Qualcomm is the latest US tech name to back India’s Jio Platforms
CNNHong Kong CNN Business — India’s richest man isn’t done with his fundraising spree just yet. Jio Platforms, the tech firm owned by billionaire Mukesh Ambani, has won another investment, this time from US chipmaker Qualcomm. The two companies announced Sunday that Qualcomm’s investment arm would pump up to 7.3 billion Indian rupees into Jio, in exchange for an equity stake of 0.15%. “Today, I am delighted to welcome Qualcomm Ventures as an investor in Jio Platforms,” Ambani said in a statement. “As a world leader in wireless technologies, Qualcomm offers deep technology knowhow and insights that will help us deliver on our 5G vision and the digital transformation of India for both people and enterprises.” Qualcomm CEO Steve Mollenkopf said in a statement that his company looked forward “to playing a role in Jio’s vision to further revolutionize India’s digital economy.” The San Diego-based company is the latest major tech player to boost Ambani’s war chest.