Many new players entered the Indian mobile industry in 2008. Although India already had five national players and many regional players at that time, potential for further growth due to low teledensity attracted both speculative and strategic investors. While many new entrants are struggling to launch services, a few have started strongly. We think it is unlikely the Indian mobile market can support so many players; only a few of the efficient new entrants are likely to be successful in the short term. As subscriber growth slows in a few years, many of the new players will lead a wave of consolidation in the industry.
