Reliance Jio Platforms has announced that Qualcomm Ventures, U.S.A’s 5G giant, is set to invest US$ 97M and acquire 0.15% equity stake on a fully diluted basis. This marks Jio’s thirteenth big investment in the last 12 weeks.
Four-year-old Reliance Jio Platforms has raised more than US$ 15.7B (INR 118,318.45 Cr) in the past 12 weeks from leading investors including Facebook, Silver Lake, General Atlantic, KKR, TPG Capital, Abu Dhabi Investment Authority, Mubadala Investment Company, Saudi Arabia’s Public Investment Fund, L Catterton, Vista Equity Partner and Intel Capital.
The last investment was by Intel Capital, which concluded at a 0.39% equity stake for an investment of US$ 253M (INR 1,894.50 Cr). On April 22, Facebook bought a 9.99% stake for US$ 58M (INR 43,574 Cr)
In total, Jio has sold 25.24% stake in the firm and raised more than US$15.7 billion during the pandemic. This accounts for the largest amount of funds raised continuously by a company in the world.
About Reliance Jio Platforms
Reliance Jio Platforms offers high speed internet across India through its 4G network. The richest man in India, Mukesh Ambani founded Jio.
Reliance Jio Platforms has disrupted the Indian telecommunications market by offering users with cut-rate voice and data plans. Currently, it has nearly 400M subscribers.
Since 2016, Jio has added numerous products and services centred around 4G services including JioSaavn, JioTV, JioCinema, JioMoney, JioNews, Ajio, JioMart. It recently launched JioMeet, a video conferencing app, to meet the growing demand of video calls during the pandemic.
About Qualcomm Ventures
Qualcomm Ventures, a California-based venture capital firm, is the world’s leading mobile chipset and modem maker that specialises in 3G, 4G and 5G wireless technologies. It is one of the few smartphone chipset makers that produces mobile chipsets with integrated 5G modems. In fact, Qualcomm chipsets back most leading smartphones in India. Additionally, Automotive, computing and IoT uses the company’s technologies and products. Currently, Qualcomm holds numerous patents and also files the most number of patents in India.
Statements from Jio and Qualcomm Ventures
Mukesh Ambani, CEO, Reliance Jio, expressed that Qualcomm has been a valued partner over the years. The two companies 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.”
Steve Mollenkopf, CEO, Qualcomm, said that the emerging use and unmatched speed of 5G is set to transform every industry. “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,” said Mollenkopf.