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Mukesh Ambani's Jio Soundbox is all set to give tough competition to Sharma's Paytm

IndianStartupNews

IndianStartupNews · 1y ago

Mukesh Ambani's Jio Soundbox is all set to give tough competition to Sharma's Paytm

Mukesh Ambani's Jio is entering the UPI payment market with the introduction of Jio Soundbox. It will compete against Paytm, Google Pay, and PhonePe. The Jio Soundbox utilizes existing Jio Pay app and is currently in its trial phase. This move comes at a time when competitors such as Paytm are facing setbacks. Jio plans to offer incentives to shop owners to promote the adoption of Jio Soundbox. This initiative is part of Jio's strategy to diversify and dominate the digital payment ecosystem in India.

Related News

BofA pegs Jio Platforms’ valuation at $107 Bn, sees robust growth in 2024

Inc42 · 1y ago

BofA pegs Jio Platforms’ valuation at $107 Bn, sees robust growth in 2024

According to a note from BofA, brokerage firm, Mukesh Ambani's Jio Platforms is valued at $107 billion and is expected to experience robust growth in the coming years. Jio Platforms, which includes Reliance Jio Infocomm and other digital businesses of Reliance Industries Ltd, is anticipated to add more subscribers and expand in the enterprise business space. BofA highlighted the potential for Jio Platforms to tap into government contracts, SMEs, and corporates.

BofA Pegs Jio Platforms’ Valuation At $107 Bn, Sees Robust Growth In 2024

Startup News FYI

Startup News FYI · 1y ago

BofA Pegs Jio Platforms’ Valuation At $107 Bn, Sees Robust Growth In 2024

Mukesh Ambani's Jio Platforms has been estimated to be valued at $107 billion by brokerage BofA. The platform, which includes Reliance Jio Infocomm and other digital businesses of Reliance Industries, is expected to continue adding subscribers and expand its enterprise business. BofA sees potential growth opportunities in government contracts, SMEs, and corporates for Jio Platforms. This valuation is a 64.6% increase from the company's $65 billion valuation after its $20 billion fundraising round in 2020. Jio Platforms has been expanding its business with the launch of advanced feature phone JioBharat and wireless broadband device JioAirFiber.

Sunil Mittal-led Airtel surpasses 50M 5G customers

IndianStartupNews

IndianStartupNews · 1y ago

Sunil Mittal-led Airtel surpasses 50M 5G customers

Bharti Airtel, a rival to Mukesh Ambani's Jio, has exceeded 50 million 5G customers within a year of launching Airtel 5G Plus. The telecom company claims to have deployed its 5G services in every district across all 28 states and 8 union territories in India. Airtel's Chief Technology Officer, Randeep Sekhon, highlighted their commitment to expanding 5G coverage nationwide to enable more customers to benefit from this advanced technology. In contrast, Jio had previously announced surpassing 50 million 5G customers, covering 96% of towns in India. The Indian government and stakeholders are actively working to support the adoption of 5G technology, including infrastructure development and creating a national 5G roadmap.

Nita Ambani To Likely Helm The Board Of Reliance-Disney India Media Entity

Inc42 · 1y ago

Nita Ambani To Likely Helm The Board Of Reliance-Disney India Media Entity

Mukesh Ambani's wife Nita Ambani is expected to be appointed as the chair of the board for the merged media businesses of Reliance and Disney in India. The deal, which has been in the works for months, will give Reliance a 51-54% stake in the combined entity, with Disney holding around 40% and the remaining 9% owned by Bodhi Tree. The deal, worth $3.5 billion, will create the country's largest media empire, encompassing TV broadcasting, streaming platforms, and rights to major sports tournaments. The merger still needs approval from the Competition Commission of India.

RIL AGM 2024: Jio TV to have access to over 860 channels | Mint

Livemint

Livemint · 10m ago

RIL AGM 2024: Jio TV to have access to over 860 channels | Mint

Reliance announced that Jio TV will now offer access to over 860 channels, allowing subscribers to catch up on missed shows for up to 7 days. Jio Fiber and Jio Air Fiber subscribers will also have access to content from popular OTT apps. The JioTV+ app, previously available only through Jio set-top boxes, is now accessible to all subscribers. Reliance Chairman Mukesh Ambani described AI as transformative and emphasized the company's focus on long-term wealth creation for the nation. Ambani also highlighted India's growth as a major global engine.

Allianz to exit insurance JVs with Bajaj Finserv, explore new opportunities

VCCircle

VCCircle · 4m ago

Allianz to exit insurance JVs with Bajaj Finserv, explore new opportunities

Germany's Allianz SE is selling its entire stakes in two insurance joint ventures with India's Bajaj Finserv Ltd for €2.6 billion, ending a 24-year partnership. The sale includes Allianz's 26% stakes in Bajaj Allianz General Insurance and Bajaj Allianz Life Insurance. Allianz aims to reinvest the proceeds to explore new opportunities in India's financial markets, following reports of potential collaborations with companies like Mukesh Ambani's Jio Financial Services Ltd.

Vijay Shekhar Sharma to buy 10% Paytm stake from Ant Financial in no-cash deal

Economic Times

Economic Times · 1y ago

Vijay Shekhar Sharma to buy 10% Paytm stake from Ant Financial in no-cash deal

Vijay Shekhar Sharma, the founder of Paytm, is set to acquire a 10% stake in Paytm from Ant Financial. This move follows regulatory changes that require Ant Financial to reduce its stake in Paytm. The transaction highlights Sharma's commitment to maintaining a significant stake in the company he founded and his confidence in Paytm's future growth prospects.

Ambani's Viacom18 to strike deal with Blackstone for new Mumbai HQ

Reuters · 1y ago

Ambani's Viacom18 to strike deal with Blackstone for new Mumbai HQ

Indian billionaire Mukesh Ambani's broadcasting unit Viacom18 is reportedly set to sign a lease deal with Blackstone-owned Nucleus Office Parks for its new headquarters in Mumbai. The new headquarters will span approximately 400,000 square feet and will be located in Mumbai's business district of Lower Parel. This move is part of Ambani's expansion of his media and entertainment empire, which includes TV channels such as MTV and Nickelodeon, as well as the JioCinema streaming platform. The relocation is expected to happen before December.

Jio AirFiber to target 200 mn homes

Livemint

Livemint · 1y ago

Jio AirFiber to target 200 mn homes

Reliance Industries' Chairman Mukesh Ambani outlined key growth areas for Jio, including the consumer segment powered by Jio 5G and Jio Bharat, the home segment with Jio AirFiber, and the business segment with global expansion. Ambani aims to develop India-specific AI models, expand computing capacity, and integrate AI/ML capabilities within their 5G Stack. Jio AirFiber, a fixed 5G wireless broadband offering, is set to launch on September 19, aiming to cover 200 million high-paying homes. Jio also plans to complete its pan-India 5G coverage by December.

Paytm QR, Soundbox and EDC to continue to work, says RBI: All questions answered

Livemint

Livemint · 1y ago

Paytm QR, Soundbox and EDC to continue to work, says RBI: All questions answered

According to the Reserve Bank of India, Paytm QR, Soundbox, and EDC (card machine) will continue to be operational after March 15. The RBI issued a set of FAQs in response to customer queries, clarifying various aspects related to deposits, withdrawals, transfers, and other services offered by Paytm Payments Bank. Paytm founder Vijay Shekhar Sharma emphasized that there should be no confusion or rumors about the ongoing functionality of Paytm's services.

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