TS govt, CoinSwitch Kuber, Lumos Labs launch Blockchain Accelerator 2.0
Winning startups stand to win over $700K from investment partners Lightspeed, Woodstock Fund
Hyderabad After successfully supporting eight innovative startups in the first edition of T-Block Accelerator, the second edition – The India Blockchain Accelerator has opened up opportunities for blockchain entrepreneurs to secure government accreditation, incubation space, go-to-market support, grant support and expert mentorship.
Telangana Blockchain District, anchored by the Government of Telangana and Crypto unicorn CoinSwitch Kuber in partnership with Lumos Labs, launched the India Blockchain Accelerator. The second edition of the accelerator programme is aimed at empowering the thriving blockchain startups and sustaining its commitment to foster the creation of the 'Blockchain Ecosystem of the future'.
The startups participating in the accelerator programme also stand a chance to raise a pre-seed/seed investment of over $700,000 from investment partners Lightspeed and Woodstock Fund. These investments are contingent on the due diligence process and the investment thesis fit with refusal rights afforded to both the funds and the founders.
This accelerator programme was organised at T-Hub Foundation, IIIT-H Campus in Hyderabad with representation from the government bodies, global blockchain industry leaders, startups, and members from the developer community. The event was graced by several dignitaries from the government including ITE&C Principal Secretary Jayesh Ranjan and ITE&C Director Rama Devi.
"Telangana is committed to its vision to lead the blockchain innovation in India and is constantly striving towards it through its various initiatives. The India Blockchain Accelerator testifies our focus on providing the right support and guidance to talented individuals for the development of their visions," said Jayesh Ranjan.
The State government has been at the forefront of utilising the revolutionary blockchain technology across various sectors and has a goal of building a flourishing blockchain ecosystem in India. Through this, we hope to provide opportunities to the participating startups to pilot their solution in Telangana so that they can enhance their solution and contribute to the accelerating Indian technology sector."
With this accelerator, the State government aims to further its commitment to make Telangana the 'Blockchain Capital of the World' and enable futuristic startups to take their technologies to the next step. Through this initiative, CoinSwitch Kuber aims to augment the creation of a formative ecosystem that will empower startups to solve tough business problems for diverse industry verticals.
"India has a reservoir of talent already building in the crypto technology space. The best global startups of tomorrow would run on web3 blockchain infrastructure, and some of these startups will come from India. Accelerator programme aims to provide an essential support system to innovative blockchain entrepreneurs," said Ashish Singhal, Founder, and CEO, CoinSwitch Kuber
According to the Nasscom Cryptotech Industry in India report, the crypto tech industry has expanded over 39 per cent in last five years. Apart from having a robust blockchain space, the tech and entrepreneurship sectors also witnessed significant growth with more than 230 crypto tech startups and 34 Indian companies gaining unicorn status in 2021 as per Venture Intelligence Unicorn Tracker.
This four-month-long accelerator will be open to early-stage Web2 and Web3 startups and blockchain developers with interesting blockchain solutions solving real-world problems across multiple identified tracks. The solutions could vary across the various identified tracks which include fintech, entertainment, sustainability, infrastructure and tooling, agritech, logistics, and healthcare.
Furthermore, the programme will be interspersed with numerous workshops, meetups, mentorship, and training programs to ensure the holistic growth of the startups with the right guidance and tools. The participants will be eligible for government accreditation, incubation space, ecosystem support, and go-to-market support for their potent solutions.