Qualcomm made the commitment during a meeting with Indian prime minister Narendra Modi.

Qualcomm Ventures will direct the investments towards companies active in mobile ecosystem and include hardware, software platforms, e-commerce, healthcare, location-based services and retail technology. Qualcomm Ventures has been active in India since in 2007 and has 20 companies in its portfolio.

Qualcomm also administers the QPrize competition, a global seed investment competition and early stage fund and has funded investments in China.

"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 Paul Jacobs, executive chairman of Qualcomm, in a statement.

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