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Jio Platforms: Jio Platforms receives Rs 2,624 crore from Intel Capital, Qualcomm Ventures – Latest News

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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.

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