Rise My Venture team recently heard about $150M Fund For Indian Startups By Qualcomm. India’s mobile internet boom has brought in a new fund for startups. Giant chipmaker Qualcomm today announced an India-specific US$150 million venture capital fund for startups in the mobile and internet-of-everything (IoE) ecosystem. This fund will be established through its venture arm, Qualcomm Ventures.
Besides the new VC fund which will provide startups with support to scale up, Qualcomm will also set up an innovation lab in Bangalore. This will provide technical and engineering support to hand-picked Indian companies. It will run a country-wide design challenge to pick innovative product and hardware companies to host at the the Qualcomm Innovation Lab.
Indian PM’s Silicon Valley tour
The announcements were made when executive chairman of Qualcomm Dr. Paul E. Jacobs met Indian prime minister Narendra Modi in San Jose today. Modi is in the US for a series of meetings with tech giants to garner support for his government’s ‘Digital India’ and ‘Make in India’ initiatives. Apple CEO Tim Cook and Tesla CEO Elon Musk were among others he met during a tour of Silicon Valley today. The Indian PM is also scheduled to visit the campuses of Google and Facebook today, rounding it off with an address to Indian-Americans at the SAP Centre in San Jose. Tomorrow, Modi will meet US president Barack Obama.
Cusp of a mobile tech revolution
Qualcomm is already active in the Indian startup ecosystem with investments in over 20 companies in the country. So far, its India portfolio has startups across the mobile ecosystem, including hardware, software platforms, ecommerce, healthcare, location-based services, and retail technology.
“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 startups with the support needed to help India’s IOE ecosystem grow, increasing consumer choice and availability,” the Qualcomm chairman says in an official statement to the press.
Qualcomm made its first investment in India in 2007 and set up its office in Bangalore in 2008. Capillary Technologies, Housing, and Portea are a few of the well known startups backed by Qualcomm.
VC funds have been pouring into India in past couple of years. Bangalore is now the second highest funded startup hub in the world outside the US and China. The biggest player is Sequoia – the American VC launched a US$530 million India-focused fund last year, and is reported to be hatching a US$800 million gorilla next. A few months back, Accel launched a US$305 million fund, almost twice the size of its previous fund. VCs have started coming in from the east too this year. This month, Beenos founder Teruhide Sato of Japan launched a US$60 million fund for young startups, which will mainly invest in India.
This article has been well researched by Rise My Venture team.