As the Jio Platforms IPO opened for subscription on October 21, Zerodha founder Nithin Kamath reflected on how the telecom operator's expansion helped transform India's digital economy and contributed to the growth of online-first businesses, including his stockbroking platform.
In a post on X, Kamath linked the growth of India's retail investor base to the expansion of affordable internet access, Aadhaar and the Unified Payments Interface (UPI). He said Jio, along with Bharti Airtel, helped bring millions of Indians online, creating conditions that supported the expansion of digital businesses and capital markets.
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"In 2016, India had roughly 2 crore unique investors. Today, over 13 crore Indians invest in the markets, and Jio played a big part in that," Kamath wrote.
His remarks come as investors begin bidding for Jio Platforms' initial public offering (IPO), bringing the company's role in India's digital transformation into focus alongside its plans to tap the capital markets.