[Funding Alert] Qualcomm Ventures Invests INR 730 Cr In Jio Platforms
Grow Your Business, Not Your Inbox
You're reading Entrepreneur India, an international franchise of Entrepreneur Media.
Reliance Jio Platforms late on Sunday announced that it has received an investment worth INR 730 crore from Qualcomm Ventures, the investment arm of Qualcomm Inc for 0.15 per cent equity stake.
The investment will help Jio Platforms to roll out advanced 5G infrastructure and services for Indian customers.
The deal gives Jio Platforms an equity value of INR 4.91 lakh crore and an enterprise value of INR 5.16 lakh crore.
With thirteen investments in a short period of over two months, Reliance Industries now has sold off 25.24 per cent of its stake in Jio, and raised INR 118,318.45 crore in total and become debt-free much ahead of its 2021 target. The other global technology investors include Facebook, Silver Lake, Vista, General Atlantic, KKR, Mubadala, ADIA, TPG, L Catterton, Intel and PIF. Amongst these, social media giant Facebook has infused the largest capital of INR 43,574 crore ($5.7 billion) into the company.
Commenting on the investment, Mukesh Ambani, chairman and managing director 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 know-how and insights that will help us deliver on our 5G vision and the digital transformation of India for both people and enterprises.”
Steve Mollenkopf, chief executive officer of Qualcomm Inc, 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. 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 revolutionize India’s digital economy.”
Qualcomm is a leading wireless technology innovator and the driving force behind the development, launch and expansion of 5G.
Morgan Stanley acted as financial advisor to Reliance Industries and AZB & Partners and Davis Polk & Wardwell acted as legal counsels. Trilegal acted as legal counsel for Qualcomm Ventures.