India, Oct. 22 -- There used to be a phrase-a one-horse town. It referred to a place so small and self-contained that a single horse could suffice for all transportation needs.

For a long time, telecom operators have resembled such towns-content, and perhaps even complacent, within the confines of the data and voice business. Then one day, the distant sound of carnival loudspeakers reaches them. It appears that every other town is heading to this festival, their horses galloping into a new and expansive arena. Hyperscalers, which were once focused solely on large enterprise technology, have now entered the fray. Neo-banks, unburdened by legacy systems, are plunging in with enthusiasm. Even e-commerce platforms and retailers are eager to ...