Reliance Jio has once again ambushed incumbents by launching a new cashback offer, under which a subscriber who recharges with a plan of Rs 398 or more stands to get a cashback of up to 200% in the form of vouchers. In January, the company had come up with a cashback offer of up to 100% on recharges worth Rs 398 and above made between January 16 and 31. Under the new offer, recharges of Rs 398 and above between February 1 and 15 will be eligible for a 100% cashback from Jio in the form of eight recharge vouchers of Rs 50 each. These vouchers will be credited to the user’s MyJio app. Besides, those who do the recharge using select mobile wallets like Mobikwik will also get additional 100% instant cashback of up to Rs 399, which will be added to the user’s mobile wallet.
Jio subscribers who have availed previous cashback offers like the 100% cashback or the triple cashback, in which they got eight vouchers of Rs 50, can use those vouchers to recharge for Rs 398 and above plans via the MyJio app. They will also be eligible for the cashback of Rs 400 from Jio in the 200% cashback offer. Jio’s cashback offers have become sharper and more frequent since it hiked tariffs by reducing the validity of the voucher in October 2017. This is the third cashback offer by the company after the first one launched in November 2017 expired on January 15. The second cash back offer expired on January 31.
Jio, which posted a net profit of Rs 504 crore during the October-December quarter, had also reported higher operating metrics, data volume and usage than peers. It had said in the post-result analysts’ meet that its recent price cuts was aimed at the incumbents’ move to reduce the price gap vis-a-vis its offers. Analysts said that since the fight is now for market share, rivals Bharti Airtel, Idea Cellular and Vodafone India have been quick in responding to Jio’s cashback offers and tariff cuts. Also with the company accounting for more than half of the 4G market share, incumbents are likely to remain aggressive on the price front in a bid to stem market share losses. It is likely that operators will respond soon to the new cashback offer.