US chipmaker Qualcomm announced today that it’s investing $97 million (₹730 crores) in Jio Platforms in exchange for a 0.15% stake in the company through its venture arm.
Qualcomm is the second chipmaker to pump money in Jio Platforms after Intel invested $253 million to pick up a 0.39% share.
In the past few months, Jio has raised a total of $15.73 billion from 13 investors including some prestigious names such as Facebook, Silver Lake Partners, and General Atlantic. In exchange, the Indian company has given up 25.24% stake of the firm. Reliance Jio has already raised more capital in 2020 than all of India‘s startups combined in 2019.
Qualcomm is a key player in 5G development, especially when it comes to mobile phones. The investment can help both companies test 5G in India.
Published July 12, 2020 — 15:01 UTC