Looks like 2020 is a good year for the Reliance Jio Platforms, as they got Qualcomm ventures to invest in their platform for just 0.15% equity stake.
MukeshAmbani had got 10 investors on board during the last couple of months in the Jio platforms. Those 10 investors also included Social media giant Facebook who now has 9.9% stake in the company. After the social media giant, United States based 5G wireless technology giant Qualcomm Ventures are relatively new on the Jio Platforms investors list with around 97 million dollar investment.
Qualcomm Ventures which is an American public multi-national corporation has become the new high profile investor of RelianceJio platforms which is merely 4 years old. The news is confirmed as the spokesperson of Qualcomm Ventures has confirmed this news on Sunday evening.
Jio is the top India telecom operator and has changed the whole telecom industry in the last 4 years. In the past couple of weeks Reliance Jio has raised more than 15.7 Billion Dollars from more than 10 investors. Reliance Jio which was in debt for the past 1 year is now debt free and has many high-profile investors both from United States of America and Middle East countries like Saudi Arabia and UAE.
This investment is also to help Jio Platforms to roll out advanced 5G infrastructure and services for Indian Customers. The telecom world in India earlier was ruled by either BhartiAirtel or Vodafone Idea but after Reliance Jio steeped in to provide offers especially on data plans, cut rates on voice calls and free services for nearly more than a year to the customers, the whole telecommunication market had hanged and now Jio has over 400 million subscribers on all its platforms and has become the top internet market in India.
Its dominance in the Indian telecom operator while maintaining an ARPU (average revenue per user) that match those of its rivals has made Reliance Jio Platforms which is a subsidiary of Reliance Industries, India’s most valued firm and thus also attracted firm for a buffet of high-profile investors. Facebook, Silver Lake, General Atlantic, Intel are some of the firms that have backed Jio Platforms at the height of a global pandemic called coronavirus. Jio Platforms has sold 25.24% stake in the firm during the period of 12 weeks by garnering high profile investors.
Jio has various numbers of platforms including digital ones which have streaming services for music, lie TV, Cinema, and many others. Jio also has e-commerce websited like Ajio for online fashion industry.it is safe to say that Jio platforms have their foot in every industry available. Recently due to the high demand on Video Conferencing platforms, Jio also launched JioMeet which is a video conferencing platform. Since the pandemic people and employees are working from home and thus increased the demand in Video conferencing platform. .
Steve Mollenkopf who is the chief executive of Qualcomm Ventures said the firm believes that Reliance Jio Platforms and their collaboration will help in delivering new and advanced set of services to the Indian customers. Indian Internet market is the second largest market in the world
“With unmatched speeds and emerging use cases, 5G is expected to transform every industry in the coming years. Jio Platforms has led the digital revolution in India through its extensive digital and technological capabilities. As an enabler and investor with a longstanding presence in India, we look forward to playing a role in Jio’s vision to further revolutionize India’s digital economy,” he said in a statement.
Jio platform is taking advantage of the fact that globally companies are cutting down their reliance and exposure to China because of the current conflicts China is having with the major countries of the world including Japan, USA, India, Africa and many others. The multinational companies have been moving out of China and thus Inidan market seems to be more reliable and RelainceJio definitely does that.
India has already banned 59 Chinese apps including the most famous ones like TikTok and now United States is also looking to do the same.
MukeshAmbani also mentioned that Qualcomm has been a partner for several years and also that Jio and Qualcomm share the same vision of connecting people with digital network and secure wireless services.
By Deepika Agarwal
