14 startups shortlisted for blockchain accelerator

Hyderabad: The India Blockchain Accelerator has shortlisted 14 early-stage Web3 startups for the final evaluation round for it's first-ever mentorship and financing programme. It was launched in December 2021 as a joint initiative of the Government of Telangana, crypto investing app CoinSwitch and innovation management firm Lumos Labs.

Five best-rated startups will present their solutions to the investors on the demo day to stand a chance of receiving accreditation by the, incubation space, go-to-market support, and expert mentorship. The accelerator provides a go-to-market support, mentorship to the winners, and $700,000-grant pool from investment partners Lightspeed and Woodstock Fund.

The accelerator is one of the first State-supported programmes 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 and engage with the State government, CoinSwitch and the investment partners.

"In line with its vision to be a leader in emerging technologies, the State government has taken up several initiatives to develop a conducive ecosystem for the industry in the State. Realizing the potential of blockchain technology, it hopes to provide opportunities to the participating startups to pilot their solution in Telangana," said Jayesh Ranjan, Principal Secretary ITE&C.

"Blockchain has immense real-world utility and can solve many of India's problems, be it in healthcare, infrastructure, logistics or finance. We 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 programme, it has been fascinating to see the spirit of innovation at the very grassroot stage. We are excited for the innovation these shortlisted 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 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.