Qualcomm to invest $97 million in India’s Reliance Jio Platforms
Qualcomm Ventures has announced that it will invest USD 97 million in Reliance Jio Platforms in India to get a .15 percent fairness stake on a diluted basis in the leading Indian telecom operator.
Qualcomm has now become the highest-profile backer of four-year-previous Reliance Jio Platforms, which has raised extra than USD 15.7 billion in the past 12 weeks from as quite a few buyers. Qualcomm will help Jio Platforms roll out advanced 5G infrastructure and services for Indian customers.
Qualcomm Ventures’ investment amount will make it acquire a 0.15 percent equity stake on a fully diluted basis. Jio Platforms has totally sold 25.24 percent stake and raised around USD 15.7 billion in around 12 week period.
Jio has nearly 400 million subscribers to become the top carrier in the world’s second-largest internet market in less than four years of its existence.
The digital unit for Reliance Industries operates many digital services like music streaming services, live TV channels, TV shows, and movies in India. Earlier this month, Reliance had also added a new service to its folio namely A video conferencing service.
Steve Mollenkopf, The Chief Executive Officer of Qualcomm said, “The firm believes that Reliance Jio Platforms will deliver a new set of services and experiences to Indian consumers in the future. 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.”
Both India, and the US, recently have taken actions to limit their exposure to Chinese firms. India last month has even banned 59 Chinese apps and services including the most popular app called TikTok.
Ambani, the owner of Jio said in a statement, “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.”