Ambani's Jio adds Qualcomm to backers for digital services push

[SAN FRANCISCO] A Qualcomm arm will plow as much as 7.30 billion rupees (S$135.2 million) into billionaire Mukesh Ambani's technology venture, taking total investments led by Facebook and others in Jio Platforms to about US$15.60 billion since April.

Qualcomm Ventures, which has committed the amount for a 0.15 per cent stake, will support the introduction of 5G wireless networks in India, Jio's parent Reliance Industries said in a July 12 statement. The deal gives Jio an equity value of about US$65 billion.

San Diego-based Qualcomm, the biggest maker of chips that power smartphones, will help Jio deliver on the "digital transformation of India", Mr Ambani said in the statement. Top private equity investors and sovereign wealth funds have also piled into Jio in bets that its 388 million wireless phone subscribers put it in place to lead as services like digital payments, grocery delivery and streaming entertainment expand across India's population of 1.30 billion.

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