Qualcomm is a chip maker based in the United States. The company is also a world leader in 3G, 4G, as well as next-generation wireless technologies, and it made a huge announcement. On Sunday, it announced that it has plans to invest $150 million in Indian startups.
According to the Hindu, Paul E. Jacobs, executive chairman of Qualcomm, said the company shares PM Narendra Modi’s vision to take India and turn it into a digitally empowered economy.
Jacobs said Qualcomm is committed to providing local startups with the support they need in order to help India’s Internet of Everything ecosystem grow. He added that since 2007, Qualcomm has been investing in startups in India, and there are more than 20 Indian companies that are part of its portfolio.
The investments will be made via an investment fund, according to the Times of India. The fund will be advised by Qualcomm Ventures, which is the investment arm of Qualcomm. The investments Qualcomm will make via the fund could fuel innovation and help Indian startups that contribute to the Mobile and Internet of Everything ecosystem.
Qualcomm will not only provide startups in India with financial support, but Qualcomm will provide Indian companies with marketing, business, and technology support. All of these things can help Indian startups to become more competitive in the Indian market.
Nagraj Kashyap, the senior vice president of Qualcomm, said that Qualcomm continues to invest broadly because it wants to strengthen the country’s overall economy.
There are a number of companies that Qualcomm has already invested in. Some of the companies that have received direct investments from Qualcomm include Portea Medical and Yourstory. Yourstory is a media tech platform for entrepreneurs, while Portea Medical is an in-home health care provider. MapMyIndia, which provides digital map, tracking, and navigation products, also received a direct investment from Qualcomm.
Qualcomm said it has been working with smartphone vendors to help make wireless and mobile communication cheaper in India. For more than 15 years, Qualcomm has been helping India’s mobile ecosystem achieve success by working with the software developers, operators, sales, and distribution partners, as well as governmental entities. Qualcomm also works with academic institutions and standards organizations.
In order to provide technical and engineering support to Indian startups, Qualcomm will set up an innovation lab in Bengaluru. Qualcomm will identify which companies will receive support in the innovation lab. The company will identify these companies via a design challenge.
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