Qualcomm said it would invest up to $150 million in Indian startups via a venture fund. The announcement coincides with the visit of Prime Minister Narendra Modi to Silicon Valley. Modi is keen to make India a technology hub with lots of mobile resources to help the country grow.
Qualcomm wants to move into India as the China market starts to dry up and it falls foul of regulators.
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.
Jacobs said that Qualcomm shared 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. 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," he said.
.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.