Reliance Jio has been a huge success in India’s cellular market, and is forecast to pass 500 million subscribers during 2023.
Now Qualcomm is climbing aboard the company with a $98 million (€86.4m) investment and part of a major cash-raising exercise that Jio has undertaken over the last 12 weeks that now tops $15.7 billion overall. Qualcomm Ventures stake is equal to a modest 0.15 per cent holding in Reliance Jio Platforms.
Steve Mollenkopf, CEO at Qualcomm, said the firm believes that Reliance Jio Platforms “will deliver a new set of services and experiences to Indian consumers” in the future and with a focus on 5G.
The Qualcomm move comes after significant investments from a number of major players, not least Facebook’s $5.7 billion investment worth 9.99 per cent of Jio Platforms. Another investor is Abu Dhabi’s Investment Authority and Saudi Arabia’s Public Investment Fund.