Qualcomm Ventures, the investment arm of Qualcomm Incorporated, will invest US$97 million in Reliance’s Jio 5G platform.
This is yet another vote of confidence for Jio, as Qualcomm’s world-leading capabilities in 5G and wireless technology will bolster Jio’s initiatives towards building an advanced digital platform for Indian consumers.
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.
It has made significant investments across its digital ecosystem, powered by leading technologies spanning broadband connectivity, smart devices, cloud and edge computing, big data analytics, artificial intelligence, Internet of Things, augmented and mixed reality and blockchain.
Jio’s vision is to enable a Digital India for 1.3 billion people and businesses across the country, including small merchants, micro-businesses and farmers so that all of them can enjoy the fruits of inclusive growth.
Qualcomm is the world’s leading wireless technology innovator and the driving force behind the development, launch and expansion of 5G.
With more than $62 billion in cumulative research and development spend, 35 years of innovation and over 140,000 patents and patent applications, Qualcomm is committed to fueling innovation and fostering Indian technology advancement.
Qualcomm Ventures is a global fund that invests in pioneering companies across the wireless ecosystem in areas like 5G, AI, IoT, automotive, networking and enterprise.
In India, Qualcomm Ventures has invested in companies that address key domestic issues from Dairy, Transportation to Defense, and build world-class products for India and the world market.
Mukesh Ambani, Chairman and Managing Director of Reliance Industries, said, “Today, I am delighted to welcome Qualcomm Ventures as an investor in Jio Platforms.
He said that Qualcomm has been a valued partner for several years and that they have a shared vision of connecting everything by building robust and secure wireless and digital network.
Ambani believes that Qualcomm, as a world leader in wireless technologies, it offers deep technology know-how and insights that will help them deliver on their 5G vision and the digital transformation of India for both people and enterprises.
Steve Mollenkopf, CEO of 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.
Mollenkopf said that with unmatched speeds and emerging use cases, 5G is expected to transform every industry in the coming years.
He feels that 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 added.
According to TechCrunch, Reliance Jio Platforms, which competes with Bharti Airtel and Vodafone Idea in India has acquired at least 400 million customers by offering cut-rate voice and data plans.
Jio Platforms has sold 25.24% of its stake in the firm during the global pandemic to high profile investors like Facebook, Silver Lake, General Atlantic and Intel.
Recently, the Indian firm also added a video conferencing service, called JioMeet, and it will be taking on rivals such as Zoom, Google Meet and Cisco’s Webex. The digital unit for Reliance Industries also operates a number of digital services for music, live TV channels, movies and TV shows too.
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