Jio Platforms receives Rs 2,624 cr from Intel Capital, Qualcomm Ventures

Topics Reliance Jio | Qualcomm

Reliance Jio

Reliance Industries' subsidiary Jio Platforms has received subscription amount of Rs 2,624.5 crore from Intel Capital and Qualcomm Ventures, according to a regulatory filing.

The subscription amount of Rs 1,894.5 crore has come in from Intel Capital for 0.39 per cent stake in Jio Platforms, and Rs 730 crore came from Qualcomm Asia Pacific for 0.15 per cent stake.

The fund infusion by Intel Capital and Qualcomm Ventures into Jio Platforms was announced in July this year.

"We hereby inform that, Jio Platforms, a subsidiary of the company, received the subscription amounts today from the following investors and allotted equity shares to them," RIL said in a late evening filing on Wednesday.

RIL had earlier said that Qualcomm Ventures' investment would deepen the ties between Qualcomm and Jio Platforms to support the latter on its journey to rollout advanced 5G infrastructure and services for Indian customers.

Announcing Intel Capital's investment, it had said that Intel Capital invests globally in innovative companies with a focus on disruptive technology areas like cloud computing, artificial intelligence and 5G opportunities where Jio is also innovating and investing for growth.

In all, Jio Platforms - that houses India's youngest but largest telecom firm Jio and apps - has raised about Rs 1,52,056 crore from thirteen investors, including Facebook, Google, Silver Lake, Vista Equity Partners, General Atlantic, KKR, Mubadala, ADIA, TPG, L Catterton, Public Investment Fund of Saudi Arabia, Intel Capital and Qualcomm Ventures, for a total consideration of 32.9 per cent stake.

Jio Platforms is a next-generation technology platform focused on providing quality and affordable digital services across the country.

It has made significant investments across its digital ecosystem, backed by technologies spanning broadband connectivity, smart devices, cloud and edge computing, big data analytics, artificial intelligence, Internet of Things, augmented and mixed reality and blockchain.

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

Dear Reader,

Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.

We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor

Business Standard is now on Telegram.
For insightful reports and views on business, markets, politics and other issues, subscribe to our official Telegram channel