53 crore users, satellites in space, sovereign AI: Kshitiz Mahajan on why Jio IPO could rewrite India's tech playbook

Complete Circle Wealth Solutions CEO Kshitiz Mahajan said Reliance's Jio Platforms IPO could be a platform play rather than a plain telecom listing, citing ambitions around sovereign AI, low-earth orbit satellite communications, and proprietary Indian tech stacks. With 53 crore plus mobile subscribers and 1.14 crore plus Jio Fibre users, the IPO is targeted at raising around 4 billion US dollars, and a modest Rs 10 ARPU hike could unlock an estimated Rs 6,000 crore in incremental annual net profit. The listing is being positioned as a bellwether for India's AI and deep-tech ambitions, though execution remains the critical variable.