US chipmaker Qualcomm announced right now that it’s investing $97 million (₹730 crores) in Jio Platforms for a 0.15% stake within the firm via its venture arm.
Qualcomm is the second chipmaker to pump money in Jio Platforms after Intel invested $253 million to pick up a 0.39% share. The US-based chipmaker is a key participant in 5G growth, particularly in relation to cell phones. The funding may also help both corporations take a look at 5G in India.
Mukesh Ambani, Reliance’s Chairman, mentioned Qualcomm gives insights that may assist us to ship our 5G vision:
Qualcomm has been a valued partner for several years and we have a shared vision of connecting everything by building a sturdy 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.
In the previous few months, Jio has raised a complete of $15.73 billion from 13 buyers together with some prestigious names such as Facebook, Silver Lake Partners, and General Atlantic. In exchange, the Indian firm has given up a 25.24% stake of the firm. Reliance Jio has already raised more capital in 2020 than all of India‘s startups combined in 2019.