New Delhi, Jan 28 (IANS): Telecom major Reliance Jio is the fifth strongest brand in the world, shows the 'Brand Finance Global 500 2021' report.

The annual report on the most valuable and strongest brands in the world noted that despite being the latest entrant in the India's telecom scenario, Jio has quickly become the largest mobile network operator in India and the third largest mobile network operator in the world, with almost 400 million subscribers.

"Entering the ranking for the first time this year and claiming the title of the world's 5th strongest brand, is Indian telecoms giant, Jio, with a BSI score of 91.7 out of 100 and the elite AAA+ brand strength rating," it said.

It added that known for its incredibly affordable plans, Jio took India by storm through offering 4G to millions of users for free, simultaneously transforming how Indians consume the internet.

The dominance of the brand across the nation is evident from the results from Brand Finance's original market research, said the report.

"Jio scores highest in all metrics -- consideration conversion, reputation, recommendation, word of mouth, innovation, customer service and value for money -- compared to its telecom competitors in India," it said.

The brand has no major weaknesses within the sector, and unlike other telecoms brands globally, Jio has shown that it has broken the mould, and enjoys genuine affection from consumers, the Brand Finance report added.

Further, it said Jio is the fastest-growing brand in the ranking in the telecoms sector in terms of brand value, bucking the negative trend across the industry, with a 50 per cent increase to $4.8 billion.

The world's most valuable telecoms brand, Verizon (up 8 per cent to $68.9 billion), has also recorded a healthy brand value growth, re-entering the top 10 for brand value following its absence in 2020.

The strongest brand adjudged by the Brand Finance survey is WeChat with a Brand Strength Index (BSI) score of 95.4 out of 100.

The Chinese mobile app is one of merely 11 brands in the ranking to have been awarded the elite AAA+ brand strength rating, it said.

Auto giant Ferrari took second spot, followed by bank in Russian brand, Sber and beverage major Coca-Cola as the third and fourth strongest brands in the world.