NVIDIA and Qualcomm Ventures have joined the India Deep Tech Alliance (IDTA), expanding a coalition established to fund India's deep-tech startups. Qualcomm Ventures, alongside six Indian venture firms, has committed over $850 million in additional capital. This latest injection supplements the IDTA's initial commitments of more than $1 billion, announced in September, bringing the total pledged capital to over $1.85 billion. NVIDIA joined the alliance as a strategic technical advisor, without direct financial investment.
The IDTA, spearheaded by Silicon Valley- and India-based Celesta Capital, was formed to bridge the funding gap for deep-tech ventures in India. The alliance aims to provide capital, mentorship, and network access to startups over the next five to ten years. It also plans to collaborate with the Indian government on policy initiatives, including the recently introduced Research, Development and Innovation (RDI) scheme.
India's startup ecosystem is increasingly focusing on addressing "infrastructure-scale problems," such as satellite launches, electrifying transportation, and semiconductor design. This shift is aligned with the Indian government's efforts to enhance technological sovereignty, according to Sriram Viswanathan, founding managing partner of Celesta Capital and a founding executive council member of the IDTA. The RDI scheme, approved by the Indian cabinet and rolled out by Prime Minister Narendra Modi, allocates ₹1 trillion (approximately $12 billion) to fund projects in areas including energy security, quantum computing, robotics, space tech, biotech, and artificial intelligence through loans, equity infusions, and allocations to deep-tech funds.
NVIDIA's role involves offering strategic and technical guidance to IDTA members and emerging startups. This includes advising on best practices for integrating NVIDIA's AI and accelerated computing platforms, providing technical talks and training through the NVIDIA Deep Learning Institute, and contributing to policy dialogues, according to a statement from the alliance. Vishal Dhupar, NVIDIA's managing director for South Asia, stated the company would share technical insights and scalable computing resources with Indian startups in the coalition.
Qualcomm Ventures' participation extends beyond capital. Rama Bethmangalkar, India managing director at Qualcomm Ventures, stated the firm plans to help startups connect with its portfolio companies, partner networks, and internal Qualcomm teams. A report by IT industry body Nasscom and global consulting firm Zinnov indicated that India's deep-tech funding rose 78% year-over-year to $1.6 billion in 2024. The IDTA is anticipated to draw global attention and investment to the Indian deep-tech ecosystem.
