Qualcomm invests ₹730 crore in Jio Platforms, total investment adds up to ₹118,318.45 crore
Qualcomm's investement values Reliance Jio at an equity value of ₹4.91 Lakh crore and enterprise value of ₹5.16 Lakh crore.
Reliance Jio continues to invite investments in its digital wing, Jio Platforms. The company on late Sunday night announced that chip-maker Qualcomm was investing a sum of ₹730 crore for a 0.15% stake in the company.
The latest investment values Reliance Jio at an equity value of ₹4.91 Lakh crore and enterprise value of ₹5.16 Lakh crore.
Notably, the investment comes shortly after Intel Capital, the investment arm of Intel Corporation invested ₹1,894.50 crore in Jio Platforms for a 0.39% stake in the company. With Qualcomm's investment, Jio has raised a total of ₹118,318.45 from leading technology investors including Facebook, Silver Lake Partners (two investments), Vista Equity Partners, General Atlantic, KKR, Mubadala, ADIA, TPG, L Catterton, PIF, Intel Capital.
Reliance Jio says that the investment of ₹118,318.45 is the largest continuous funds raised by a company anywhere in the world.
“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, chairman and managing director of RIL, said in a statement on the occasion.
“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,” Steve Mollenkopf, CEO of Qualcomm Incorporated said in a statement.