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Qualcomm to invest $97 million in India’s Reliance Jio Platforms


Qualcomm to invest $97 million in India’s Reliance Jio Platforms – TechCrunch

Qualcomm has become the newest high-profile backer of four-year-old Reliance Jio Platforms, which has raised more than $15.7 billion in the past 12 weeks from as many investors.

On Sunday evening, Qualcomm Ventures said it will invest $97 million in Reliance Jio Platforms to acquire a 0.15% equity stake “on a fully diluted basis” in the top Indian telecom operator. Qualcomm said it will help Jio Platforms “roll out advanced 5G infrastructure and services for Indian customers.”

Reliance Jio Platforms, which competes with Bharti Airtel and Vodafone Idea in India, has disrupted the Indian telecommunications market by offering cut-rate voice and data plans. It has amassed nearly 400 million subscribers to become the top carrier in the world’s second largest internet market in less than four years of its existence.

Its dominance in the Indian telecom operator while maintaining an ARPU (average revenue per user) that match those of its rivals has made Reliance Jio Platforms — a subsidiary of Reliance Industries, India’s most valued firm — an attractive firm for a roster of high-profile investors. Facebook, Silver Lake, General Atlantic, Intel are some of the firms that have backed Jio Platforms at the height of a global pandemic. Jio Platforms has sold 25.24% stake in the firm during the period.

The digital unit for Reliance Industries also operates a number of digital services including streaming services for music, live TV channels, and movies and TV shows. Earlier this month, the Indian firm added a new service to its arsenal: A video conferencing service.

Steve Mollenkopf, chief executive of Qualcomm, said the firm believes that Reliance Jio Platforms “will deliver a new set of services and experiences to Indian consumers” in the future.

“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,” he said in a statement.

Some investors have told TechCrunch in recent months that Reliance Jio Platforms’ owner — India’s richest man, Mukesh Ambani — and his closeness to the ruling political party in India are also crucial to why the digital unit of Reliance Industries is so attractive to many.

They believe that buying a stake in Jio Platforms would lower the regulatory burden they currently face in India. The investors requested anonymity as they did not wish to talk about the political tie ups publicly.

A person familiar with the matter at one of the 12 firms that has backed Reliance Jio Platforms said that the Indian firm is also enticing as globally companies are trying to cut down their reliance and exposure on China.

India, and the U.S., in recent months have taken actions to limit their reliance on Chinese firms. New Delhi last month banned 59 apps and services including TikTok that are developed by Chinese firms. Reliance Jio Platforms has interestingly yet to raise capital from any Chinese investor.

“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,” said Ambani in a statement Sunday.

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do investors bidding up tech shares know that the rest of us don’t?”,”content”:{“rendered”:”

The biggest story to come out of the post-March stock market boom has been explosive growth in the value of technology shares. Software companies in particular have seen their fortunes recover; since March lows, public software companies’ valuations have more than doubled, according to one basket of SaaS and cloud stocks compiled by a Silicon Valley venture capital firm.n

Such gains are good news for startups of all sizes. For later-stage upstarts, software share appreciation helps provide a welcoming public market for exits. And, strong public valuations can help guide private dollars into related startups, keeping the capital flowing.n


n

The Exchange explores startups, markets and money. You can read it every morning on Extra Crunch, and now you can receive it in your inbox. Sign up for The Exchange newsletter, which drops every Friday starting July 24.n


n

For software-focused startup companies, especially those pursuing recurring revenue models like SaaS, it’s a surprisingly good time to be alive.n

""Indeed, after COVID-19 hit the United States, layoffs and rising software sales churn were key, worrying indicators coming out of startup-land. Since then, the data has turned around.n

As TechCrunch reported in June, startup layoffs have declined and software churn has recovered to the point that business and enterprise-focused SaaS companies are on the bounce.n

But instead of merely recovering to near pre-COVID levels, software stocks have continued to rise. Indeed, the Bessemer Cloud Index (EMCLOUD), which tracks SaaS firms, has set an array of all-time highs in recent weeks.n

There’s some logic to the rally. After speaking to venture capitalists over the past few weeks, notes from EQT Ventures‘ Alastair Mitchell, Sapphire’s Jai Das, and Shomik Ghosh from Boldstart Ventures paint the picture of a possibly accelerating digital transformation for some software companies, nudged forward by COVID-19 and its related impacts.n

The result of the trend may be that the total addressable market (TAM) for software itself is larger than previously anticipated. Larger TAM could mean bigger future sales for and more substantial future cash flows for some software companies. This argument helps explain part of the market’s present-day enthusiasm for public tech equities, and especially the shares of software companies.n

We won’t be able explain every point that Nasdaq has gained. But the TAM argument is worth understanding if we want to grok a good portion of the optimism that is helping drive tech valuations, both private and public.



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