Qualcomm to Invest up to Rs 730 crores in Jio Platforms

CIOReviewIndia Team | Monday, 13 July 2020, 02:00 IST

Continuing its spree of attracting investments, Reliance Industries Limited has announced that Qualcomm Ventures, the investment arm of Qualcomm Incorporated, an industry leader in wireless technologies, has committed to invest up to Rs 730 crore in Jio Platforms. Qualcomm Ventures’ investment will translate into 0.15 percent equity stake in Jio Platforms on a fully diluted basis. The investment will deepen the ties between Qualcomm and Jio Platforms, to support Jio Platforms on its journey to rollout advanced 5G infrastructure and services for Indian customers.  

Jio  Platforms  has  made  significant  investments  across  its  digital ecosystem,  powered  by technologies  spanning  broadband  connectivity,  smart  devices, cloud and edge computing, big data analytics, artificial intelligence, Internet of Things, augmented and mixed reality and blockchain.

Qualcomm  Ventures is  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 to Defense, and build world class products for India and the world market.

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 knowhow and insights that will help us deliver on our 5G vision and the digital transformation of India for both people and enterprises.”  

Steve Mollenkopf, CEO of Qualcomm Incorporated, said, “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 revolutionize India’s digital economy.”  

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