- Qualcomm Ventures will invest 0.15% of the total 0.730 crores in Jio Platforms, becoming the 12th company to invest.
Qualcomm Ventures will invest 0.15% of the total 0.730 crores in Jio Platforms, becoming the 12th company to invest in Reliance Industries’ digital services subsidiary (RIL) in over three months.
In a release, RIL said the transaction values Jio Platforms at an equity valuation of some 4.91 trillion and a corporate value of some 5.16 trillion.
“Qualcomm has long been a trusted partner and we have a common dream of connecting all by building strong and stable wireless and digital network in India.
Qualcomm provides deep technical know-how and expertise that will help us achieve our 5 G vision and India’s digital transformation for both individuals and companies, “said Mukesh Ambani, Chairman, and CEO, RIL.
As a result, RIL sold a total of 25.24 percent 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 1118,318.45 crores.
Jio Platforms has over 388 million subscribers and is investing significantly across its digital ecosystem. It provides a range of digital applications and services including JioSaavn music streaming service, JioTV on-demand live TV service, and JioMoney payment app, as well as smartphones and broadband.
“With our common goal of expanding the benefits of digital connectivity to everyone and all, we anticipate that Jio Platforms will give Indian consumers a new range of services and experiences. Its unrivaled speeds and new use cases, 5 G is expected to disrupt every industry in the coming years, “said Qualcomm Incorporated CEO Steve Mollenkopf.
Qualcomm is an innovator in wireless technology, and the driving force behind 5 G growth, launch, and expansion.
This has spent more than $62 billion on combined research and development and has under its belt more than 140,000 inventions and patent applications.
Qualcomm Ventures is a strategic fund that invests in innovative companies in fields such as 5 G, AI, IoT, automotive, networking, and business around the wireless ecosystem.
In India, Qualcomm Ventures has invested in companies that tackle main domestic issues from agriculture, transportation to safety, and produce goods for India and the global market.
Nevertheless, the transaction is precedent under customary conditions, RIL said.
Morgan Stanley served as financial advisor to Reliance Industries and as legal counsel to AZB & Partners and Davis Polk & Wardwell. Trilegal acted as the Qualcomm Ventures legal adviser.
Recently, Intel Capital invested some 1,894.50 crores in Jio Platforms at an equity value of 4.91 lakh crore and corporate value of 5.16 lakh crore, respectively. The investment by Intel Capital would translate entirely diluted into a 0.39 percent equity stake in Jio Platforms.