Qualcomm Ventures Invests Nearly $100 Million in Jio Platforms
Jio adds Qualcomm and Intel VCs as investors
Graphic by Francis Scialabba, data compiled by Ryan
• less than 3 min read
If I were a multinational tech corporation, a private equity firm, or a state investment fund with a few hundred million dollars to spare, I would simply park those dollars in India’s Jio Platforms. But I am only a tech writer.
Yesterday, Qualcomm Ventures announced a $97 million investment in Jio for a .15% stake. Two weeks ago, Intel Capital said it invested $250 million for a .39% stake.
- Jio has raised over $15.7 billion in the last 12 weeks.
Why did Jio Platforms sell over 25% of its business?
1) Reduce debt.
2) Scale new e-commerce, streaming, and videochat initiatives.
3) Build a 5G network. Jio’s latest investor, Qualcomm, will be especially helpful here.
Bottom line: Jio amassed India’s largest subscriber base–almost 400 million–by offering cost-effective mobile data packages, helping bring millions online. Foreign investors want to ride along as it brings new and improved services to its locked-in customer base.
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Tech news that makes sense of your fast-moving world.
Tech Brew breaks down the biggest tech news, emerging innovations, workplace tools, and cultural trends so you can understand what's new and why it matters.