According to BofA Securities, after building a digital layer (Jio Platforms) on top of the existing physical layer of retail shops, Reliance Industries would focus on adding a third layer of commerce and monetise the existing investments over the next four years.

To this end, RIL is considering to leverage the users’ digital footprint and earn incremental revenues from digital ads, digital lending and various other engagements.

As per market estimates, Reliance Jio is expected to have 500 million mobile users, offer broadband services to 20-25 million households, and cater to 12-15 million small businesses, over the next 3-5 years.