Qualcomm Invests Rs. 730 Crore in Jio Platforms
Jul. 13, 2020Just when you think Jio Platforms is done racking up fresh investments, you hear that another investor has joined the ranks of Facebook, Silver Lake, and many others. The latest addition to the collective is American chipmaker Qualcomm, who haspoured Rs. 730 crore(around $97 million) into Jio Platforms. That’s a massive investment, per se, but gets Qualcomm a measly 0.15 percent stake in the company.
This investmentmakes Qualcomm Ventures the 13th investorin India’s largest telecom and technology giant. Jio Platforms has now raised Rs 118,318.45 crore (over $15.7 billion) in total – at an equity value of Rs. 4.91 trillion (around $65 billion) and an enterprise value of Rs. 5.16 trillion (around $68 billion), as per reports.
Qualcomm Ventures has made the investment on a ‘fully-diluted basis’ and will help Jio Platforms roll out advanced 5G infrastructure and services in India.“Qualcomm offers deep technology know-how and insights that will help us deliver on our 5G vision and the digital transformation of India for both people and enterprises,”RIL chairman and MD Mukesh Ambani said in an official statement.
Prior to Qualcomm, we’ve already seen a hoard of foreign investors line up to grab a piece of Jio Platforms. This includes social media giant Facebook, whokicked offthe domino effect by picking up a 10% market share. The company has nowsold a 25.24 percent staketo high-profile investors, like TPG, General Atlantic, Intel, Vista, and Saudi’s ADIA among others over the past 12 weeks.
