Qualcomm, the biggest mobile chip maker known for the Snapdragon chipset recently announced it will invest about US$97 million (IN₹730 crores) in Jio Platform in exchange for a 0.15% stake in the company through it’s venture arm according to TheNextWeb.
Qualcomm which is currently one of the biggest backers of the new Jio Platform after Intel had invested heavily into the company with a total of US$253 million to take 0.39% share int he company.
Speaking of the relevance of Qualcomm in this situation, the company has been a key player in the 5G development as far as mobile devices is concerned. The investment can further boost both Jio Platform as well as Qualcomm to further its 5G tests in India.
Mukesh Ambani, Reliance’s Chairman, said Qualcomm offers insights that will help us deliver our 5G vision:
Qualcomm has been a valued partner for several years and we have a shared vision of connecting everything by building a robust and secure wireless and digital network and extending the benefits of digital connectivity to everyone in India. As a world leader in wireless technologies, Qualcomm offers deep technology knowhow and insights that will help us deliver on our 5G vision and the digital transformation of India for both people and enterprises.
In just few months, Jio has been able to successfully raise about US$15.73 billion from 13 investors which also includes some big tech companies such as Facebook, Silver Lake Partners and General Atlantic all in exchange, the company had given up about 25.4% of it’s stake to it’s investors. The company must have a lot of potential prompting big tech companies like Qualcomm to invest in Jio Platform.