Qualcomm to invest $97 million in Reliance Jio platforms

US-based fabless semiconductor company Qualcomm has become the newest high-profile backer of four-year-old Reliance Jio Platforms, which has raised more than $15.7 billion in the past few weeks from many investors. Recently, Qualcomm Ventures said it will invest $97 million in Reliance Jio Platforms to acquire a 0.15% equity stake “on a fully diluted basis” in the top Indian telecom operator. Qualcomm said it will help Jio Platforms “roll out advanced 5G infrastructure and services for Indian customers.” Reliance Jio Platforms, which competes with Bharti Airtel and Vodafone Idea in India, has disrupted the Indian telecommunications market by offering cut-rate voice and data plans. It has amassed nearly 400 million subscribers to become the top carrier in the world’s second largest internet market in less than four years of its existence, as per reports.

Its dominance in the Indian telecom space while maintaining an ARPU (average revenue per user) that match those of its rivals has made Reliance Jio Platforms – a subsidiary of Reliance Industries, India’s most valued firm – an attractive firm for a roster of high-profile investors. Facebook, Silver Lake, General Atlantic, Intel are some of the firms that have backed Jio Platforms at the height of a global pandemic. Jio Platforms has sold 25.24% stake in the firm during the period. The digital unit for Reliance Industries also operates a number of digital services including streaming services for music, live TV channels, and movies and TV shows. More recently, the Indian firm added a new service to its arsenal, a video conferencing service.„

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