Last week, when Reliance announced its quarterly earnings, Jio Platforms—its telecom-to-tech arm—disclosed a quarter-on-quarter fall of 8.5% and 6% in its average subscriber revenue (ARPU) and overall revenue, respectively.
A year ago, though, Jio Platforms was on top of the world.
Starting with a $5.7 billion investment by Facebook on 21 April, it went on to announce 12 successive investments over the next three months, culminating with Google’s investment of $4.7 billion. The total? Over $20 billion. That, too, at a time when funding had virtually dried up globally as investors and companies tried to make sense of the first wave of the Covid-19 pandemic and its impact on global economies.