Jio Platforms has received its 13th investment in three months. Qualcomm Ventures, the venture capital investment group of Qualcomm Incorporated, has committed to invest Rs 730 crore for 0.15 per cent equity stake in the digital arm of Mukesh Ambani -led reliance industries This is the largest continuous funds raise by any company in the world, that too when the world is in a lock down due to the corona virus pandemic.
This deal between Jio Platforms and Qualcomm will support the former’s plans to roll out 5G infrastructure and services in India. Both companies have been working together for several years now.This investment now puts Jio Platforms at an equity value of Rs 4.91 lakh crore, along with an enterprise value of a whopping Rs 5.16 lakh crores.
Even though Jio Platforms is being touted as the next big thing, the mobile carrier business has been instrumental in leading to this stage by offering state of the art connectivity at a severely competitive and reasonable price point, creating shock waves in the entire industry.
Steve Mollenkopf, chief executive of Qualcomm said in a statement, “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.”
Before Qualcomm, companies including Facebook, TPG, KKR, L Catterton, Intel Capital, General Atlantic, Vista Equity Partners, and two sovereign wealth funds from Abu Dhabi — Abu Dhabi Investment Authority and Mubadala – and one from Saudi Arabia – Public Investment Fund have made considerable investments in Jio Platforms.
You might also like
More from Technology
A $7.5 million Google class action settlement resolves allegations that the now defunct Google+ social networking platform exposed users’ private …