Telangana govt, CoinSwitch and 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, an Indian crypto investing app, and Lumos Labs, an innovation management firm, the accelerator provides a US$ 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 US$ 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.