Qualcomm Ventures to invest up to Rs 730 crore in Jio Platforms
Reliance Industries Ltd (RIL) on Sunday announced yet another investment in its digital services arm Jio Platforms Ltd. Qualcomm Ventures, the investment arm of Qualcomm Incorporated, will be investing up to Rs 730 crore which will translate into a 0.15 per cent equity stake.
Like the other previous transactions, the investment will come at an equity value of Rs 4.91 lakh crore and an enterprise value of Rs 5.16 lakh crore.
In a late evening announcement, RIL said the investment will deepen the ties between Qualcomm and Jio Platforms and it will support the latter on its journey to rollout advanced 5G infrastructure and services for Indian customers.
This is the 13th such investment by an overseas entity in Jio Platforms.
Nearly a fortnight ago, it had announced the investment from Intel Capital of Rs 1894.50 crore. With the latest deal, financial investors hold a 25.24 per cent stake in Jio Platforms that has raised over Rs 1.18 lakh crore.
Qualcomm is a major wireless technology innovator and the key force behind the development, launch and expansion of 5G. It has more than $62 billion in cumulative research and development spend, 35 years of innovation and over 140,000 patents and patent applications.
“I am delighted to welcome Qualcomm Ventures as an investor in Jio Platforms. Qualcomm has been a valued partner for several years. It offers deep technology know-how and insights that will help us deliver on our 5G vision and the digital transformation of India for both people and enterprises,” Mukesh Ambani, chairman and managing director of RIL, said while commenting on the transaction.
Qualcomm Ventures is a global fund that invests in companies across the wireless ecosystem in areas like 5G, artificial intelligence, Internet of Things, automotive, networking and enterprise. In India, Qualcomm Ventures has invested in companies that address key domestic issues from dairy, transportation to defense, and build world class products for India and the world market.
“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’’, Steve Mollenkopf, CEO of Qualcomm Inc said.