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Qualcomm Ventures to invest Rs 730 crore in Jio Platforms

Qualcomm Ventures to invest Rs 730 crore in Jio Platforms

The investment will deepen the ties between Qualcomm and Jio Platforms, to support Jio Platforms on its journey to rollout advanced 5G infrastructure and services for Indian customers, a joint statement by the two companies read

Qualcomm Ventures, the investment arm of Qualcomm Incorporated, has committed to invest up to Rs 730 crore for a 0.15 per cent equity stake. The latest investment in Jio Platforms is at an equity value of Rs 4.91 lakh crore and an enterprise value of Rs 5.16 lakh crore.

This is the 13th deal secured by Jio Platforms in a span of 12 weeks, bringing the total funds raised by the company to Rs 1.18 lakh crore. The digital arm of Mukesh Ambani-led Reliance Industries has so far received investment from leading technology investors including Facebook, Silver Lake, Vista, General Atlantic, KKR, Mubadala, Silver Lake, ADIA, TPG Capital, L Catterton, and Public Investment Fund.

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The investment will deepen the ties between Qualcomm and Jio Platforms, to support Jio Platforms on its journey to rollout advanced 5G infrastructure and services for Indian customers, a joint statement by the two companies read.

"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," said Reliance Industries Chairman Mukesh Ambani.

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"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," said Steve Mollenkopf, CEO of Qualcomm Incorporated.

Morgan Stanley acted as financial advisor to Reliance Industries, and AZB & Partners and Davis Polk & Wardwell acted as legal counsels. Trilegal acted as legal counsel for Qualcomm Ventures. The transaction is subject to customary conditions precedent.

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Published on: Jul 12, 2020, 8:57 PM IST
Posted by: Vivek Punj, Jul 12, 2020, 8:57 PM IST