NEW DELHI: US global semiconductor company Qualcomm Incorporated has committed to invest up to $150 million in Indian startup companies during a meeting with Prime Minister Narendra Modi at the Digital Economy event in San Jose.
Qualcomm Ventures will advise and direct Qualcomm’s activities with respect to these strategic investments.
Qualcomm has been investing in Indian startups since 2007 and there are more than 20 Indian companies as part of its global portfolio. Its sectors of investment vary across the mobile ecosystem and include hardware, software platforms, e-commerce, healthcare, location-based services and retail technology. Initiatives such as the Qprize competition, a global seed investment competition, as well as an early stage fund, are part of the team’s efforts in encouraging early stage entrepreneurs.
Qualcomm directly invests in Indian mobile and internet start-up companies to keenly foster the local ecosystem. Portfolio companies include Yourstory, a media tech platform for entrepreneurs; Portea Medical, an in-home healthcare provider; and MapMyIndia, a provider of digital map, navigation, and tracking products and services.
Indian companies receiving funding can benefit from Qualcomm’s insights on mobile technologies and utilize Qualcomm’s relationships throughout the industry. Qualcomm Ventures’ India team also provides unique support through its comprehensive knowledge and understanding of the region.
“India is at the cusp of a technology revolution and mobile technologies will lay the foundation for Digital India,” said Dr Paul E Jacobs, Executive Chairman, Qualcomm Incorporated.
“We are committed to providing local innovative start-ups with the support needed to help India’s IOE ecosystem grow, increasing consumer choice and availability.” he added.
“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,” said Nagraj Kashyap, Senior Vice President of Qualcomm Incorporated.
Qualcomm also plays a key role driving India’s wireless revolution by making mobile communications increasingly accessible and affordable.