Reliance Jio Platforms partners with Polygon Labs to bring Web3 technology to its 450 million customers in India. The collaboration aims to integrate blockchain into Jio's applications, advancing digital experiences and user autonomy. Polygon will provide its blockchain infrastructure for Jio's innovative services, signaling a significant milestone in India's tech landscape and Jio's digital journey.
Reliance Jio Platforms (JPL) has announced a groundbreaking partnership with Polygon Labs to introduce Web3 capabilities to its massive user base of over 450 million customers. The strategic collaboration aims to integrate blockchain technology into existing Jio applications, marking a significant milestone in India's digital technology landscape. Kiran Thomas, CEO of JPL, emphasized the partnership as a "significant milestone in Reliance Jio's journey toward digital excellence," highlighting the company's commitment to exploring the transformative potential of Web3 technologies.
Web3 technology represents the next generation of internet services, characterized by decentralization and enhanced user data control. Through this partnership, Jio will leverage Polygon's blockchain infrastructure to develop innovative digital experiences that prioritize user autonomy and technological innovation. Sandeep Nailwal, Polygon's co-founder, expressed excitement about potentially breaking new ground in Web3 adoption in India. The collaboration will enable Jio to build applications running on Polygon's backend, allowing users to access cutting-edge blockchain-based services and experiences.
Polygon Labs, founded in 2017, specializes in developing blockchain solutions on the Ethereum network, making it an ideal partner for Jio's digital expansion. The partnership opens numerous possibilities, including creating marketplaces for digital assets, implementing non-fungible tokens (NFTs), and developing decentralized financial services. Aishwary Gupta, Polygon Labs' global head of Payments, highlighted the potential for blockchain technology to extend beyond cryptocurrency, emphasizing opportunities in community building, payments, and innovative digital interactions.
The Jio-Polygon collaboration arrives at a critical moment in India's technological evolution, with the country experiencing a significant boom in Web3 adoption. In 2024 alone, over 1,000 startups emerged in this technological space, signaling growing interest from both private and governmental sectors. This partnership aligns with Reliance Chairman Mukesh Ambani's long-standing interest in exploring blockchain solutions, positioning Jio at the forefront of India's digital transformation. The move reflects a broader trend of technological innovation, potentially revolutionizing how millions of Indian users interact with digital platforms and services.
Reliance Jio is preparing for a significant initial public offering (IPO) in 2025, aiming for a valuation exceeding ₹10 lakh crores (approximately $120 billion). The company, which has become India's largest telecom provider with around 479 million subscribers, is ramping up its Jio AirFiber service to enhance 5G monetization and attract more customers. Jio's strategy includes aggressive customer acquisition and expanding its distribution network, targeting one million new AirFiber users within 30 days. This growth is expected to boost average revenue per user (ARPU) and operational income significantly by FY27.
Jio utilizes a 5G Standalone (SA) network, which is built exclusively for 5G, offering enhanced capabilities like ultra-low latency and increased bandwidth. In contrast, many global operators, including Airtel, initially deploy Non-Standalone (NSA) networks that rely on existing 4G infrastructure.
Jio has quickly amassed approximately 130 million 5G subscribers, making it the largest 5G operator outside China. This rapid growth is attributed to aggressive pricing and innovative service offerings, such as the JioAirFiber high-speed internet service.
https://www.nbnw.org/news/jio-and-polygon-labs-pioneering-indias-web3-digital-revolution
