It’s been raining cheques for Jio Platforms and the latest one, which came on Sunday, is from Qualcomm Ventures, the investment arm of Qualcomm Incorporated. Qualcomm Ventures has committed to invest up to ₹ 730 crore, which will translate into 0.15% equity stake in Reliance Industries’ digital unit on a fully diluted basis.
The investment will deepen the ties between Qualcomm and Jio Platforms, to support Jio Platforms on its journey to rollout advanced 5G infrastructure and services for Indian customers.
Qualcomm Ventures’ investment comes at an equity value of ₹ 4.91 lakh crore and an enterprise value of ₹ 5.16 lakh crore for Jio.
“The investment will deepen the ties between Qualcomm and Jio Platforms, to support Jio Platforms on its journey to rollout advanced 5G infrastructure and services for Indian customers,” the company said.
Mukesh Ambani, Chairman and Managing Director of Reliance Industries, said, “Today, I am delighted to welcome Qualcomm Ventures as an investor in Jio Platforms. Qualcomm has been a valued partner for several years and we have a shared vision of connecting everything by building a robust and secure wireless and digital network and extending the benefits of digital connectivity to everyone in India. As a world leader in wireless technologies, Qualcomm offers deep technology knowhow and insights that will help us deliver on our 5G vision and the digital transformation of India for both people and enterprises.”
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