US-based chip maker Qualcomm announced that it will invest USD 150 million (Rs 9.8 billion) for Indian startups.
The investment will be through a venture fund to push Prime Minister Narendra Modi’s Digital India and Make in India initiatives. The sectors of investment vary across the mobile ecosystem, including hardware, software platforms, e-commerce, healthcare, location-based services and retail technology.
Qualcomm Executive Chairman Paul E Jacobs met Modi at the Digital Economy event in San Jose. “We share Modi’s vision to transform India into a digitally empowered society and knowledge economy, he said.
“India is at the cusp of a technology revolution and mobile technologies will lay the foundation for Digital India.”
Jacobs further added, “We are committed to providing local innovative startups with the support needed to help India’s Internet of Everything (IOE) ecosystem grow.”
In India, the technology giant has been investing in making wireless and mobile communication by working with smartphone vendors.