- Qualcomm recently announced that it invested about $97 million in Jio Platforms in exchange for a 0.15% stake in the company
Qualcomm recently announced that it invested about $97 million in Jio Platforms in exchange for a 0.15% stake in the company. The investment was made through Qualcomm Ventures and it deepens the ties between Qualcomm and Jio Platforms — which means that it supports Jio Platforms on its journey for rolling out advanced 5G infrastructure and services for customers in India.
Jio Platforms — which is a majority-owned subsidiary of Reliance Industries — is known as a next-generation technology platform focused on providing high-quality and affordable digital services across India with over 388 million subscribers. And Jio Platforms has made significant investments across its digital ecosystem, spanning broadband connectivity, smart devices, cloud and edge computing, big data analytics, artificial intelligence, Internet of Things, augmented and mixed reality, and blockchain. Jio Platforms has a vision is to enable a Digital India for 1.3 billion people and businesses across the country, including small merchants, micro-businesses, and farmers benefit from growth.
And Qualcomm is the world’s leading wireless technology innovator and the driving force behind the development, launch, and expansion of 5G. With over $62 billion in cumulative research and development spend, 35 years of innovation, and more than 140,000 patents and patent applications, Qualcomm is committed to fueling innovation and fostering Indian technology advancement.
Qualcomm is the second U.S. based chipmaker to invest in Jio Platforms. Recently, Intel invested $253 million in exchange for a 0.39% stake in the company.
Key Quotes:
“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.”
— Mukesh Ambani, Chairman and Managing Director of Reliance Industries
“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.”
— Steve Mollenkopf, CEO of Qualcomm Incorporated
