Qualcomm Eyes Potential Investments In Indian Auto Tech, EV Startups
By Team Startupcity | Thursday, 10 November 2022, 09:12 IST
US-based original equipment manufacturer (OEM) Qualcomm is scouting Indian electric vehicle startups for potential investments. Besides looking at picking up stakes in Indian EV startups, Qualcomm’s venture capital arm is also open to mergers and acquisitions to get a piece of the emerging industry.
“Our venture arm invests in key areas, including 5G, artificial intelligence (AI), automotive and Internet of Things (IoT) to help expand Qualcomm’s ecosystem of customers and partners. We want to gain insights and invest in companies that advance our technologies. When we invest in startups, we help them with products or go-to-market operations,” a Qualcomm spokesperson was quoted as saying by Business Standard.
Qualcomm’s bid is largely driven by the huge scope of the Indian auto market and the growing transition towards electric vehicles. Amidst an emerging trend of cellular connectivity in automobiles for telematics and infotainment, the company feels that it is well-positioned to scale the EV transformation.
The chipmaker is looking at exploring the untapped vehicle ‘subscription services’ market, said the Business Standard report citing sources. The move would likely create additional revenue streams for automakers.
The chipmaker also appears to have seen the huge market potential for tech-based use cases in electric two-wheelers. Essentially, Qualcomm has been experimenting with different use cases of already-existing passenger car technologies and deploying them in electric vehicles.
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