Home Business Another Investment for JIO Platforms from Qualcomm Ventures

Another Investment for JIO Platforms from Qualcomm Ventures

Qualcomm Ventures will invest Rs730 crore in JIO
Image Credit | Universal News

Currently Reliance has sold its 25.24% stake in Jio Platforms raising Rs 118,318 crores. Qualcomm Ventures will invest in JIO for 0.15% stake. The investment arm of Qualcomm Inc. will invest Rs730 crore.

The deal values Jio Platforms at an equity value of ₹4.91 trillion and an enterprise value of ₹5.16 trillion, RIL said during a statement.

“Qualcomm has been a valued partner for several years and that we have a shared vision of connecting everything by building a strong and secure wireless and digital network in India. Qualcomm offers deep technology know-how and insights which will help us deliver on our 5G vision and therefore the digital transformation of India for both people and enterprises,” said Mukesh Ambani, chairman and director , RIL.

With this, RIL has sold a complete of 25.24% stake in Jio Platforms to Facebook, General Atlantic, TPG, KKR, Silver Lake, L Catterton, Vista Equity Partners, Abu Dhabi Investment Authority, Mubadala investment trust , and Public Investment Fund (PIF), Intel Capital and Qualcomm Ventures, raising ₹118,318.45 crore.

Jio Platforms has over 388 million subscribers and has significant investments across its digital ecosystem.

It operates a number of digital apps and services, including music streaming service JioSaavn, on-demand live television service JioTV and payments app JioMoney, and smartphones and broadband business.

“With our shared goal of extending the advantages of digital connectivity to everyone and everything, we anticipate Jio Platforms will deliver a replacement set of services and experiences to Indian consumers. With unmatched speeds and emerging use cases, 5G is predicted to rework every industry within the coming years,” said Steve Mollenkopf, CEO of Qualcomm Inc.

Qualcomm may be a wireless technology innovator and a drive behind the event , launch and expansion of 5G. it’s spent over $62 billion in cumulative research and development and has over 140,000 patents and patent applications under its belt.

Qualcomm Ventures may be a global fund that invests in pioneering companies across the wireless ecosystem in areas like 5G, AI, IoT, automotive, networking and enterprise. In India, Qualcomm Ventures has invested in companies that address key domestic issues from dairy, transportation and defence, and build products for India and therefore the world market.