QUALCOMM ARM TO INVEST ₹730 CRORE IN JIO PLATFORMS FOR 0.15% STAKE
MUMBAI: Qualcomm Ventures, the investment arm of Qualcomm Incorporated, will invest ₹730 crore for 0.15% stake in Jio Platforms, becoming the 12th entity to invest in the digital services subsidiary of Reliance Industries (RIL) in over three months.
The deal values Jio Platforms at an equity value of ₹4.91 lakh crore and an enterprise value of ₹5.16 lakh crore, RIL said in a statement.
“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 in India. Qualcomm offers deep technology know how and insights that will help us deliver on our 5G vision and the digital transformation of India for both people and enterprises,” said Mukesh Ambani, chairman and managing director, RIL. With this, RIL has sold a total of 25.24% stake in Jio Platforms to Facebook, General Atlantic, TPG, KKR, Silver Lake, L Catterton, Vista Equity Partners, Abu Dhabi Investment Authority, Mubadala Investment Company, and Public Investment Fund (PIF), Intel Capital and Qualcomm Ventures raising ₹118,318.45 crore.
Jio Platforms has over 388 million subscribers and has significant investments across its digital ecosystem. It operates a host of digital apps and services, including music streaming service JioSaavn, on-demand live television service JioTV and
THE DEAL VALUES JIO AT AN EQUITY VALUE OF ₹4.91 L-CR, ENTERPRISE VALUE OF ₹5.16 L-CR
payments app JioMoney, and smartphones and broadband business.
“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,” said Steve Mollenkopf, CEO of Qualcomm Incorporated.
Qualcomm is a wireless technology innovator and the driving force behind the development, launch and expansion of 5G.
Qualcomm Ventures is a global fund that invests in pioneering companies across the wireless ecosystem in areas like 5G, artificial intelligence, internet of things, automotive, networking and enterprise.