This post first appeared on TelecomTalk Read more at: https://telecomtalk.info/jio-platforms-investment-qualcomm-ventures/283061/, Jio Platforms to Receive Rs 730 Crore from Qualcomm Ventures
Jio Platforms on Sunday announced that Qualcomm Ventures, the investment arm of Qualcomm Incorporated is set to invest up to Rs 730 crores in Jio Platforms. The investment from Qualcomm Ventures is said to translate into 0.15% equity stake in Jio Platforms on a fully diluted basis. It was said that the investment from Qualcomm Ventures into Jio Platforms will “deepen the ties” between Qualcomm and Jio Platforms. Crucially, the ties with Qualcomm is said to support Jio Platforms “on its journey to rollout advanced 5G infrastructure and services for Indian customers.”
Jio Platforms Raises Over Rs 118,000 Crore Since April
Jio Platforms, the company behind Reliance Jio with over 388 million subscribers has raised Rs 118,318.45 crores since April, 2020 from over 12 investors including Qualcomm Ventures. The investments have also resulted in Reliance Industries diluting 25.24% stake in Jio Platforms.
Facebook, Silver Lake Partners, Vista Equity Partners, General Atlantic, KKR, Mudabala, Abu Dhabi Investment Authority, TPG, L Catterton, PIF, Intel have previously invested in Jio Platforms for a combined stake of 25.09%.
“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,” Mukesh Ambani, managing director of Reliance Industries, said in a release. “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 Ventures is said to have been making investment in technology companies since 2000. In India, the group is said to have invested in companies “that address key domestic issues from Dairy, Transportation to Defense, and build world class products for India and the world market.”
“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,” Steve Mollenkopf, CEO of Qualcomm Incorporated, said in a release. “ 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.”
The transaction is subjected to regulatory and other customary approvals.
Jio Platforms Receives Subscription Amounts from Four Investors
In a filing with the stock exchanges on Friday, Reliance Industries announced that Jio Platforms has received subscription amounts from four investors including Silver Lake and General Atlantic.
The filing highlights that Jio Platforms has received a subscription amount of Rs 1894 crore from L Catterton and Rs 11,367 crore from The Public Investment Fund. Additionally, the company said that Jio Platforms has also received Rs 10,202.55 crore from Silver Lake and Rs 6,598.38 crore from General Atlantic Singapore. Reliance Industries have also said that the equity shares of Jio Platforms have also been allotted to the four investors.
Original article: Jio Platforms to Receive Rs 730 Crore from Qualcomm Ventures
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