Reliance Jio has announced an unprecedented 13th investment in the company, with global technology giant Qualcomm picking up a 0.15 percent stake in Jio Platforms against an investment of Rs 730 crore. The deal brings the total amount of investment in Jio Platforms up to Rs 1,18,318.45 crore, for a total stake sale of 25.24 percent. With this investment, Jio Platforms is valued at equity value of Rs 4.91 lakh crore, and enterprise value of 5.16 lakh crore. All the investments come together to rank Jio Platforms as one of India’s biggest companies, as well as one of the most attractive companies in the world, as per investors.
Commenting upon the investment, Mukesh Ambani, chairman and managing of Reliance Industries, said, “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.”
Qualcomm’s investment in Jio Platforms signifies in no uncertain terms a clear validation of Jio’s elite ranking in the global technology industry. After revolutionising the Indian mobile telecom operator space with path-breaking 4G services at never seen before pricing, Jio has since expanded its presence to operate in various technology fields. For the consumer, Jio today offers fiber broadband internet service, as well as DTH TV service that is among the best in the world thanks to the vast amount of content on offer.
Steve Mollenkopf, CEO of Qualcomm Inc, said upon the investment, “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. 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 revolutionise India’s digital economy.”
Qualcomm is one of the world’s largest technology companies, and plays an unbeatable role thanks to its processor business that fuels a vast section of the world’s Android smartphones. Qualcomm is also a leading network and communications player, and its work on 5G network equipment is leading the world towards next generation connectivity services. The investment in Jio comes via Qualcomm Ventures, which is noted as one of the world’s leading venture capital investment groups. Under Qualcomm Ventures, the primary area of investment includes startups targeting the wireless ecosystem in sectors such as automotive, data centre and enterprise, digital health, IoT and mobiles.
With Qualcomm bringing in a powerful presence in the list of Jio Platforms’ list of investors, the latter has further solidified its commitment towards taking India to new heights, when it comes to our progress as a technology-first nation.
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