San Diego-based Qualcomm announced Sunday it will invest up to $150 million in Indian startup companies, the same amount that it is investing in Chinese startups.
The announcement came as executives of the global wireless leader met with Indian Prime Minister Narendra Modi in Silicon Valley. Modi spent the weekend meeting tech company executives and spoke at an Indian community reception in San Jose attended by more than 18,000 people.
“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 Dr. Paul E. Jacobs, executive chairman of the company. “We are committed to providing local innovative start-ups with the support needed.”
“Digital India” is the prime minister’s vision for using high-speed Internet access and tech jobs to raise the standard of living in a country where many still live in poverty.
Qualcomm has been investing in promising Indian startups through Qualcomm Ventures since 2007, and there are more than 20 Indian companies as part of its global portfolio.
Earlier this year Qualcomm said it would also create a $150 million investment fund for companies in China to develop mobile and semiconductor technologies.