’s digital march,” Mukesh Ambani, chairman and managing director of Reliance Industries Limited, said.

Reliance’s Jio Platforms Limited has partnered with chip designer major NVIDIA to build an advanced cloud-based AI computing infrastructure.

The initiative aims to bolster India’s burgeoning presence in the realm of artificial intelligence, the company said in a statement.

As part of the collaboration, NVIDIA will provide Jio with end-to-end AI supercomputer
technologies, including CPU, GPU, networking, and AI operating systems and
frameworks for building the most advanced AI models.

Jio will manage and maintain the AI cloud infrastructure and oversee customer engagement and access.

“As India advances from a country of data proliferation to creating technology infrastructure for widespread and accelerated growth, computing and technology super centres like the one we envisage with NVIDIA will provide the catalytic growth just like Jio did to our nation’s digital march,” Mukesh Ambani, chairman and managing director of Reliance Industries Limited (RIL), said.

Using the advanced AI computing infrastructure, Jio can build its own large language model that power generative AI applications made in India, NVIDIA founder and CEO Jensen Huang said.

Large language model is a deep learning algorithm that can recognise, summarise, predict, and generate content using very large datasets.

Commenting on the partnership, Akash Ambani, chairman of Reliance Jio Infocomm Limited, said it will drive India’s technological advancement by making cutting-edge technologies accessible to all.

Together, the companies will create a state-of-the-art AI cloud infrastructure that prioritises security, sustainability, and alignment with India’s distinctive opportunities. This advanced platform will serve as a catalyst, expediting AI-driven innovations across a wide spectrum of sectors, including healthcare, education, and enterprise solutions, he added.

The announcement comes a few days after Mukesh Ambani called for India to harness AI.

“A global AI revolution is reshaping the world around us. And sooner than we think, intelligent applications will redefine and revolutionise industries, economies and even our daily lives. To stay globally competitive, India must harness AI for innovation, growth and national prosperity,” the CMD said at the 46th annual general meeting (AGM) of RIL.

Ambani said Jio Platforms wants to lead the effort in developing India-specific AI models and solutions.

Meanwhile, the Ministry of Electronics and Information Technology (MeitY) is all set to host the maiden edition of the Global IndiaAI 2023 summit in October. The conference aims to spur investment opportunities in the country’s AI startup ecosystem and nurture talent.

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