According to TechCrunch, NVIDIA and Qualcomm Ventures have joined a growing coalition of U.S. and Indian investors backing India’s deep tech startups. The India Deep Tech Alliance launched in September with over $1 billion in commitments, coinciding with India’s new ₹1 trillion (around $12 billion) research and development initiative. NVIDIA joined as a strategic technical advisor without financial commitments, while Qualcomm Ventures joined alongside six Indian venture firms bringing additional capital commitments totaling more than $850 million. The alliance includes major players like Accel, Blume Ventures, and Premji Invest, plus newer additions including Chiratae Ventures and Kalaari Capital. India currently hosts over 180,000 startups and 120 unicorns, but deep tech ventures have struggled to find funding despite growing government support.
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<h2 id="indias-hard-tech-pivot”>India’s hard tech pivot
Here’s what’s really interesting about this moment. India’s startup ecosystem has evolved from copying Western business models to building SaaS companies for global clients. But now we’re seeing something different – a genuine push into infrastructure-scale problems. We’re talking satellites, semiconductors, quantum computing, and AI. The government’s ₹1 trillion RDI scheme isn’t just pocket change – it’s a serious bet that India can compete in the global tech sovereignty race.
But deep tech is hard. Really hard. These companies need longer gestation periods than your typical e-commerce or fintech startup. Most VCs prefer quicker returns and proven models. So you’ve got this gap between what India wants to build and what traditional venture capital wants to fund. That’s exactly what this alliance is trying to solve.
Why NVIDIA and Qualcomm matter
NVIDIA’s participation without money might seem odd at first. But think about it – their technical guidance is arguably more valuable than cash right now. When the company dominating AI computing says “we’ll help you figure out how to use our platforms effectively,” that’s huge for startups trying to build cutting-edge AI applications. They’re basically providing the playbook along with access to their Deep Learning Institute.
Qualcomm brings a different angle. They’ve been investing in India since 2008 and have some notable wins like MapmyIndia and drone maker IdeaForge. Their approach combines capital with something equally important: connections. Startups get access to Qualcomm’s portfolio companies, partner networks, and internal teams. That kind of ecosystem access can make or break a deep tech company trying to find its first major customers.
The funding reality
Now, here’s where it gets tricky. The alliance describes itself as a “loose coalition of the willing” with no specific funding obligations. There’s no central fund – each investor makes their own decisions. According to a Nasscom-Zinnov report, India’s deep-tech funding did grow 78% year-over-year to $1.6 billion in 2024. That sounds impressive until you compare it to developed markets, especially the U.S.
The real test will be whether this coalition can create the role models that Qualcomm’s Rama Bethmangalkar mentioned. Because once you have a few deep tech companies successfully listing on main exchanges, that’s when the floodgates really open. Entrepreneurs see it’s possible, more investors jump in, and suddenly you’ve got a virtuous cycle.
What success looks like
Looking ahead, the timing here is everything. The government’s $12 billion R&D fund provides the public backing while this alliance brings private sector expertise and capital. If they can actually coordinate effectively – and that’s a big if for any “loose coalition” – we could see India start producing globally competitive deep tech companies within the next 5-10 years.
The key will be whether these investors have the patience for the long game. Deep tech doesn’t follow the same timelines as consumer internet startups. But if they stick with it, we might look back at 2024 as the moment India’s tech ecosystem truly grew up and started tackling the hard problems.
