Qualcomm is the latest US tech name to back India’s Jio Platforms

Hong Kong (CNN Business)India’s richest man isn’t done with his fundraising spree just yet. Jio Platforms, the tech firm owned by billionaire Mukesh Ambani, has won another investment, this time from US chipmaker Qualcomm (QCOM). The two companies announced Sunday that Qualcomm’s investment arm would pump up to 7.3 billion Indian rupees (about $97 million) into Jio, in exchange for an equity stake of 0.15%. Jio is part of Ambani’s sprawling conglomerate, Reliance Industries. It includes India’s biggest mobile network with more than 388 million subscribers. Jio also has an ecosystem of apps, offering those millions of mobile users everything from online grocery shopping to digital payments and video streaming. “Today, I am delighted to welcome Qualcomm Ventures as an investor in Jio Platforms,” Ambani said in a statement. “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.” Read More Qualcomm CEO Steve Mollenkopf said in a statement that his company looked forward “to playing a role in Jio’s vision to further revolutionize India’s digital economy.” Asia’s richest man, Mukesh Ambani, is now among the… Read full this story

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