Reliance Industries’ Jio Platforms announced on Sunday that it’s set to receive US$97 million from US-based Qualcomm Ventures in exchange for a 0.15% stake on a fully diluted basis.
Photo credit: Qualcomm
With the capital injection – which follows Intel Capital’s investment of US$253 million this month – Qualcomm joins Jio’s other big-name backers which include Facebook, Silver Lake, Vista Equity Partners, General Atlantic, KKR, Mubadala Investment Company, the Abu Dhabi Investment Authority, TPG Capital, L Catterton, and Saudi Arabia’s Public Investment Fund.
According to a statement, the fresh funds will go toward supporting Jio to roll out 5G infrastructure and services in India.
“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,” Mukesh Ambani, chairman and managing director of Reliance Industries, said.
Qualcomm designs, manufactures, and markets digital wireless telecommunications products and services. It has more than US$62 billion in cumulative research and development spend and over 140,000 patents and patent applications.
Its corporate investment arm invests in companies across the wireless ecosystem in areas like 5G, AI, internet of things, automotive, networking, and enterprise. In India, it has invested in various industries from dairy to transportation and defense.
With nearly 400 million subscribers, Jio aims to digitize India’s 1.3 billion people and businesses, including small merchants, microbusinesses, and farmers.
Editing by Charmaine de Lazo
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