According to TechCrunch, NVIDIA and Qualcomm Ventures have joined a coalition of U.S. and Indian investors backing India’s deep tech startups. The India Deep Tech Alliance launched in September with more than $1 billion in commitments from seven major firms including Accel, Blume Ventures, and Premji Invest. NVIDIA is joining as a strategic technical advisor without financial commitments, while Qualcomm Ventures brings additional capital alongside six Indian venture firms totaling over $850 million. The timing aligns perfectly with India’s new ₹1 trillion (about $12 billion) research and development initiative approved earlier this year. This massive government push aims to fund projects in energy security, quantum computing, robotics, space tech, biotech, and AI through long-term loans and equity infusions.
Why this matters now
Here’s the thing – India’s startup scene has been evolving for years. They started by copying Western business models, then moved into SaaS serving global clients. But now? They’re tackling the really hard stuff. We’re talking satellites, semiconductors, electrification – the kind of infrastructure-scale problems that require serious technical chops and patience.
And that’s exactly why this coalition is so important. Deep tech isn’t like building another food delivery app. These ventures need longer gestation periods, more specialized knowledge, and way more capital than traditional startups. Most VCs have been avoiding this space because it’s risky and the returns take forever. But with the government putting $12 billion on the table and tech giants like NVIDIA getting involved, the calculus is changing fast.
NVIDIA’s play
NVIDIA isn’t writing checks here – they’re providing something arguably more valuable: technical guidance and access to their AI platforms. Think about it – their market value has exploded thanks to the AI boom. Having them advise Indian startups on best practices for using NVIDIA’s computing resources? That’s huge validation.
Basically, NVIDIA gets to shape the next generation of AI companies in one of the world’s fastest-growing tech markets. They’re planting their flag early, making sure their technology becomes the default choice for Indian deep tech startups. Smart move when you consider how competitive the AI chip space is getting.
Qualcomm’s different approach
Qualcomm is coming at this with both investment dollars and strategic support. They’ve been investing in India since 2008, with wins like MapmyIndia and drone maker IdeaForge going public. But here’s what’s interesting – they’re not just throwing money around.
They’re connecting startups with their portfolio companies, partner networks, and internal teams. That network effect could be more valuable than the capital itself. When you’re building hard tech, having access to Qualcomm’s engineers and manufacturing partners? That’s gold.
The bigger picture
Look, India’s deep tech funding already jumped 78% year-over-year to $1.6 billion in 2024 according to Nasscom and Zinnov. But that’s still pocket change compared to what’s happening in the U.S. or China.
This alliance could change that dynamic. When NVIDIA and Qualcomm show up, other investors pay attention. It creates a virtuous cycle – more confidence leads to more capital, which leads to more ambitious startups. As Qualcomm’s India managing director put it, “What we need are role models to begin with.”
The Indian government’s ₹1 trillion RDI scheme and this private sector coalition are converging at exactly the right moment. If this works, we could see Indian deep tech companies listing on major exchanges within a decade. But will it work? That’s the billion-dollar question.
The alliance admits they’re a “loose coalition of the willing” with no formal obligations. Each investor still runs their own show. They’re sharing deal flow and knowledge, but there’s no guaranteed funding pool. Still, with the government’s massive $12 billion push and tech heavyweights onboard, the momentum feels real this time.
