India mobile market headed for effective duopoly by FY24 end with Jio-Airtel likely 83% RMS: Analysts

India’s mobile services market is heading towards an effective duopoly by end of the current fiscal with Reliance Jio and Bharti Airtel expected to jointly corner as much as 83% revenue market share (RMS) at the expense of cash-strapped Vodafone Idea (Vi).

Sanford C. Bernstein estimates Jio and Airtel’s RMS to grow to 44% and 39% respectively by end-FY24 from 41.7% and 36.5% reported in the March quarter, FY23, on the back of robust mobile broadband user adds and strong postpaid play.