Qualcomm Ventures picks 0.15% stake in Jio Platforms for Rs 730 crore

Reliance Industries (RIL) on Sunday announced the sale of 0.15 per cent stake in Jio Platforms to Qualcomm Ventures for Rs 730 crore. This is the 13th investment in Jio Platforms since April 22. So far the company has raised Rs 1.18 trillion selling 25.24 per cent stake.

Qualcomm Ventures is a global fund of Qualcomm that invests in pioneering companies across the wireless ecosystem in areas like 5G, AI, IoT, automotive, networking and enterprise.

“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,” RIL chairman Mukesh Ambani said in a statement.

Steve Mollenkopf, CEO of Qualcomm, said: “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.”