Reliance AGM 2023: Jio business services has doubled in one year, says Mukesh Ambani

The potential to grow the small and medium businesses (SMB) in the enterprise sector is hugely untapped, Ambani added.

Reliance Jio’s business services, which offers connectivity solutions to  large enterprises and small businesses have doubled in size over the past year, company chairman and managing director Mukesh Ambani said on August 28 at the annual general meeting (AGM) of shareholders.

Jio, which has more than 450 million customers, also provides connectivity services to over 80 percent of the large enterprises in India, it said. However, the potential to grow the small and medium businesses (SMB) in the enterprise sector is hugely untapped, Ambani added.

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“Historically, enterprise services accounted for a large proportion of most telecom operators’ revenues. This suggests that we have a golden opportunity to rapidly catch up and build an enterprise connectivity business that mirrors the scale of our consumer business,” Ambani said in the AGM speech.

Under Jio business services, the company provides Jio Cloud, voice and collaboration software, business applications, internet of things and enterprise data security among other products.

Jio is also trying to go beyond connectivity by addressing the full spectrum of digital needs for the Indian businesses. Under Jio Platforms, the digital services arm of the group, the company is providing end-to-end professional and managed services for all the businesses of the RIL group. This covers verticals such as telecom, retail, ecommerce, manufacturing, media, and financial services.

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“These technology-enabled services allow our group businesses to streamline their operations, scale seamlessly, and harness the power of real-time data and AI, giving them a significant competitive edge in their respective markets,” Ambani said in his AGM speech.

According to the company, Jio Platforms is ready to offer these technology business services to companies outside the RIL group, both in India and abroad.