It is a good question as to what makes Jio so valuable. Why Mukesh Ambani called data the new oil. There are four reasons for the valuation. Firstly, Jio Platforms is less of telecom and more about digital plays. Hence the revenue and profit model is non-linear. Secondly, Jio has built the digital ecosystem which means it owns the customer and creates multiple streams of revenues from the same customer. Thirdly, Jio is best poised to leverage on the network effect. The way the network effect works is that once the market size achieves a degree of scale, repeat customers happen purely through the viral network effect. That opens up the potential for Jio to grow revenues and profits geometrically than arithmetically. Lastly, Jio is now being monetized to make Reliance group zero net-debt. That will substantially reduce the financial risk. All these factors are jointly adding to the overall valuation of Jio. That explains why Jio is more than 50% of the valuation of Reliance Group.