tech2 News StaffMay 01, 2020 09:52:56 IST
Reliance Industries Limited (RIL) reports that the Jio network added 17 million subscribers in Q4 2019, bringing the total subscriber base to around 387.5 million as of March 2020.
It was also revealed that the Facebook investment of Rs 43,574 crore (a 9.99 percent equity stake) on 22 April 2020 values Jio Platforms Ltd at Rs 4,36,172 crore, making this the largest investment for a minority stake by a tech company globally.
Via a press release, it was revealed that the Facebook-Jio deal means that Jio, Reliance Retail, and WhatsApp are now in a commercial partnership for e-commerce. JioMart, a service that connects local stores and service providers to consumers, will be integrated into WhatsApp. Small and medium businesses are expected to benefit greatly from the partnership.
The Jio network also saw significant growth despite the COVID-19 pandemic. The average Jio user now consumes 11.3 GB of data per month, and makes 771 minutes of voice calls.
In terms of revenue, it is reported that quarterly operating revenue increased by 26.6 percent YoY with an EBITDA margin of 41.8 percent. Net profit went up from Rs 2,964 crore in FY19 to Rs 5.562 cr in FY20. MoneyControl reports that Jio Platforms saw 72.7 percent sequential growth.
Disclaimer: Reliance Industries Ltd. is the sole beneficiary of Independent Media Trust which controls Network18 Media & Investments Ltd.
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