Qualcomm Inc, one of the largest wireless technology company, will invest Rs. 730 crore for a 0.15 percent stake in Jio Platforms.
It is the third strategic investment after Facebook and Intel and overall record 13th investment deal in 12 weeks and this marks a company’s largest continuous fundraising activity anywhere in the world. In a series of investment deals, Reliance Industries Limited has now sold 25.24 percent stake in Jio Platforms and raised Rs. 1,18,318.45 crore.
All investments were finalized in the middle of a global lockdown, a reference to the immense digital potential of India, and a clear affirmation of Jio’s aggressive policy, tech skills, transformative corporate structure, and structural long-term growth prospects.
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 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 (Reliance Industries)
Investment by Intel’s comes at an equity valuation of Rs. 4.91 lakh crore and enterprise valuation of Rs. 5.16 lakh crore. This investment is followed by the investment of Intel of a 0.39 percent stake for Rs. 1,894.50 crore which happened a few weeks ago.
Facebook bought a 9.99 percent stake for Rs. 43,574 crore on April 22 which started the series of investments in Jio Platforms. After that, General Atlantic, Silver Lake (two investments), Vista, KKR, Mubadala, ADIA, TPG, L Catterton, PIF and Intel Capital have also spent their capital in Jio.
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. Jio Platforms has led the digital revolution in India through its extensive digital and technological capabilities. As an enabler and investor with a longstanding presence in India, we look forward to playing a role in Jio’s vision to further revolutionise India’s digital economy.
Steve Mollenkopf, CEO, Qualcomm Incorporated
With nearly 400 million subscribers, Jio Platforms is a next-generation technology platform focused on providing high-quality, affordable digital services across India.
Jio has made substantial investments through its digital ecosystem, powered by leading mobile networking technology, smart apps, edge and cloud technology, big data analytics, AI, IoT, virtual / augmented reality and blockchain.
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