Vi (Vodafone Idea) currently leads in market share by value in Mumbai and began its 5G rollout in the city in early March, offering prepaid plans starting at ₹299.
According to company data, around 70% of eligible Vi users in Mumbai are already experiencing its 5G services. Additionally, up to 20% of the telco’s data traffic in the city is now being carried over the 5G network. Vi stated that its ongoing investments in strengthening both its 4G and 5G infrastructure are delivering measurable results.
“The high share of 5G device users, coupled with rapid adoption of Vi’s unlimited 5G connectivity, reflects strong consumer demand for next-gen mobile networks and early momentum for Vi’s services in the financial capital,” said the company. Vi has partnered with Nokia for its 5G deployment in Mumbai, utilizing the latest equipment and technology. The company also announced plans to roll out 5G services in Delhi, Bengaluru, Patna, and Chandigarh, with additional cities to follow in a phased manner.
However, despite these positive developments, Citi Research flagged concerns in a recent report. It highlighted the delay in Vi’s overall 5G rollout as a risk, citing increasing competition, tariff hikes, persistent subscriber churn, a slower-than-expected pace of 4G subscriber additions, and the potential for higher-than-anticipated equity dilution—especially if the government converts future dues into equity.
“We rate Vi as High Risk, as the balance sheet remains over-leveraged and continued government support is critical—particularly with a sharp rise in debt repayments due from October 2025, once the current moratorium ends. Additionally, the possibility of AGR relief has diminished following the dismissal of Vi’s curative petition by the Supreme Court,” the report stated.
