Jio wins Qualcomm's backing to boost 5G vision
By MYBRANDBOOK
In another investment for Jio Platforms, the company said, Qualcomm Ventures, the investment arm of chipmaker Qualcomm Incorporated, will invest Rs 730 crore for 0.15% stake. This is the thirteenth investor to pick stake in the company. With this, the company has raised Rs 1,18,318.45 crore by selling 25.24% holding.
Qualcomm is investing in Jio Platforms at an equity value of Rs 4.91 Lakh Cr and an enterprise value of Rs 5.16 Lakh Cr. The investment gives Qualcomm 0.15% stake in Reliance Jio on a fully diluted basis. In its statement, Reliance said the deal would help accelerate the rollout of the 5G networks in India. Qualcomm is one of the few smartphone chipset makers which produce mobile chipsets with integrated 5G modems. Most leading smartphones in India are backed by Qualcomm chipsets.
RIL Chairman Mukesh Ambani said that the Qualcomm investment will help Reliance Jio fast-track its 5G vision and support the company’s mission to digitally empower Indian consumers and enterprises. Since 2016, Reliance Jio has become the default flag bearer of digital growth in the Indian market. Reliance Jio and the company’s various digital businesses were clubbed under Jio Platforms late last year. In the last four years, Jio has added dozens of products and services centred around 4G services and home broadband, including JioSaavn, JioTV, JioCinema, JioMoney, JioNews, Ajio, JioMart and even launched a video conferencing product JioMeet to meet the growing demand, among others.
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