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Jio's IPO: Kamath Links Growth to Digital India
21 Oct
Summary
- Zerodha founder credits Jio and Airtel for bringing millions online.
- India's investor base grew from 2 crore to over 13 crore since 2016.
- Affordable data, Aadhaar, and UPI were crucial for digital business growth.
Zerodha founder Nithin Kamath recently reflected on Jio Platforms' significant impact on India's digital economy, coinciding with the company's IPO.
Kamath stated that Jio, alongside Bharti Airtel, was instrumental in bringing millions of Indians online by providing affordable mobile data. This expanded internet access was a critical factor for the growth of online businesses, including his own stockbroking platform.
He noted that India's unique investor base has seen a massive expansion, growing from about 2 crore in 2016 to over 13 crore today. This growth was supported by a combination of affordable internet, the digital identity system Aadhaar, and the Unified Payments Interface (UPI).
These infrastructural developments simplified customer onboarding and transactions, enabling businesses to reach a wider audience digitally. This digital shift was crucial for the expansion of India's capital markets, particularly in the period following the COVID-19 pandemic.
Kamath also recalled being listed among prominent businessmen to watch in 2016 alongside Mukesh Ambani, a recognition that occurred as Jio prepared to launch. He acknowledged that Zerodha's success, like many other online-first businesses, significantly depends on the digital infrastructure built by others, such as Jio and Airtel.
