After Intel, Qualcomm Ventures, the investment arm of Qualcomm Incorporated, has committed to invest up to Rs 730 crore in Jio Platforms to support the subsidiary of Reliance Industries on its journey to rollout advanced 5G infrastructure and services for Indian customers.
Mukesh Ambani, Chairman and Managing Director of Reliance Industries, said, “Today, I am delighted to welcome Qualcomm Ventures as an investor in Jio Platforms. 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, Ambani asserted that Qualcomm offers deep technology knowhow and insights that will help Jio Platforms deliver its 5G vision and the digital transformation of India for both people and enterprises.
With more than 388 million subscribers, Jio Platforms is a next-generation technology platform focused on providing high-quality and affordable digital services across India. The subsidiary of Reliance Industries aims to enable a Digital India for 1.3 billion people and businesses across the country, including small merchants, micro-businesses and farmers so that all of them can enjoy the fruits of inclusive growth.
With the shared goal of extending the benefits of digital connectivity to everyone and everything, Steve Mollenkopf, CEO of Qualcomm Incorporated, said, “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.”
Qualcomm is the world’s leading wireless technology innovator and the driving force behind the development, launch and expansion of 5G. With 35 years of innovation and over 140,000 patents and patent applications, Qualcomm is committed to fuelling innovation and fostering Indian technology advancement. Qualcomm Ventures is a global fund that invests in pioneering companies across the wireless ecosystem in areas like 5G, AI, IoT, automotive, networking and enterprise.
Mind you! The transaction is subject to customary conditions precedent. 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.