Reliance Industries Limited has announced that global leading wireless technology innovator Qualcomm has committed to invest almost INR730 crore in Jio Platforms to reinforce Jio's initiatives to establish an advanced digital platform for Indian consumers.
According to the Jio Platforms press-release, Qualcomm investment will hold up to a 0.15% equity stake of Jio Platforms on a completely diluted basis.
The latest investment will make an equity value of INR 4.91 lakh crore and an enterprise value of INR 5.16 lakh crore. Moreover, the funding will escalate the ties between Jio Platforms and Qualcomm and support Jio Platforms on its journey to turn in the advanced 5G infrastructure and Indian customer services.
In the press release, Reliance-Jio said, a majority-owned subsidiary of Reliance Industries, Jio Platforms, is a next-generation technology platform that focuses on offering affordable and high-quality digital services over India, with over 388 million subscribers.
Reliance Jio's vision is to empower the mission of Digital India for 1.3 billion people and businesses in India, including micro-businesses, small merchants, and farmers, to enable all to enjoy the fruits of inclusive growth.
Qualcomm is the globally leading wireless technology innovator that drives the force behind the growth, launch, and 5G expansion. Qualcomm has 35 years of innovation and more than 140,000 patents and patent applications. It is committed to fueling innovation and encouraging Indian technology advancement with over $62 billion in cumulative R&D spend.
Reliance Industries MD Mukesh Ambani said he is thrilled to welcome Qualcomm Ventures on board as Jio Platforms investors. For several years, Qualcomm has been a valued partner. They have a shared vision of connecting everything by building a digital network, secure and robust wireless, and widening the benefits of digital connectivity to every individual in India.
Qualcomm, as a global leader in wireless technologies, offers deep technology insights and know-how that would help Jio to deliver on 5G vision and India's digital transformation for both public and enterprises, the tycoon added.
Qualcomm Incorporated CEO Steve Mollenkopf said, with the shared goal of widening the benefits of digital connectivity to everything and everyone. They expect Jio to deliver a new set of experiences and services to Indian consumers. In the coming years, they expect 5G to transfer every industry with emerging use cases and unmatched speeds.
Your rate 3 stars is recorded
StartupWorld is the destination to learn about new and upcoming startups making waves on the web. Being an entrepreneur is as much hard work as it is fun. No one knows it better than you do. Share your story, send it in and let us showcase it to the world.