$150 Million Startup Fund For India To Be Created By Qualcomm, Inc. (NASDAQ:QCOM)
Qualcomm, Inc. (NASDAQ:QCOM) has announced its commitment to invest up to $150 million in Indian startups. The investment is expected to cover all stages of startup development and will mainly focus on mobile. The announced startup investment by Qualcomm in India comes just after India’s PM, Narendra Modi, recently held discussions with U.S. tech giants and invited them to invest in the country.
Qualcomm, Inc. (NASDAQ:QCOM) is emerging as the latest U.S. tech giant showing more interest in India. Previously, Qualcomm’s startup investments in Asia majorly targeted China, but India is now set to get more of its startup deals. Already, Qualcomm has invested in about 20 Indian startups and that number is set to go up sharply with the commitment of $150 million in new investments in the country.
Qualcomm-backed Indian startups
Some of the Indian startups that have benefited from Qualcomm’s backing include startup news site Yourstory and healthcare tech startup Portea Medical. The other is MapMyIndia, a digital mapping provider.
In India, Qualcomm will not discriminate on the basis of stage in startup investment. Regardless of their development stage, startups will benefit from Qualcomm’s new investment as long as they meet the criteria and operate in the targeted sectors. The chipmaker will mainly focus on mobile tech projects that include hardware, software, health, commerce and more.
In his recent visit to the U.S, Modi met with top U.S. CEOs and prodded them to come and invest in India. Modi held talks with CEOs of Microsoft Corporation (NASDAQ:MSFT), Facebook Inc (NASDAQ:FB) and Apple Inc. (NASDAQ:AAPL). The discussions with Apple touched on the possibility of an Apple manufacturing plant in India to which Tim Cook is said to have responded positively.
Of the tech companies invited to put their money in India and take advantage of the Digital India dream, Qualcomm, Inc. (NASDAQ:QCOM) appears to be moving quickest. Like an early bird, Qualcomm is hoping to catch the most worms.
Latest posts by Neha Gupta (see all)
- Is Facebook Inc (NASDAQ:FB) Winning Or Losing In Virtual Reality Space? - May 27, 2016 07:35 AM PST
- No Growth In Costco Wholesale Corporation (NASDAQ:COST)’s 3Q Comps Explained - May 27, 2016 07:34 AM PST
- How Will International Business Machines Corp. (NYSE:IBM)’s Big Data University Help? - May 27, 2016 07:33 AM PST