Reliance Jio on Sunday said that Qualcomm has invested Rs. 730 crores in Jio digital platforms making Qualcomm a 0.15% stakeholder. Jio has already received investments from major investors around the world to expand the 5G infrastructure facilities India is preparing to auction 5G airwaves to telecoms service providers soon.
Reliance now has a total of 25.2% of its stake sold to investors. The funding spree began in late April. The total investments now have become $15.69 billion, appr. 1.17 lakh crores.
Although Jio Platforms also comprises Reliance’s music and movie apps, Jio Infocomm – the mobile carrier – is its centerpiece.
Reliance chairman and billionaire tycoon Mukesh Ambani has always pitched Jio Infocomm as a tech company instead of a traditional telecoms firm.
That has helped Ambani win the backing of major tech firms such as Facebook, Intel, and now Qualcomm.
“Qualcomm offers deep technology know-how and insights that will help us deliver on our 5G vision and the digital transformation of India for both people and enterprises,” Ambani said in the statement.