Invested USD23 mn in 5 cos from India venture fund: Qualcomm

Qualcomm today said it has already invested USD 23 million (about Rs 150 crore) in five companies from the USD 150 million venture fund, which the electronics chip major had announced for India last September.

Asked about an update on the company's India investments, Qualcomm's Executive Chairman Paul Jacobs, who met Telecom Minister and IT Minister today, told reporters, "When I saw the PM in Silicon Valley in September (last year), and announced we will have USD 150 million venture fund... since September, we have invested USD 23 million in five companies, so far." In September, the tech giant had announced it will invest USD 150 million for Indian startups, as part of the efforts to push government's Digital India initiative.

Stating that there was a scope for further investment out of the venture fund, Jacobs said the company continues to invest in research and development capabilities in the country.

"In particular, we want to help local manufacturers do more than assembly here... we want them to design products here build products here, build the supply chain... there is complete ecosystem here for building mobile devices, Internet of Things (IOT) devices... we think that will be a very exciting opportunity," Jacobs said.

Last year, Jacobs has said the company was committed to providing local innovative startups with the support needed to help India's IOE (Internet of Everything) ecosystem grow, increasing consumer choice and availability.