Vodafone, Idea rebrand as Vi amid efforts to attract new subscribers

Vodafone and Idea on Monday announced the launch of new brand entity 'Vi' amid efforts to attract a new set of subscribers in the fiercely competitive telecom market.

"Two of India's most  loved and  admired brands  are  now  'Together For  Tomorrow' giving birth to a new brand called "Vi" (read as "We"), the company said in a regulatory filing. Vodafone Idea competes with Reliance Jio and Bharti Airtel.

"With our new brand - Vi, we  stand  committed  to  partner  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," said Kumar Mangalam Birla, Chairman - Aditya Birla Group & Vodafone Idea.

Ravinder  Takkar, MD  & CEO,  Vodafone  Idea  said, "Vodafone Idea  came together  as a  merged entity  two  years  ago.  We  have,  since  then  focussed  on integrating  two  large  networks,  our  people  and  processes.  And  today  I  am  delighted  to  present  Vi,  a  brand  that  will  bring  important  meaning  to  lives  of  our  customers.  Indians  are  optimistic  and  want  to  get  ahead  in  life.  They  would  love  a  credible  partner  to  help  them  on  this  journey.  Vi's  positioning  is  built  around  this  promise  and will focus on meeting the customer needs to help them thrive."

The announcement came days after the Supreme Court directed telcos to pay 10 per cent of total adjusted gross revenue (AGR) dues in 2020, and rest of the payments in ten instalments, starting next fiscal. The board of the third largest telco in the country last week gave a nod to a plan to raise up to Rs 25,000 crore through a combination of equity and debt instruments.

"As the integration of the 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 combines the strengths of Vodafone India and Idea. Vi's focus will be to deliver to citizens and businesses in India a superior network experience, better customer service and leading products and services," said Nick Read, CEO, Vodafone Group Plc.

In Q1FY21, Vodafone Idea reported a steep rise in its losses to Rs 25,460 crore on account of high provisioning for statutory dues. The losses stood at nearly Rs 4,874 crore in the year-ago period. The revenue from operations came in at Rs 10,659.3 crore for the given quarter as against Rs 11,269.9 crore in the same period last year. The company said it has recognised an additional charge of Rs 19,440.5 crore in April-June quarter towards adjusted gross AGR liabilities.

Also read: Vodafone Idea to unveil new brand identity today