Qualcomm has become the latest high-profile investor in four-year-old Reliance Jio Platforms, which has raised more than $15.7 billion in the past 12 weeks from as many investors.
On Sunday evening, Qualcomm Ventures said it will invest $97 million in Reliance Jio Platforms to acquire a 0.15% equity stake in the top Indian telecom operator.
Steve Mollenkopf, chief executive of Qualcomm, said the firm believes that Reliance Jio Platforms, which has disrupted the Indian telecommunications market by offering cut-rate voice and data plans, “will deliver a new set of services and experiences to Indian consumers” in the future.
Reliance Jio Platforms, which competes with Bharti Airtel and Vodafone Idea, has amassed nearly 400 million subscribers in less than four years of its existence.
“With unmatched speeds and emerging use cases, 5G is expected to transform every industry in the coming years. Jio Platforms has led the digital revolution in India through its extensive digital and technological capabilities. As an enabler and investor with a longstanding presence in India, we look forward to playing a role in Jio’s vision to further revolutionize India’s digital economy,” he said.
More to follow…
