The news: Mukesh Ambani's Reliance Jio has announced the launch of a $12 phone with 4G internet capabilities. Why it matters: The device could help the company reach 250 million new customers, giving them access to the internet. What's next: The company will release 1 million devices as a trial period, starting on July 7, 2023. What the numbers say: Reliance Jio's revenue has consistently grown in the last few years. In 2019, the company had $5.9B in revenue, while in 2022, it had $13B. If this initiative proves successful, it could boost its status as a market leader in India.
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