A joint initiative was undertaken by the Government of Telangana, CoinSwitch, India’s largest Crypto investing app, and Lumos Labs, which has shortlisted early-stage Web3 & cloud companies.
Launched in December 2021, the accelerator provides a $700K grant pool, go-to-market support, and mentorship, for which it has shortlisted 14 early-stage Web3 startups for the final evaluation round.
Called the India Blockchain Accelerator is one of the first state-supported programmes aimed at supporting and equipping deep-tech blockchain startups in India, it received over 270 registrations from Indian and global startups. The 14 shortlisted startups will get an opportunity to fine-tune their business idea in the evaluation stage and engage with the Government of Telangana, CoinSwitch and the investment partners. These startups provide blockchain use-cases in Fintech, Entertainment, Sustainability, Infrastructure and Tooling, Agritech, Logistics, and Healthcare.
Accreditation by Government of Telangana
Five best-rated startups will present their solutions to the investors on the Demo Day to stand a chance at receiving accreditation by the Government of Telangana, incubation space, go-to-market support, expert mentorship, and a grant from a prize pool of $700K from investment partners Lightspeed and Woodstock Fund, contingent on due diligence and investment thesis fit.
“In line with its vision to be a leader in emerging technologies, the Government of Telangana has taken up several initiatives to develop a conducive ecosystem for the industry in the State. Realizing the potential of Blockchain technology, the government, with industry leaders, hope to provide opportunities to the participating startups to pilot their solution in Telangana so that they can enhance their solution and further contribute to the accelerating Indian technology sector,” said Jayesh Ranjan,Principal Secretary, ITE&C and Industries, Govt of Telangana.
“We are pleased to announce the shortlist of The India Blockchain Accelerator. Blockchain has immense real-world utility and can solve many of India’s problems, be it in healthcare, infrastructure, logistics, or finance. We are honored to support the Government of Telangana’s vision to become the Blockchain Capital of the World and play an active role in building a robust Web3 ecosystem of cutting-edge technologies and companies in India, for the world,” said Ashish Singhal, Co-founder and CEO, CoinSwitch.
“Through the period of this program it has been fascinating to see the spirit of innovation at the very grassroot stage. We are excited for the innovation these fifteen startups have presented and the possibilities that these provide for future solutions to come from this ecosystem.” added Kaavya Prasad, Co-founder, Lumos Labs
With India being one of the fastest-growing and digitising economies, investors are aggressively infusing capital into blockchain and Web3 startups in India. Last year, Indian Crypto and blockchain startups raised over $600 million from global investors, an increase of more than 15 times from the $37 million raised in 2020. Capital and mentorship from proven investors and industry leaders, experts say, can guide India’s deep talent pool to create world-class blockchain solutions in the country and make India a global Web3 hub.
The shortlisted startups include Whrrl, Print2Block, Emertech Innovations Pvt. Ltd, Blockster Labs Private Limited, The-Ally, Karpine, BirthVenue, Autify Network, The Indian Art Revolution (TIAR), Eventozo, Nibiaa Devices Pvt.Ltd., MentorPlus (M+), Konct and NFTready.tech.
