India Deep Tech Alliance added Nvidia as a new member for $850 million pledge
“India Deeo Tech Alliance is continuously adding new members to its group for a big change.”
In order to address a significant funding gap, Nvidia (NVDA.O) opened a new tab on Wednesday and joined Indian and American investors supporting the South Asian nation’s deep-tech businesses. The group also added new members and collected more than $850 million in financial pledges.
The India Deep Tech Alliance has welcomed new investors, including Qualcomm Ventures, Activate AI, InfoEdge Ventures, Chirate Ventures, and Kalaari Capital.
It began operations in September with a $1 billion initial commitment to assist businesses in sectors like robotics, semiconductors, artificial intelligence, and space.
Nvidia will help Indian deep-tech businesses use its AI and computing technologies by offering technical advice, training, and policy input as a founding member and strategic advisor.
The action is the most recent attempt to address what analysts and entrepreneurs refer to as the research-driven businesses’ persistent underfunding, which makes it difficult for them to attract venture capital due to their protracted development schedules and unclear routes to profitability.
It happens a few days after the Indian government announced a $12 billion program to promote R&D in a nation that leads the world in services but lags behind in manufacturing.
According to a survey by industry association Nasscom, deep-tech startup funding in India increased by 78% to $1.6 billion last year, but it still only made up around one-fifth of the $7.4 billion raised overall.
Entrepreneurs reacted negatively to an Indian minister’s April call for startups to follow China’s lead and concentrate on high-end technology rather than grocery delivery, arguing that the government should do more to foster innovation.
Deep-tech investment, according to experts, is essential for developing key technologies like chips and artificial intelligence that ensure strategic and economic independence.
Sriram Viswanathan, Founding Managing Partner, Celesta Capital, Reuters
| “There’s no better time for India to look at deep tech” due to the government’s growing support.”
“A true pooling of capital does not exist. Similar to Nasscom, Viswanathan stated, “It’s voluntary.” |
Among the investors that started the partnership were Accel, Blume Ventures, Gaja Capital, Premji Invest, and Celesta, which have made investments in businesses such as drone manufacturer IdeaForge and space-tech company Agnikul Cosmos.
Over the next five to ten years, the alliance’s members hope to invest their own funds in Indian deep-tech businesses and offer network access and mentorship.
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