Qualcomm Ventures to invest $97 million in Jio Platforms

The investment will help Jio Platforms in its initiative to roll out advanced 5G infrastructure and services for Indian customers

Qualcomm Ventures, the investment arm of Qualcomm Inc, will invest $97 million for a 0.15 per cent stake in Reliance Industries' digital unit Jio Platforms.

The investment will help Jio Platforms in its initiative to roll out advanced 5G infrastructure and services for Indian customers, RIL said in a statement.

Steve Mollenkopf, Chief Executive, 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. 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.”

Qualcomm is the 12th investor in Jio Platforms. With this RIL has sold a total of 25.24 per cent stake in Jio Platforms to 12 marquee investors raising $15.7 billion.