Reliance Industries Ltd. (RIL) and Jio Platforms Ltd. have announced that Qualcomm Ventures, the investment arm of Qualcomm Incorporated, has committed to invest up to ₹730 crore in Jio Platforms at an equity value of ₹4.91 lakh crore and an enterprise value of ₹5.16 lakh crore.
Qualcomm Ventures’ investment will translate into 0.15% equity stake in Jio Platforms on a fully diluted basis.
“The investment will deepen the ties between Qualcomm and Jio Platforms, to support Jio Platforms on its journey to roll out advanced 5G infrastructure and services for Indian customers,” RIL said in a filing with the stock exchanges.
This is the 13th investment in Jio Platforms within 12 weeks (since April 22, 2020).
With this investment, Jio Platforms has raised ₹ 1,18,318.45 crore from leading technology investors including Facebook, Silver Lake Partners (two investments), Vista Equity Partners, General Atlantic, KKR, Mubadala, ADIA, TPG, L Catterton, PIF, Intel Capital and Qualcomm Ventures.
“At ₹1,18,318.45 crore, it is the largest continuous funds raise by a company anywhere in the world,” RIL said.
Jio Platforms, a majority-owned subsidiary of Reliance Industries, is a next-generation technology platform focused on providing high-quality and affordable digital services across India, with more than 388 million subscribers.
Mukesh Ambani, Chairman and Managing Director of Reliance Industries, said, “Qualcomm has been a valued partner for several years and we have a shared vision of connecting everything by building a robust and secure wireless and digital network and extending the benefits of digital connectivity to everyone in India.”
“As a world leader in wireless technologies, Qualcomm offers deep technology knowhow and insights that will help us deliver on our 5G vision and the digital transformation of India for both people and enterprises,” he said in a statement.
Steve Mollenkopf, CEO, Qualcomm Incorporated, said, “With our shared goal of extending the benefits of digital connectivity to everyone and everything, we anticipate 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.”
“As an enabler and investor with a longstanding presence in India, we look forward to playing a role in Jio’s vision to further revolutionise India’s digital economy,” he said.
The transaction is subject to customary conditions precedent.