In India, Qualcomm is considering making investments in EV startups and the auto industry
- ByStartupStory | November 10, 2022
Original equipment manufacturer (OEM) Qualcomm, based in the US, is looking into investing in electric car startups in India. In addition to considering purchasing stakes in Indian EV businesses, Qualcomm’s venture capital arm is also willing to engage in mergers and acquisitions to gain access to the growing market.
“To assist Qualcomm’s ecosystem of clients and partners to grow, our venture arm invests in crucial sectors like 5G, artificial intelligence (AI), automotive, and the Internet of Things (IoT). We aim to learn more and make investments in businesses that develop new technology. When we invest in startups, we assist them with their products or go-to-market strategies, according to a Qualcomm spokeswoman.
The enormous size of the Indian car market and the accelerating shift toward electric vehicles are two major factors in Qualcomm’s proposal. The company believes it is well-positioned to grow the EV transformation despite an emerging trend of cellular connectivity in cars for telematics and infotainment. According to sources cited in the Business Standard newspaper, the chipmaker is considering investigating the unexplored market for automobile “subscription services.” The action would probably open up new revenue streams for automakers. Additionally, it appears that the chip manufacturer recognised the enormous market potential for tech-based use cases in electric two-wheelers. In essence, Qualcomm has been testing various applications of already available passenger car technologies in electric cars.
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