NVIDIA and Qualcomm Ventures are collaborating with a consortium of U.S. and Indian venture capitalists to bolster India’s deep tech startup landscape. Launched in September, this initiative has garnered over $1 billion in financial commitments, coinciding with India’s ambitious ₹1 trillion (approximately $12 billion) research and development program aimed at positioning the country as a leader in technological innovation.
In this coalition, NVIDIA will serve as a strategic technical advisor without any financial backing, while Qualcomm Ventures, alongside six Indian venture firms, has contributed an impressive $850 million to the fund. This move comes at a critical time when India is nurturing its ecosystem of over 180,000 startups and more than 120 unicorns, transitioning from traditional Western business models to innovative solutions in sectors like satellite technology, transportation electrification, and semiconductor design.
As part of this effort, the India Deep Tech Alliance (IDTA), spearheaded by Celesta Capital, has united major venture partners, including Accel, Blume Ventures, and Premji Invest, among others. The coalition’s goal is to provide funding, mentorship, and networking opportunities for Indian startups that focus on solving complex, infrastructure-level challenges. This collaboration also includes working with the Indian government to advance its Research, Development and Innovation (RDI) scheme, recently approved by Prime Minister Narendra Modi.
Vishal Dhupar, NVIDIA’s managing director for South Asia, highlighted the company’s commitment to sharing technical knowledge and computing resources with the coalition’s startups. While NVIDIA will not furnish direct capital, it plans to offer expertise in AI and accelerated computing through various initiatives, including training sessions via the NVIDIA Deep Learning Institute.
Qualcomm, on the other hand, has a more investment-centric role, having a longstanding commitment in India since 2008, with notable investments in companies like MapmyIndia and drone manufacturer IdeaForge.
Despite the promising collaboration, the scalability and effectiveness of the IDTA remain uncertain, as participants continue to operate their own funding strategies. “It’s a loose coalition of the willing,” stated Sriram Viswanathan, the founding managing partner of Celesta Capital, emphasizing that the coalition aims to enhance knowledge sharing and deal flow consistency across its members.
According to a report from IT industry body Nasscom and consulting firm Zinnov, India’s deep-tech funding has surged by 78% year-over-year, reaching $1.6 billion in 2024. While this increase is notable, it still falls short of levels seen in developed markets such as the U.S. This strategic partnership is poised to attract more global investors and bolster India’s reputation in the deep tech arena over the coming years.
