Qualcomm Incorporated QCOM, +0.51% today announced its intention to invest up to $150 million in Indian startup companies across all stages as part of its commitment to India 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 promising Indian startups 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.
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.
“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 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.”
“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. “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. For over two decades, Qualcomm 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. Qualcomm believes that its initiatives in India will help support the Indian government’s Digital India vision.