Qualcomm Ventures To Invest Rs 730 Crore In Jio Platforms

Mumbai: Qualcomm Ventures, the investment arm of Qualcomm Incorporated, has committed to invest ₹730 crore in Reliance Industries’ Jio Platforms.

Qualcomm Ventures’ investment comes at an equity value of ₹ 4.91 lakh crore and an enterprise value of ₹ 5.16 lakh crore for Jio. It translates into 0.15 per cent equity stake in Jio Platforms on a fully diluted basis.

With Qualcomm, which is the 13th investor, the Jio Platforms has so far raised ₹1.18 lakh crore by selling 25.24 per cent stake to global firms.

Welcoming the new investment, Mukesh Ambani, Chairman and Managing Director of Reliance Industries, said, “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.”

Qualcomm said tThe investment will deepen the ties with Jio Platforms and support on its journey to roll out advanced 5G infrastructure and services for Indian customers.

Steve Mollenkopf, CEO of Qualcomm Incorporated, said, “With our shared goal of extending the benefits of digital connectivity to everyone and everything, we anticipate Jio Platforms will deliver a new set of services and experiences to Indian consumers. With unmatched speeds and emerging use cases, 5G is expected to transform every industry in the coming years. As an enabler and investor, we look forward to playing a role in Jio’s vision to further revolutionize India’s digital economy.”

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