US tech company Qualcomm to invest Rs. 730 crore ($97 million) in Reliance’s Jio platform in exchange for a 0.15% stake. Qualcomm’s deal is 13th in the list in a span of 12 weeks. Overall Jio has raised around Rs. 1,18,318.45 crores in exchange of 25.24% stake. Qualcomm joined other big tech giants including Facebook and Intel.
Qualcomm is a US-based company that specializes in 3G, 4G, and 5G wireless technology. Its products and chips are used by many mobile manufacturers and businesses.
In April, Facebook bought a 9.9% stake in the Indian Telecom Jio network in return of $5.7 billion. It was the largest overseas investment by the social-networking giant.
Reliance Jio was launched in 2015, but it becomes operational in 2016. In January 2020 its subscriber count touched to 370 million. Reliance Jio owns multiple businesses including Jio Fibre, JioSaavn, JioTV, JioMart, and payments service JioPay. The company is also reportedly working with Microsoft to launch a game streaming service in India.