India is one of the largest telecom markets in the world, with more than 1.2 billion mobile subscribers. Data prices are among the lowest globally, usage continues to rise, and 5G adoption is accelerating rapidly.Yet structurally, the market has narrowed to just two serious players. Reliance Jio and Bharti Airtel together control over 80% of mobile revenue, a share projected to rise to around 85% by FY28. Other operators, including Vodafone Idea, now operate at the margins.This outcome was not designed by policy. It emerged from years of capital intensity, price wars, and technology transitions that only two companies could survive!Scale Vs profitabilityOn the surface, Jio looks dominant. It has around 470 million mobile subscribers and continues to add users faster than Airtel, which has roughly 390 million. However, subscriber count is only half the story. Airtel consistently earns more per user. Its ARPU sits in the Rs 250–256 range, compared to Jio’s Rs 210–215. This difference reflects two distinct strategies. Jio optimises for reach and volume. Airtel focuses on value and profitability. Both approaches work, but they create very different economics How Jio reshaped the marketJio entered telecom late, but that late entry proved decisive. Without legacy 2G or… Read MoreYourStory RSS Feed
