Jio Platforms has more than 388 million subscribers.

Reliance Industries’ fundraising spree continues. This time, the company has secured a commitment of up to Rs 730 crore investment from Qualcomm’s investment arm Qualcomm Ventures for its technology arm Jio Platforms. The investment will be made in exchange for 0.15 per cent equity stake to Qualcomm Ventures at an equity value of Rs 4.91 lakh crore and an enterprise value of Rs 5.16 lakh crore, according to a statement by Reliance on Sunday. The investment from wireless technology giant – Qualcomm will “help us deliver on our 5G vision and the digital transformation of India for both people and enterprises,” said Mukesh Ambani, Chairman and Managing Director, Reliance Industries.

The latest round in the series of record investment raised by Mukesh Ambani, who recently surpassed Warren Buffett on Bloomberg Billionaires Index, brought the total funding amount in Jio Platforms to Rs 1,18,318.45 crore (Rs 1.18 lakh crore). So far 12 investors have backed Jio Platforms, since first investment from Facebook in the series on April 22, in exchange for 25.24 per cent equity stake. The biggest bet has been made by Facebook with Rs 43,573 crore investment for 9.99 per cent equity. Other investors included Silver Lake Partners, Vista Equity Partners, General Atlantic, KKR, Mubadala, ADIA, TPG, L Catterton, PIF, and Intel Capital.

“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,” said Steve Mollenkopf, CEO, Qualcomm Incorporated. Qualcomm Ventures has been a known investor in the Indian startup ecosystem with investments in Portea, Capillary Technologies, Bounce, ideaForge, Fab Hotels, Ninjacart, Shadowfax etc.

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Commitment from Qualcomm came just days after Reliance disclosed that the company has closed investment deals with four investors. Reliance received a total of Rs 30,062.43 crore from L Catterton, The Public Investment Fund, Silver Lake and General Atlantic by selling 6.13 per cent stake in Jio Platforms. Reliance had also closed the deal with Facebook earlier this week with Rs 43,574 crore investment from Facebook’s wholly-owned subsidiary Jaadhu Holdings.

Reliance had last month announced that it has become net debt-free with the multiple investments raised along with the company’s rights issue before the March 2021 deadline. Reliance owed Rs 161,035 crore as on March 31, 2020, but it was able to raise Rs 1,68,818.15 (including Rs 53,124.20 crore in rights issue) in just 58 days since April 22. Reliance’s consolidated turnover was Rs 6,59,205 crore ($87.1 billion), cash profit Rs 71,446 crore ($9.4 billion), and net profit Rs 39,880 crore ($5.3 billion) for the year ended March 31, 2020.