Reliance Jio has announced that Qualcomm Ventures, the investment arm of Qualcomm Incorporated, will invest up to Rs 730 crore in Jio Platforms. Qualcomm Ventures investment will translate into 0.15 per cent equity stake in Jio Platforms on a fully diluted basis. The latest investment in Jio Platforms is at an equity value of Rs 4.91 lakh crore and an enterprise value of Rs 5.16 lakh crore.
This comes after Jio earlier announced that Jaadhu Holdings LLC (a wholly owned subsidiary of Facebook Inc) will invest Rs 43,574 crore in Jio Platforms.
Qualcomm plans to help Jio Platforms in rolling out advanced 5G infrastructure and services for Indian customers. With the investment, Qualcomm Ventures is set to become the 13th investor to make an investment in Jio Platforms.
Jio Platforms has so far raised Rs 118,318.45 crore from its global investors includingFacebook (Rs 43,574 crore),Silver Lake Partners (Rs. 10,202.55), Vista Equity Partners (Rs 11,367 crore), General Atlantic (Rs 6,598.38 crore), KKR (Rs 11,367 crore), Mubadala (Rs 9093.60 crore), ADIA (Rs 5683.50), TPG and L Catterton (Rs 4546.80 crore and Rs 1,894.50 crore), The Public Investment Fund (PIF) (Rs 11,367 crore) and Intel Capital (Rs 1894.50 Crore) since April 22, 2020.
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 know how and insights that will help us deliver on our 5G vision and the digital transformation of India for both people and enterprises.”
“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,” said Steve Mollenkopf, CEO of Qualcomm Inc.