Reliance Industries Unveils Ambitious Plans for Jio Financial Services, Insurance, and Technology Expansion

• ByStartupStory     |    August 29, 2023

Reliance Industries has unveiled ambitious plans through its recently listed Jio Financial Services (JFS), signaling its entry into the insurance sector and its utilization of blockchain-based platforms and central bank digital currency (CBDC). During the 46th Annual General Meeting of Reliance Industries Limited, Chairman Mukesh Ambani announced that JFS will venture into the insurance realm, offering simplified yet intelligent life, general, and health insurance products through a seamless digital interface, potentially in collaboration with global partners. JFS was demerged from Reliance Industries on August 21 and is set to lead the company’s expansion into financial services. This move aims to address the financial needs of underserved sectors in rural, semi-urban, and urban areas.

In the domain of payments, JFS intends to consolidate its payments infrastructure, catering to consumers and merchants. The company is also looking to harness blockchain-based platforms and CBDC technology. Reliance Jio, the communication and digital services arm of Reliance Industries, is also poised for extensive growth, with plans to enhance its network and introduce new offerings“Through optical fiber, we can currently connect around 15,000 premises daily. But with JioAirFiber, we can supercharge this expansion with up to 150,000 connections per day which is a 10-fold increase, expanding our addressable market over the next three years to over 200 million high-paying homes and premises,” Ambani said.

Through JioAirFiber, Reliance aims to connect up to 150,000 premises daily, leveraging its pan-India 5G network and advanced wireless technologies to bypass the need for traditional last-mile fiber. This strategic expansion aims to reach over 200 million homes and premises over the next three years.

Reliance Jio’s customer base has exceeded 450 million subscribers, with a year-on-year revenue growth of over 20%. The average user now consumes over 25 GB of data per month, leading to a monthly data traffic of 1,100 crore GB, showcasing a 45% year-on-year growth. Mukesh Ambani also expressed the company’s intention to take a lead in developing India-specific AI models and AI-powered solutions across various domains, aiming to benefit citizens, businesses, and the government alike. As technology demands rise, Reliance aims to establish up to 2,000 MW of AI-ready computing capacity across cloud and edge locations.

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