- The San Diego based chip-maker made the announcement after its executive chairman Paul Jacobs met the Indian prime minister at the Digital Economy event in San Jose and said the venture fund was in support of the government’s Digital India and Make-in-India initiatives.
- The new venture fund, which will be advised by Qualcomm Ventures, an investment arm of the group – is expected to fuel innovation and foster promising Indian startups which are contributing to the mobile and internet of everything ecosystem.
- It will also aim to provide startups with financial, marketing, technology and business support to help propel them forward in the competitive Indian market.
- Qualcomm, which claims to invest in firms boosting the local ecosystem, has a portfolio of 20 Indian companies.
- The company announced a Design-in-India competition and initiative which it hopes will encourage the creation of a local product design ecosystem, help make India a hub for design capabilities.