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Qualcomm Ventures, the investment arm of chipmaker Qualcomm Incorporated, has committed to invest up to ₹730 crore in Jio Platforms for 0.15 per cent stake. Qualcomm is the thirteenth investor in Jio Platforms which has raised a total of over ₹1.18 lakh crore.
The latest 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.
Mukesh Ambani, Chairman and Managing Director of Reliance Industries, said, “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.”
Also read: Jio Platforms receives investments from four investors
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.”
The transaction is subject to customary conditions precedent. Morgan Stanley was the financial advisor to Reliance Industries and AZB & Partners and Davis Polk & Wardwell were legal counsels. Trilegal was legal counsel for Qualcomm Ventures.
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