Reliance Jio became the second largest operator in India by “access service gross revenue” for the first time, the Telecom Regulatory Authority of India (TRAI) said in a report on the first quarter of 2018.

During the first three months of the year, Reliance Jio made INR62.2 billion ($903 million) according to TRAI’s adjusted metric, compared with INR49.4 billion for Vodafone. The pair are still well behind market leader Bharti Airtel’s INR70.8 billion.

Despite overtaking Vodafone in the regulator’s revenue comparison, Reliance Jio remains the market’s number four by connections (though it will become the third largest following the forthcoming merger of Idea Cellular and Vodafone India, which will create a new market leader).

Reliance Jio said it hit 200 million subscribers in May 2018, having gone on a rapid customer acquisition drive following its nationwide rollout in September 2016.

Its launch deals and subsequent regular discount prices shook the market and led to significant consolidation in the sector.

However, reports in Business Standard earlier this week suggest after initial rapid gains, Reliance Jio’s pace of customer acquisition looks set to slow as competitors are now more willing to offer services at a similar price point to the challenger.

Sources told the newspaper while Reliance Jio had reached 100 million subscribers quickly, achieving the 200 million mark had taken significantly longer, casting serious doubt on whether it will be able to reach its target of 400 million users by 2020.