Jio Platforms Ltd., the Indian telecom company, has landed another major investor with deep pockets, according to a press release. Qualcomm Ventures, the San Diego-based investment arm of Qualcomm Inc., the wireless technology company, announced it has invested up to $97 million in Jio.
The investment equals a 0.15 percent equity stake. Qualcomm said in the release that its contribution will bolster Mumbai-based Jio’s 5G and wireless capabilities to an advanced digital platform for the 1.3 billion resident of India and propel the country onto the world stage in the digital economy.
“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,” said Qualcomm CEO Steve Mollenkopf in the release. “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.”
Jio, a subsidiary of Reliance Industries, has been the beneficiary of recent investments by top U.S. firms, including New York-based private equity firm General Atlantic at $870 million for a 1.3 percent stake, Facebook, Vista Equity Partners, Silver Lake and KKR. The total invested is the largest in Asia to date and amounts to more than $8 billion in investments for Jio.
Jio Platforms promises affordable digital services across India, with more than 388 million subscribers, according to the release. Qualcomm said it has invested more than $62 billion in cumulative research and development and has created more than 140,000 patents.
“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,” said Mukesh Ambani, chairman and managing director of Reliance Industries, in the release.