Source: Jio Red Herring Prospectus (RHP), Industry Overview, Section 2, Figures 2.3 and 2.4.
Affordable data unlocked latent demand
Figure 2.4 of the RHP shows how the number of digital service users has changed in India between FY2019 and FY2026. It is easiest to read as a funnel. At the top is affordable connectivity. Below it come the services people start to use once they are online. The RHP says affordable connectivity unlocked latent demand and turned services such as OTT entertainment, e-commerce and digital banking from novelties into everyday habits across all age and income groups.
Step one: more data, used more freely
Mobile broadband first changed how much data people use. The RHP reports average monthly use of 26.7 GB per customer in Q4 FY2026, which is higher than the figure of about 18 to 19 GB per person in the USA and China. India is the second-largest generator of mobile data traffic in the world, at 76.1 EB in Q4 FY2026, behind only China. Blended download speed rose from about 2.5 Mbps in January 2016 to more than 68 Mbps in December 2025.
Step two: payments and entertainment move online
Once data became easy to use, services followed. UPI began in April 2016. The RHP says India now accounts for the largest real-time payments volume in the world. OTT video grew in the same way, from about 30 million users in FY2016 to about 275 million in FY2019 and about 601 million in the year ending 2025.
| Indicator | Earlier | Latest |
|---|---|---|
| UPI users | ~80 million (FY2019) | ~555 million (June 2026) |
| Digital transactions | ~23 billion (FY2019) | ~282 billion (FY2026) |
| OTT users | ~275 million (FY2019) | ~601 million (year ending 2025) |
| Rural internet customers | 227.0 million (FY2019) | 440.9 million (March 2026) |
| Registered start-ups | 500 (2016) | Over 223,000 (March 2026) |
Step three: beyond cities and consumers
The change reached rural areas too, with rural internet customers rising from 227.0 million to 440.9 million. Businesses were also affected. The RHP says registered start-ups grew from 500 in 2016 to over 223,000 as of March 2026, including over 100 unicorns, which makes India the third-largest start-up hub in the world. It puts India's digital economy at about US$0.6 trillion, with a contribution of about 14% of gross value added.
Room still left
Figure 2.5 of the RHP compares India with the USA and China and finds clear room for growth in digital service use. The RHP also estimates that monthly data use could reach 59.2 GB per customer by FY2031. This is the RHP's estimate, not a reported figure.
Points to note
The RHP links these changes to the arrival of affordable connectivity in 2016, led by Jio. This is the company's own account, and other factors such as UPI policy and smartphone prices also played a part.
Sources
- Jio Red Herring Prospectus (RHP), Industry Overview, Section 2 (Digital connectivity and services), Figures 2.1 to 2.5, and Section 3 (Key growth drivers).
Industry data in the RHP is taken from the Analysys Mason Report, which the company commissioned and paid for. Figures labelled as estimates are the RHP's own and have not been changed by us. Where the RHP extract gives no figure, we have said so.