JioPhone made a splash at the Reliance AGM on Friday as Mukesh Ambani took the covers off the long-rumoured 4G feature phone. The handset, introduced as "India ka Smartphone" and launched at an "effective price" of Rs. 0 (though buyers will have to shell out a refundable, upfront deposit of Rs. 1,500 for the device). JioPhone will be crucial for the company in tapping the estimated 50 crore feature phone users who have not been able to join the Jio 4G bandwagon because of the high costs associated with smartphones.