Vodafone’s pug and ZooZoos and Idea Cellular’s “What an Idea!” were once among India’s most memorable telecom campaigns. But after the two operators merged in 2018, the battle for survival following Jio’s entry overshadowed the creative flair.
Now, as the country’s third-largest telecom operator saw its first quarterly subscriber addition in the June quarter since the merger, Vodafone Idea (Vi) is looking to bring back the creative swagger.
On 1 September, Vi unveiled a new brand identity, with a slight tweak to the position of the yellow dot on the ‘i’ in its logo, along with a campaign featuring Shah Rukh Khan—face of Airtel in the early 2000s and Jio in the late 2010s—saying, “Vi badal raha hai… tayaar rahiye”. An expensive bet, indeed. Khan’s perceived brand value rose more than 22% year-on-year to $177.9 million in 2025, putting him at the top of Kroll’s 2026 celebrity brand valuation rankings, ahead of cricketers Virat Kohli and Sachin Tendulkar and actors Amitabh Bachchan and Ranveer Singh.
Earlier, in March, the operator also entered into a partnership with the Indian Premier League team Chennai Super Kings as its official communications partner, signing up for a pricey sponsorship slot.
Even though the telco’s future still depends on raising the planned ₹35,000 crore from banks for network expansion, repaying ₹49,000 crore in spectrum dues over the next three years and generating positive cash flow, investors welcomed the announcement. The company’s shares rose 3.3% on 2 September to close at ₹14.53 on the National Stock Exchange. On 4 September, shares rose 4% to ₹15.06.
Light pocket
But the numbers offer little comfort. The telecom operator’s free cash flow turned negative in FY25 and FY26 amid a step-up in capital expenditure, at ₹12,340 crore and ₹6,400 crore, respectively, after regulatory payouts, according to brokerage IIFL Securities’ 19 August note.
Vi usually spends about 10.5-11% on marketing expenses, according to its financial statements of the last four years. In FY26, it spent 10.5%, or ₹4,718 crore, of its revenue on marketing, content, customer acquisition, and service costs. The expense is nearly 3% higher than FY25.
In comparison, Bharti Airtel Ltd and Reliance Jio Infocomm Ltd have spent 3-5% of their standalone revenue on marketing, sales and distribution expenses in FY26 and FY25. However, the actual marketing and sales expenses of all three operators have largely been at par. For example, in FY26, Airtel spent ₹5,030 crore on sales and marketing, and Reliance Jio spent ₹4,507 crore, according to the companies’ standalone financial statements.
“As a strategy from the beginning, Vi has been spending on brand. But in recent times, they have been losing their customer base, which is why they have kept marketing expenses high. The spends, however, are at par with competitors,” said Kranthi Bathini, director of equity strategy at Sebi-registered securities broking company WealthMills Securities. “The real impact of marketing activities such as having Shah Rukh Khan will be seen in the next one to two quarters.”
Risky gamble
Khan is no stranger to telecom operators. In 2001, Bharti Airtel first appointed him as face of the brand. In December 2015, Jio appointed Khan as its brand ambassador ahead of the launch of its 4G services.
Branding experts say Khan’s appeal has risen with his latest hit films and the upcoming movie King. Besides, he is perceived to be a “family-friendly” face for brands that need mass appeal, such as Vi, which is trying to add subscribers on a war footing.
“Khan’s association with Airtel, Jio and now Vi at different points in time reflects the breadth of his commercial appeal and the strong recall he brings to telecom brands,” said Umakanta Panigrahi, managing director, valuation services, at Kroll India.
Campaigns featuring a celebrity of Khan’s stature, however, can be a pricey affair. Experts say his fees alone can run into tens of crores, not counting the cost of shooting an ad film with the star.
“These celebrity endorsements don’t really have a fixed card rate,” said a senior sports marketing executive on condition of anonymity. “They don’t even have a fixed range. It all depends on what that person’s mood at that time, and what are they doing at the time. However, this executive added, Vi is at a disadvantage as it rushes to add subscribers.
“Vi is in a desperate situation, and they had to do something drastic to get their numbers up,” the executive added. “If they utilize Khan well, it is a good bet.”
“Khan’s appeal is across categories. Across brands in cement, telecom, and durables, he has been a common face. He is seen to be friendly, wholesome, and a family man altogether,” said business and brand strategy specialist Harish Bijoor.
Bijoor, however, added that repeating celebrity faces could hurt a mass brand’s campaign, especially in narrowly contested markets like telecom. “The brand endorsement market in India is a rather promiscuous market.”
When Khan, who has been the face of Airtel and Reliance Jio, is fronting Vi, it doesn’t ruffle too many feathers, nor does it create humongous appeal, according to Bijoor. Over time, consumers tend to lose trust when the same star advertises multiple products in the same category, especially among younger Indians. “Stars must consider credibility when they sign up with brands, and brands must appreciate that one-face-fits-all may not be a great way to go.”
This year, Khan announced partnerships with a range of brands, including Aditya Birla Group’s newly launched wires-and-cables brand, Ultravolt; payment technology company Visa; and online-first skincare brand Foxtale.