Qualcomm has just planted its seed in India, with a new venture fund of up to $150 million being spent on Indian startups. The announcement from Qualcomm is in good timing, with Indian Prime Minister Narendra Modi visiting Silicon Valley recently.
Modi wants to grow India into technology hub, with plenty of mobile resources to help the country grow. Qualcomm on the other hand wants to move into the Indian market more, with the Chinese market beginning to slow down as it gets slammed by regulators. Qualcomm Executive Chairman Paul Jacobs met the Indian PM at the Digital Economy event in San Jose recently, saying that the $150 million venture fund was in support of the Indian government's Digital India and Make-in-India initiatives.
Jacobs added that Qualcomm shared Modi's vision of transforming India into a "digital empowered society and knowledge economy", reports Fudzilla. Jacobs said: "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 start-ups with the support needed to help India's IOE ecosystem grow, increasing consumer choice and availability".