US-based chipmaker Qualcomm, through its venture arm Qualcomm Ventures, will invest up to $150 million (about Rs 980 crore) through a new India-specific fund. The fund - Strategic Venture Fund – will invest in technology start-ups across all stages.
The fund would provide financial, marketing, technology and business support for start-ups, the company said, adding it would “fuel innovation and foster promising Indian start-ups who are contributing to the mobile and Internet of Everything (IoE) ecosystem”.
“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 E. Jacobs, Executive Chairman at Qualcomm.
“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.
Qualcomm has been investing in Indian start-ups through Qualcomm Ventures since 2007 and has 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 and an early stage fund are part of the team’s efforts in encouraging early stage entrepreneurs.
Qualcomm also directly invests in Indian mobile and internet start-up companies. The company’s portfolio companies include Yourstory (a media tech platform for entrepreneurs), Portea Medical (an in-home healthcare provider) and MapMyIndia (a provider of digital maps).
“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 Incorporated.