NVIDIA and Qualcomm Ventures have become part of an expanding group of U.S. and Indian investors supporting India’s deep tech startup scene. This alliance, which debuted in September with over $1 billion pledged, coincides with India’s launch of a new ₹1 trillion (approximately $12 billion) research and development program.
NVIDIA has joined the alliance as a strategic technical advisor, contributing expertise rather than capital, while Qualcomm Ventures has partnered with six Indian venture capital firms, collectively adding more than $850 million in new investments.
India boasts over 180,000 startups and more than 120 unicorns. Initially, the country’s startup ecosystem largely emulated Western business models before shifting toward SaaS companies serving international, especially U.S., clients. Recently, however, India has pivoted to building companies that address large-scale, complex challenges—ranging from satellite launches and electric mobility to semiconductor design. The Indian government is pushing to speed up this transition as global powers compete for technological independence. Yet, funding for such ventures remains limited, as these businesses typically require longer development times and most venture capitalists prefer safer, proven models.
In September, Celesta Capital, which operates in both Silicon Valley and India, led the creation of the India Deep Tech Alliance (IDTA) to help close this funding gap. The alliance initially brought together seven major U.S. and Indian investors: Accel, Blume Ventures, Premji Invest, Gaja Capital, Ideaspring Capital, Tenacity Ventures, and Venture Catalysts. The newest members include Indian firms Activate AI, Chiratae Ventures, InfoEdge Ventures, Kalaari Capital, Singularity Holdings, and YourNest Venture Capital.
The alliance’s mission is to invest in and mentor Indian deep-tech startups over the next five to ten years, while also providing access to networks. It also intends to work with the Indian government on policy initiatives, such as the newly launched Research, Development and Innovation (RDI) program.
“This is a group of committed partners who want to foster the growth of India’s deep tech sector,” said Sriram Viswanathan, founding managing partner at Celesta Capital and a founding executive council member of the IDTA, in an interview.
The ₹1 trillion RDI program, approved by the Indian cabinet earlier this year and launched by Prime Minister Narendra Modi this week, will support projects in fields like energy transition, quantum computing, robotics, space technology, biotechnology, and AI through long-term loans, equity investments, and allocations to deep-tech funds. The venture capital firms in the alliance plan to use this initiative to back Indian deep-tech startups.
“This is arguably a pivotal moment where government action in India will spur the creation of many deep tech companies, supported by a growing number of VCs focused on building this ecosystem,” Viswanathan told TechCrunch. “We’re witnessing a shift in India’s startup landscape toward deep tech, and that’s what excites us.”
Image Credits:IDTA
The alliance has brought NVIDIA on board to offer strategic and technical support to its members and startups. The American chip giant — whose valuation has soared amid the global AI surge — will provide guidance on integrating NVIDIA’s AI and accelerated computing solutions, deliver technical workshops and training via the NVIDIA Deep Learning Institute, and participate in policy discussions between industry and government to help advance India’s deep-tech sector, according to a statement from the alliance.
While NVIDIA is not investing capital, Vishal Dhupar, NVIDIA’s managing director for South Asia, stated that the company will share technical expertise and scalable computing resources with Indian startups in the group.
“NVIDIA’s involvement is a strong endorsement of the ecosystem, and their participation in the IDTA signals that India has significant potential for deep tech growth,” Viswanathan told TechCrunch.
In contrast to NVIDIA, Qualcomm is joining the alliance as an investor. The San Diego–based chipmaker first invested in India in 2008, backing companies like MapmyIndia, a competitor to Google Maps that went public in 2021. Qualcomm and Celesta have also invested in Indian drone company IdeaForge, which has been publicly traded since 2023.
However, Qualcomm’s role will go beyond providing capital, according to Rama Bethmangalkar, India managing director at Qualcomm Ventures. The firm intends to help startups connect with its portfolio companies, partner networks, and internal teams at Qualcomm, he told TechCrunch.
“When like-minded VCs dedicate their resources, funding, time, and networks, it creates mutual benefits and enables us to work together with the government, aligning with its priorities in areas like quantum, semiconductors, AI, and other emerging technologies. Being part of this group is crucial,” he said.
Still, the ultimate impact of the IDTA remains uncertain. Viswanathan described the group as a “loose coalition of the willing,” emphasizing that each investor continues to operate their own initiatives.
“We’re working together to exchange knowledge and share investment opportunities,” he said when asked about the alliance’s progress since its launch in September.
It is also not yet clear how much each member will ultimately invest.
“We’re simply estimating the total amount committed to this ecosystem,” Viswanathan said. “This alliance isn’t a fund. There’s no binding commitment or allocation for any deal. If Rama finds an opportunity, he can pursue it. If he thinks it makes sense to involve other investors, he’ll share it with those who are a good fit.”
According to an April report by Nasscom and global consulting firm Zinnov, funding for India’s deep-tech sector climbed 78% year-over-year to reach $1.6 billion in 2024. Despite this growth, the amount raised still lags far behind developed markets, especially the United States.
While the alliance may help boost this number, its greater significance may be in attracting international attention — and, as a result, more investors and corporate venture funds — to India’s startup landscape.
“What we need first are role models,” Bethmangalkar said. “People will start to get involved. Entrepreneurs will gain the confidence to seek capital… In a decade, you’ll see these companies listed on our main stock exchanges — firms deeply rooted in science and technology.”
