Reliance Jio ranks 17th in Fast Company’s 50 Most Innovative Companies list
New Delhi: India’s newest telecom player Reliance Jio Infocomm Ltd ranks 17th in American business magazine Fast Company’s annual ranking of the world’s “50 Most Innovative Companies” for 2018, a statement from the operator said on Tuesday. US-based Apple has secured the top rank in the list.
Jio, which entered the telecom sector in September 2016 and took the sector by storm with free offerings and rock-bottom tariffs, also fetched the top rank in “Most Innovative Companies in India”, the statement said.
With this, the company joins the list of other leading global companies such as Netflix, Tencent, Amazon, The Washington Post, Marvel Studios, SpaceX, Spotify and Walmart.
The list was curated from Fast Company’s Top 10 lists, which monitors companies across 36 categories.
The Mukesh Ambani-backed company, which, unlike its rivals, offers only 4G services, is already seeing returns from its aggressive pricing strategy with the latest data made available by the telecom regulator showing that its market share has doubled to 13.71% by December 2017, from 6.40% a year ago.
Its rivals in India, however, still have more market share. Airtel had 24.85% of subscriber market share, Vodafone had 18.2% and Idea had 16.83% as of 31 December 2017.
But Jio has still managed to dent margins of other operators. While Idea Cellular Ltd’s loss for the December quarter more than tripled to Rs1,285.6 crore as the nation’s telecom regulator halved interconnection usage charges (IUC) and a tariff war sparked by Reliance Jio showed no signs of abating, Bharti Airtel too reported a 39% fall in December quarter profit to Rs306 crore.
Reliance Jio, on the other hand, benefited from the IUC cut as more calls originate from its network than terminate, and reported a profit of Rs504 crore in the December quarter, a first for the company, from a loss of Rs271 crore in the preceding quarter.
To boost innovation, its parent company Reliance Industries Ltd has also partnered with The World Economic Forum to set up a new centre for the “fourth industrial revolution” in Mumbai, to create opportunities in areas such as artificial intelligence, machine learning, internet of things (IoT) and blockchain technology.
The new centre aims to allow policymakers in India to look at new forms of governance and new technology applications, and connect with cutting-edge technology innovators globally, the company said in a statement last month.