Vodafone Idea, one of the largest telecom operators in India, has rebranded as ‘Vi’ as it looks for a “fresh start” 3 years after Vodafone’s India business and Idea Cellular merged in the country.
“As the integration of two businesses is now complete, it’s time for a fresh start. That’s why we believe that now is the perfect time to launch Vi, one company which provides the strength of Vodafone India and Idea,” Vodafone Group CEO Nick Read said at a virtual conference on Monday.
Vodafone Idea, once the largest telecom operator in the country with over 400 million subscribers, has lost more than 100 million subscribers in recent years to Jio Platforms.
Jio Platforms has become the largest telecom operator in India with nearly 400 million subscribers with its cut-rate mobile data tariffs. Jio Platforms has also attracted over $20 billion in investment from high-profile firms including Facebook and Google in recent months.
“India is the second-largest telecom market and the largest data consumer, globally. With 1.2 billion Indians accessing voice and data services at the world’s lowest tariffs across 500,000 villages, the ubiquitous wireless network in India is unmatched for its reach and impact in people’s lives,” said Kumar Mangalam Birla, Chairman of Aditya Birla Group and Vodafone Idea, at the conference today.
“With our new brand — Vi, we stand committed to partner with the government to accelerate India’s progression towards a digital economy, enabling millions of citizens to connect to the digital revolution and build a better tomorrow.”
If the brand name changes yet again!
It will bem at least, the 9th iteration for both the companies
Voda-India’s Previous Brand Names
– Max Touch
Idea’s Previous Brand Names
– Birla AT&T
– Birla Tata and AT&T
– Idea Cellular
Together: VODAFONE IDEA https://t.co/ovuY5M5Us4
— Mangalam Maloo (@blitzkreigm) September 7, 2020
Vodafone Idea — or Vi, has yet to turn a profit since it joined forces. The company said it will continue to invest in 4G wireless technology, which now reaches more than 1 billion people in India, double the coverage at the time of the merger announcement.
Last week, the company received approval from shareholders to sell a stake worth $3.4 billion by selling shares and raising debt. The company received a much-needed relief in India earlier this month after the nation’s apex court granted Vodafone Idea and Bharti Airtel, to pay billions they owe to the government.
Prior to the court ruling, Vodafone Group had warned that the Indian government’s short-deadline of 3 months to clear the dues was not feasible for the telecom firm and it would have no choice but to exit the market.
Vodafone Idea’s shares, which were up 10% in the morning trade, were 3.30% immediately after the announcement Monday.