Qualcomm Ventures, the investment arm of the US-based chipset supplier Qualcomm, has decided to invest up to Rs 730 crore for picking up 0.15 percent equity stake in Jio Platforms.
Jio Platforms has more than 388 million 4G subscribers in India. The investment will deepen the association between Qualcomm and Jio Platforms, to support Jio Platforms on its journey to rollout advanced 5G infrastructure and services.
Steve Mollenkopf, CEO of Qualcomm, said: “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.”
Earlier, Intel, the main rival of Qualcomm, made an investment of Rs 1,894 crore in Jio Platforms.