Borqs raises capital funding from Qualcomm Ventures and Accel Partners

Borqs, the startup manufacturing android phones for Reliance Jio, has raised fresh capital from Qualcomm Ventures and Accel Partner valuing the firm at $303 million. The firm, founded in March’17 by former Motorola employees Pat Chan, Bob Li and Hareesh Ramanna, had earlier raised capital from Intel Capital, Norwest Venture Partners, Keytone Ventures and others. It works with internet-connected device manufacturers to design chips as well as devices, and associated software. Its customers include Qualcomm, Intel, Motorola, Reliance, AT&T and Sprint.

Karthee Madasamy, VP and MD Qualcomm Ventures India, said that “The company’s investments in India are to help fuel innovations by startups such as Borqs that are contributing to the mobile and IoT (internet of things) ecosystem. This investment will fund additional engineering capabilities to invigorate advances in the development of autonomous products and a connected society. This will help in creation of innovative 4G phone design expertise in India with local and global OEMs (original equipment manufacturers) in support of Prime Minister Narendra Modi’s vision of design in India”.

The startup had revenues of $112 million in 2006, and is expecting to garner $160 million in 2017.