Telangana govt, CoinSwitch & Lumos Labs shortlist 14 Web3 startups for India Blockchain Accelerator
The India Blockchain Accelerator has shortlisted 14 early-stage Web3 startups for the final evaluation round for its first-ever mentorship and financing program. Launched in December 2021 as a joint initiative of the Government of Telangana, CoinSwitch, India’s largest Crypto investing app, and Lumos Labs, an innovation management firm, the accelerator provides a $700K grant pool, go-to-market support, and mentorship.
The India Blockchain Accelerator is one of the first state-supported programs aimed at supporting and equipping deep-tech blockchain startups in India, and 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.
Five best-rated startups will present their solutions to the investors on the Demo Day to stand a chance at receiving accreditation by the Govt. of Telangana, incubation space, go-to-market support, expert mentorship, and 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.” Jayesh Ranjan,Principal Secretary, ITE&C and Industries, Govt of Telangana commented.
“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
Blockchain is fast-emerging as a transformative technology with the potential to reshape businesses and the internet for the better. With India being one of the fastest-growing and digitizing 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 are:
These startups provide blockchain use-cases in Fintech, Entertainment, Sustainability, Infrastructure and Tooling, Agritech, Logistics, and Healthcare.
The India Blockchain Accelerator was launched in December, 2021 by Lumos Labs, a technology innovation management firm, in partnership with CoinSwitch and the Government of Telangana. The accelerator is further supported by global industry players Nervos Network, Stellar, Streamr, Filecoin, Polygon, Aeternity Blockchain and Neo Protocol as platinum sponsors, investment partners Lightspeed, Woodstock Fund, Jsquare, DFG, Fracton and Brinc, incubation partner Buidlers Tribe, program partners Blockchain District Hyderabad, Guwahati Biotech Park, an Assam government led platform dedicated to accelerating entrepreneurship and technological development in Northeast India, and Microsoft for Startups, and technology partner Sixpep.