Asia’s richest man, Mukesh Ambani is still receiving investments into his Jio Platforms with the latest coming from US Chipmaker Qualcomm. Both companies announced an investment of about $97 million into Jio.
For that amount, Qualcomm an equity stake of 0.15% in Jio Platforms.
“Today, I am delighted to welcome Qualcomm Ventures as an investor in Jio Platforms. As a world leader in wireless technologies, Qualcomm offers deep technology know-how and insights that will help us deliver on our 5G vision and the digital transformation of India for both people and enterprises,” Ambani said in a statement announcing the investment.
Jio is India’s biggest mobile network provider with more than 388 million subscribers. The company also has an ecosystem of apps that offers millions of mobile users a range of different services. Jio offers services like online grocery shopping, digital payments and video streaming.
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Reliance, Jio’s mother company has been on a fundraising spree from companies like Facebook, Silver Lake, Vista, and Abu Dhabi’s sovereign wealth fund, Mubadala. The company also received almost $252 million from Intel, another US chipmaker in June 2020.
Part of Ambani’s goal is to make Reliance completely debt-free. With all the investments pouring in, he seems to be on track.
“I have fulfilled my promise to the shareholders by making Reliance net debt-free much before our original schedule,” he said in a statement in June 2020.
Ambani aims to build a global tech company that will compare favourably to today’s global superstars. With the amount of investment the company is able to gather, it seems that it will achieve this objective.
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