In an effort to push Digital India initiative, Silicon Valley-based tech giant Qualcomm on Sunday said it will invest $150 million for Indian start-ups.
“We share Prime Minister Narendra Modi’s vision to transform India into a digitally empowered society and knowledge economy,” Qualcomm executive chairman Paul E. Jacobs said in his remarks at a dinner hosted in honour of Mr. Modi.
“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,” Mr. Jacobs said as he announced a $150 fund to boost start-ups in India.
Qualcomm, he said, has been investing in promising Indian start-ups since 2007 and there are more than 20 Indian companies as part of its global portfolio.
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.
“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 in a statement.
“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,” he said.
Qualcomm has been playing a key role driving India’s wireless revolution by making mobile communications increasingly accessible and affordable.
For over two decades, it has been helping the country’s mobile ecosystem achieve ongoing success and growth through its work with operators, OEM/ODMs, software developers, sales/distribution partners, governmental entities, academic institutions and standards organizations, among others.