Qualcomm on Sunday launched a US$150 million venture capital fund targeted at Indian start-ups.
In a statement, the U.S. chip maker said promising young companies stand to benefit not only from the funding, but from its insights into mobile technology, and its network of partners.
The commitment was made during a meeting between Qualcomm and Indian prime minister Narenda Modi at an event in San Jose. Modi is in the U.S. promoting his country’s Digital India initiative.
"We share prime minister Narendra Modi’s vision to transform India into a digitally empowered society and knowledge economy. India is at the cusp of a technology revolution and mobile technologies will lay the foundation for Digital India," said Paul Jacobs, executive chairman of Qualcomm, in a statement.
"We are committed to providing local innovative start-ups with the support needed to help India’s IOE (Internet of everything) ecosystem grow, increasing consumer choice and availability," he said.
Qualcomm has been investing in Indian start-ups since 2007 and boasts more than 20 companies in its portfolio.
The sectors it has invested in range from hardware an d software platforms to e-commerce, healthcare, location-based services (LBS), and retail technology.
The company also has an early-stage venture capital fund, and runs the QPrize competition, which invites promising entrepreneurs to submit a business proposal in the hope of winning seed funding.
"Since Qualcomm’s first India investment in 2007 and with full-fledged presence starting in early 2008, we continue to invest broadly to strengthen India’s overall economy," said Nagraj Kashyap, senior vice president of Qualcomm. "We are committed to providing these companies with the support needed to help propel them forward in the competitive Indian region. We’re excited about the new prospects in India and look forward to growing our portfolio."
