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Qualcomm to invest $97 million in India’s Reliance Jio Platforms

Qualcomm to invest $97 million in India’s Reliance Jio Platforms

Qualcomm has turn into the newest high-profile investor in four-year-old Reliance Jio Platforms, which has raised greater than $15.7 billion up to now 12 weeks from as many traders.

On Sunday night, Qualcomm Ventures mentioned it is going to make investments $97 million in Reliance Jio Platforms to accumulate a 0.15% fairness stake within the prime Indian telecom operator.

Steve Mollenkopf, chief govt of Qualcomm, mentioned the agency believes that Reliance Jio Platforms, which has disrupted the Indian telecommunications market by providing cut-rate voice and information plans, “will ship a brand new set of companies and experiences to Indian customers” sooner or later.

Reliance Jio Platforms, which competes with Bharti Airtel and Vodafone Idea in India, has amassed practically 400 million subscribers and has turn into the highest provider on the earth’s second largest web market in lower than 4 years of its existence.

“With unmatched speeds and rising use instances, 5G is predicted to remodel each business within the coming years. Jio Platforms has led the digital revolution in India by way of its in depth digital and technological capabilities. As an enabler and investor with a longstanding presence in India, we look ahead to enjoying a job in Jio’s imaginative and prescient to additional revolutionize India’s digital economic system,” he mentioned.

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