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Ambani’s Jio Adds Qualcomm to Backers for Digital Services Push

  • Chipmaker will pile as much as $97 million into Jio Platforms
  • Jio says Qualcomm to support introduction of 5G networks
The logo of Reliance Jio, the mobile network of Reliance Industries Ltd., is seen on an employees shirt at a store in Mumbai.

The logo of Reliance Jio, the mobile network of Reliance Industries Ltd., is seen on an employees shirt at a store in Mumbai.

Photographer: Dhiraj Singh/Bloomberg
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A Qualcomm Inc. arm will plow as much as 7.3 billion rupees ($97.1 million) into billionaire Mukesh Ambani’s technology venture, taking total investments led by Facebook Inc. and others in Jio Platforms Ltd. to about $15.6 billion since April.

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