Qualcomm commits up to $150 mn in new Indian Fund

Qualcomm Inc is to invest up to $150 million (Rs980 crore) in Indian startups across all stages as part of its commitment to India.

The investments, aimed to fuel innovation and foster Indian startups that contribute to the mobile and 'internet of everything' ecosystem, would be made through its venture arm Qualcomm Ventures.

This was announced after Qualcomm executive chairman Paul E. Jacobs met Indian Prime Minister at the Digital Economy event in San Jose.

Qualcomm has been investing in promising Indian startups since 2007 and has over 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. 

''We share Prime Minister Narendra Modi's vision to transform India into a digitally empowered society and knowledge economy," Jscobs said.

He added, "India is at the cusp of a technology revolution and mobile technologies will lay the foundation for Digital India. 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.''

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.

''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.''

Qualcomm also plays a key role driving India's wireless revolution by making mobile communications increasingly accessible and affordable.