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Qualcomm launches $150m India venture fund

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Qualcomm Ventures, the VC arm of US semiconductor producer Qualcomm, has formed a $150 million fund to invest in Indian mobile and internet start-ups.

Qualcomm said in a release that in addition to financial investment, it plans to assist portfolio companies through its expertise in mobile technologies and its industry relationships. The announcement was made during a meeting between Indian Prime Minister Narendra Modi and Qualcomm Executive Chairman Paul Jacobs in Silicon Valley.

Qualcomm Ventures was set up in 2000 to invest in technology-focused companies around the world, and made its first India investment in 2007. It now has an office in Bangalare and more than 20 Indian companies in its portfolio.

The new India fund is the latest of the GP's country-specific vehicles, and joins the $150 million China fund launched last year.

"We share Prime Minister Narendra Modi's vision to transform India into a digitally empowered society and knowledge economy. India is at the cusp of a technology revolution and mobile technologies will lay the foundation for digital India," said Jacobs.

Qualcomm invests across a wide range of sectors in India, including hardware, software platforms, e-commerce and healthcare. Recent investments include participating in a Series A round for tech business news website YourStory and joining with Aspada Investment Company to commit $4 million to local language software platform Reverie Language Technologies.

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