Qualcomm has become the latest top contributor to the four-year-old Reliance Jio platforms, which have raised more than $ 15.7 billion in the past 12 weeks from as many investors.
Sunday evening, Qualcomm Ventures announced it will invest $ 97 million in Reliance Jio Platforms to acquire a 0.15% stake in India’s leading telecommunications operator.
Steve Mollenkopf, CEO of Qualcomm, said the company believes Reliance Jio Platforms, which disrupted the Indian telecommunications market by offering voice and data plans at reduced rates, “will offer a new set of services and experiences to consumers indians “in the future.
Reliance Jio Platforms, which competes with Bharti Airtel and Vodafone Idea in India, has amassed nearly 400 million subscribers and has become the leading operator of the world’s second largest Internet market in less than four years of existence.
Its dominance over the Indian telecommunications operator while maintaining an ARPU (average income per user) which corresponds to that of its rivals has made Reliance Jio Platforms – a subsidiary of the first Indian firm Reliance Industries – an attractive firm for a list high-level investors. Facebook, Silver Lake, General Atlantic, Intel are some of the companies that supported the Jio platforms at the height of a global pandemic.
“With unmatched speeds and emerging use cases, 5G is expected to transform all industries in the years to come. Jio Platforms led the digital revolution in India with its vast digital and technological capabilities. As a catalyst and investor with a long-standing presence in India, we look forward to playing a role in Jio’s vision to further revolutionize India’s digital economy, “said Mollenkopf in a statement.