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Qualcomm becomes a new investor in India's Reliance Jio Platforms

Qualcomm becomes a new investor in India's Reliance Jio Platforms

India's top telecom operator Jio Telecom Platform has become the talk of the town in recent times as many investors all across the globe are investing big in the Reliance platform. Now, Qualcomm has joined the list, as it has become the newest high-profile backer to invest in four-year-old-Reliance Jio Platforms. Reliance has already raised a sum of $15.7 billion in the past 12 weeks from as many investors.

In a recent press meet, which was held on Sunday, Qualcomm Ventures stated that it will be investing $97 million in Reliance Jio platform and will be acquiring an equity stake of 0.15%, which is on a fully diluted basis. This investment will help both firms roll out an advanced 5G network and infrastructure services for Indian customers.

Steve Mollenkopf, chief executive of Qualcomm, said the firm believes that Reliance 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" in the future. Qualcomm has been a valued partner. It will be sharing a vision of connecting everything by building a robust and secure digital and wireless network, thereby extending the digital connectivity in India. It will also help the Indian customers access 5G.


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