Qualcomm invests Rs 730 crore in Jio Platforms at Reliance

Qualcomm ventures to invest Rs 730 crore in Reliance’s Jio Platforms

India’s Reliance Industries said the investment arm of Sunday Qualcomm Inc would purchase a 0.15 per cent stake in its Jio Platforms digital business for 7.3 billion rupees ($97.1 million). The collaboration will allow Jio Platforms to “roll out advanced 5 G technology and services for Indian consumers,” Reliance said in a statement, the company that houses Reliance ‘s telecoms venture Jio Infocomm.

Reliance has sold a 25.2 per cent stake in Jio Platforms to investors with this latest investment in a funding spree that began late April, raising $15.69 billion. Although Jio Platforms also includes the music and movie apps from Reliance, Jio Infocomm-the mobile network-is its centrepiece. Chairman of the Reliance and billionaire tycoon Mukesh Ambani has always pitched Jio Infocomm as a tech venture, rather than a conventional telecoms firm.

That helped Ambani gain the love of major tech companies including Facebook Inc, Intel and now Qualcomm. “Qualcomm provides deep technology know-how and expertise that will help us deliver our 5 G vision and India’s digital transformation for people and businesses alike,” said Ambani in the release.