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The cumulative economic impact of 5G on India is estimated to reach $450 billion by 2035.
Mukesh Ambani's Jio cornered nearly half of all the airwaves sold with a Rs 88,078 crore bid, while Telecom tycoon Sunil Bharti Mittal's Bharti Airtel made a successful bid of Rs 43,084 crore.
Bids were received for 7 out of 9 bands with more than half of the total bids (in value terms) coming in from 3,300 MHz band - which is for 5G communications
Google made the investment as part of its Google for India Digitization Fund.
Earlier this year, Bharti Airtel Chairman Sunil Mittal had said the industry's tariffs need to go up amid tremendous stress in the telecom sector.
The entry-level tariffed voice plan has been raised by about 25 per cent, while for unlimited voice bundles, the increase in most cases is about 20 per cent.
Bharti Airtel on Monday said it will opt for four-year payments moratorium - on AGR and spectrum dues - being offered by the government as part of a relief package for the telecom sector.
The relief package, which is likely to include a moratorium on payments for airwaves, will help India's three major wireless carriers including tycoon billionaire Mukesh Ambani's Reliance Jio but especially the embattled Vodafone Idea.
The mega fundraising is bound to give more firepower to Airtel, as the company takes on rivals in the fiercely-competitive Indian telecom market.
The acquisition, by an affiliate of Carlyle, will give Airtel's Nxtra Data Ltd an enterprise valuation of about $1.2 billion, the companies said in a statement. Airtel will hold the remaining 75% stake in Nxtra.