Qualcomm to invest Rs 730 crore in Jio platform
Reliance Industries Limited (RIL) company Jio Platform has got the 13th investor. Qualcomm Ventures, an investment company of Qualcomm Incorporated in the wireless technologies sector, has announced an investment of Rs 730 crore in Jio. Jio’s equity value for this deal is estimated at Rs 4.91 lakh crore. Qualcomm Ventures Investment will take a 0.15% stake in the Jio platform.
13th Investor in 12 weeks
This is the 13th investment in Jio. It started on 22 April 2020 with an investment from Facebook. With Qualcomm’s investment, Jio has raised Rs 118,318.45 crore so far. Prior to this, Fesubak, Silver Lake Partners (two investments), Vista Equity Partners, General Atlantic, KKR, Mubadala, ADIA, TPG, El Catterton, PIF and Intel Capital have invested in the company. It is the largest amount of money raised by any company in the world continuously. This has happened at a time when the world is suffering from the havoc of Corona. This clearly shows the confidence of investors in India’s digital prospects and Jio’s business strategy.
What is the importance of investment
RIL said that Qualcomm’s investment in Jio platforms will help Jio to introduce advanced 5G infrastructure and services to Indian consumers. Qualcomm is the world’s leading wireless technology innovator and has an important role in the development, launch and expansion of 5G. Qualcomm Ventures is a global fund that invests in companies working in the areas of 5G, AI, IoT, automotive, networking and enterprise.
