US-based Qualcomm plans to invest up to $150 million in startups in India, where it already has provided funding for more than 20 firms since 2007.

The announcement comes after high-level meetings with Indian Prime Minister Narendra Modi at an event in San Jose. Qualcomm said it is looking at opportunities at all startup stages across the mobile ecosystem, including hardware, software platforms, e-commerce, healthcare, location-based services and retail technology.

Qualcomm executive chairman Paul Jacobs said it shares Modi’s vision to transform India into a digitally empowered society and knowledge economy. “India is at the cusp of a technology revolution and mobile technologies will lay the foundation for Digital India,” he said.

More than a year ago the chipmaker set up a $150 million China strategic venture fund to invest in companies developing mobile technologies. In December it said it would invest $40 million in four Chinese mobile technology companies with a focus on semiconductors, mobile application enablers, smart home and healthcare.

Qualcomm is looking to diversify its investments as China’s economy slows down and India’s investment environment continues to improve under the Modi government.

In addition, it is likely hedging its risks in the mainland after being fined CNY6.088 billion ($975 million) in February by China’s antitrust regulator and agreed to modify its licensing practices. The company made $7.57 billion last fiscal year in royalties from licensing patents and other IP.