*Vi’s Funding Delays Could Cost It Market Share in Key Regions* 1. Capex Funding Delay • Vodafone Idea (Vi) plans to spend ₹50,000–55,000 crore on 4G and 5G upgrades. • However, it’s facing critical delays securing funds—especially ₹55,000 crore needed for network improvements. 2. Impact on Top Circles • Vi generates 50% of its revenue from its top seven telecom circles: Mumbai, Kerala, Gujarat, Haryana, Kolkata, Maharashtra, and UP‑West. • In these important regions, Vi currently holds about 20% market share . 3. Rival Gains Expected • Competitors Airtel and Jio, with deeper pockets, are likely to increase their investments in these areas—aiming to corner customers that Vi may lose . 4. Subscriber Share Shrinking • Vi’s share of subscribers in these circles dropped from 21% in FY22 to an expected 17% by FY25, due to lagging network investments . 5. Debt Pressure & Capex Shortfall • Motilal Oswal notes Vi faces big repayments starting March 2026 and expects a ₹20,000 crore annual cash shortfall. • Without fresh fundraising, the company may struggle to meet its ambitious capex targets . 6. Network Rollout at Risk • Vi still needs to secure around ₹25,000 crore in bank loans to finish its 4G upgrades and begin 5G rollout in major cities. • Ongoing delays may delay site launches and worsen coverage, allowing rivals to poach customers . ✅ Key Takeaway If Vi doesn’t secure timely funding, its ability to expand and maintain network quality in critical regions will suffer—potentially leading to customer losses to Airtel and Jio and shrinking market share.