In an unprecedented thirteenth consecutive deal for Reliance Industries Limited, US-based Qualcomm Inc will invest Rs 730 crore in Jio Platforms for a 0.15 percent stake, joining other big-name investors in the digital unit of Reliance.
Qualcomm is the third strategic investor after Facebook Inc and US semiconductor company Intel in Jio Platforms, which comprises telecom company Jio Infocomm and movie, news and music apps.
The deal with Qualcomm — the 13th such investment in 12 weeks—means Reliance has sold 25.24 percent in Jio. RIL has now raised Rs 118,318.45 crore in total from some of the world’s leading tech investors.
Facebook had bought a 9.99 percent stake for Rs 43,574 crore on April 22. Reliance has since sold stakes in Jio to global investors such as General Atlantic, KKR, Saudi sovereign wealth fund, Abu Dhabi state fund, Saudi Arabia’s PIF and Intel.
Qualcomm is a San Diego, California, headquartered wireless technology company that specialises in 3G, 4G and 5G wireless technologies. Qualcomm’s technologies and products are widely used in mobile devices and other wireless products.
Qualcomm’s Snapdragon systems on a chip (SoC) is used by many leading smartphones. The company’s technologies and products are also used in automotive, computing and IoT. Globally Qualcomm holds a large number of patents and the company also files the most number of patents in India.
Reliance Industries Limited (RIL) had on July 3 announced that Intel Capital will invest Rs 1894.50 crore for 0.39 per cent stake in Jio Platforms.
This is the largest continuous funds raised by a company anywhere in the world. For some comparison, India’s start-up ecosystem raised Rs 1.10 lakh crore last year, in what was its best year.