Qualcomm becomes the 12th entity to back up Jio Platforms over the past three months. Together, they hope to bring digital transformation to Indian consumers.
Qualcomm invests millions of dollars, amplifies Jio Platforms immense growth
Livemint reports Qualcomm is to invest a total of ₹730 crores ($97 million) for a 0.15% stake in Jio Platforms Ltd. With it, the total equity value has now raised to ₹4.91 trillion ($65 million). While the enterprise value raised to ₹5.16 trillion ($68 million).
Reliance Industries (RIL) now has sold a total of 25.24% stake in Jio Platforms. Livemint reports Facebook, General Atlantic, TPG, KKR, Silver Lake, L Catterton, Vista Equity Partners, Abu Dhabi Investment Authority, Mubadala Investment Company, and Public Investment Fund (PIF), Intel Capital and Qualcomm Ventures, have raised ₹118,318.45 crores in total.
Jio Platforms and its array of products and services
The broadband company has attracted nearly 400 million subscribers with its cut-rate voice offers and data plans. The company’s vast investments across the digital ecosystem also contributed a lot to its success. The four-year-old internet market company also hosts music streaming service, JioSaayn, live television service JioTV, and even payments app JioMoney. Aside from all mentioned above, the company also produces its own smartphones. Despite only been existing for four years, Tech Crunch reports that the Jio Platforms is listed as the world’s second-largest internet market.
The future for both companies
Qualcomm reveals that they anticipate “to deliver a new set of services and experiences to Indian customers”. CEO of Qualcomm Inc further adds that he is confident 5G will transform every industry in the coming years.
Similarly, the chairman and managing director of Reliance Industries (RIL), Mukesh Ambani reveals that “Qualcomm’s deep technology know-how and insights that will help us (RIL) deliver on our 5G vision and the digital transformation of India for both people and enterprises”.
