US 5G giant Qualcomm has become the latest backer of India’s Jio Platforms, adding to the list of other big-name investors that have injected millions in the four-year-old company.

On Sunday, July 12, Qualcomm announced it will invest $97 million (₹730 crores) in exchange for a 0.15% stake “on a fully diluted basis” in Jio Platforms. The announcement makes the US chipmaker the third strategic investor of the Indian telecom operator, following Facebook Inc. and American chipmaker Intel.

“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,” said Steve Mollenkopf, chief executive of Qualcomm.

Qualcomm Invests in Jio Platforms

Launched in 2015, Jio Platforms operates as a subsidiary of India’s most-valued firm, Reliance Industries. Although relatively young in the industry, the company already secured billions of funds from prominent investors across the globe, including Facebook, KKR, Vista Equity Partners, Saudi Arabia’s Public Investment Fund, Silver Lake, and more.

According to Tech Crunch, within only three months, the company raised a total of $15.7 billion from varying investors. The recent transaction from Qualcomm marks the 13 investment in 12 weeks, totaling to about 25.24 percent in Jio now sold.

“Qualcomm has been a valued partner for several years and we have a shared vision of connecting everything by building a robust and secure wireless and digital network and extending the benefits of digital connectivity to everyone in India. 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,” commented Mukesh Ambani, Chairman of Reliance.