Qualcomm announced its plan today 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.
This isn’t a brand new move as Qualcomm has been investing in Indian startups since 2007. It currently 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.
“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.
“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,” Jacobs continued.
“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. 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.