Reliance Jio Platforms, the telecommunications business spearheaded by Mukesh Ambani, India’s wealthiest individual, reached a subscriber base of 405.6 million during the quarter concluding in September. This achievement marks the first instance of a telecom provider outside of China surpassing 400 million subscribers within a single national market.

The telecom operator, which receives backing from both Facebook and Google, reported enhanced financial performance despite the ongoing pandemic. Its Earnings Before Interest, Taxes, Depreciation, and Amortization (EBIDTA) reached a rate exceeding $1 billion during the specified quarter, and its net profit increased to $409 million. The company’s average revenue generated per user is currently Rs 145 (equivalent to $1.94), representing an increase from the $1.88 recorded in the previous quarter. Over the last two quarters, the organization has grown its employee base by 30,000 individuals.

Jio Platforms also provides a variety of services, encompassing JioTV – a service offering live and on-demand television – the music streaming platform JioMusic, and the payments application JioMoney. During a Friday earnings conference, Kiran Thomas, president of Reliance Industries (the parent company of Jio Platforms), stated that the company has demonstrated the viability of developing its services within India and intends to extend their availability internationally. However, a specific timeframe for this international expansion was not disclosed.

Reliance Industries, currently the highest-valued company in India, has revealed additional investments across its various operations, maintaining a significant pace of funding even during the global pandemic.

The diversified conglomerate, spanning oil to retail, stated that key investment partners – Abu Dhabi Investment Authority (ADIA) and the Public Investment Fund (PIF) of Saudi Arabia – will contribute $1.01 billion to its Digital Fibre Infrastructure Trust, considered a “critical asset.” This investment supports Reliance’s ongoing expansion of broadband services throughout India, as detailed in a recent exchange filing. Reliance intends to secure approximately $5.4 billion through a combination of stake sales and debt financing for this digital fiber initiative.

Reliance currently manages a network of 1.1 million kilometers of fiber optic cable, reaching 1,600 cities and towns across India, achieved through both internal growth and strategic acquisitions.

Both Abu Dhabi Authority and Saudi Arabia’s PIF have previously invested in Jio Platforms, which secured roughly $20 billion in funding this year. A representative from Reliance Jio clarified to TechCrunch that these newly announced investments are distinct from their earlier agreements with the two firms.