Government of Telangana, CoinSwitch Kuber, and Lumos Labs Launch the India Blockchain Accelerator
Hyderabad : After successfully launching and supporting eight innovative startups in the first edition of the T-Block Accelerator, the Telangana Blockchain District, anchored by the Government of Telangana and Crypto unicorn CoinSwitch Kuber today announced the launch of the India Blockchain Accelerator. This second edition of the accelerator program is aimed at empowering the thriving blockchain startup ecosystem in India and sustaining its commitment to foster the creation of the ‘Blockchain Ecosystem of the future’ in India.
Launched in partnership with Lumos Labs, a technology innovation management firm with expertise in running blockchain-based open innovation programs in India, this accelerator will aim at supporting and equipping innovative deep-tech blockchain startups with expert guidance and government accreditation. This accelerator is further supported by global industry players Nervos Network, Stellar, Streamr, Filecoin, and Neo Protocol as platinum sponsors, investment partners Lightspeed and Woodstock Fund, Incubation partner Buidlers Tribe and program partners, Guwahati Biotech Park, an Assam government led platform dedicated to accelerating entrepreneurship and technological development in Northeast India and Microsoft for Startups.
The launch event was organized 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 Hon’ble Shri Jayesh Ranjan (Principal Secretary, ITE&C and Industries, Govt of Telangana), Hon’ble Smt Rama Devi (Director Emerging Technology and Officer on Special Duty (OSD), ITE&C Department, Government of Telangana), Ashish Singhal, Founder and CEO, CoinSwitch Kuber, Kaavya Prasad, COO and Co-Founder, Lumos Labs, Raghu Mohan, Co-Founder Buidlers Tribe among other leading senior corporate executives from the industry. Global partners including Ben Morris, Director Business Development & Growth Nervos Network, John Devadoss Founder & President NGD Enterprises, Rahul Singh Deal Flow Manager Microsoft for Startups, Justin Rice, VP of Ecosystem, Stellar, Mathew Fontana, Head of Ecosystem, Streamr, Romit Mehta, Investor, Lightspeed and Himanshu Yadav, Founding Partner, Woodstock Funds joined the session virtually.
With this accelerator, the Government of Telangana 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. The Telangana Government will help provide the required regulatory framework to enable and promote Blockchain growth.
The blockchain industry has seen enormous growth in recent years and is steadily penetrating mainstream markets as well. India has been at the forefront of this technology from the beginning and is now a leading market for innovations in blockchain, crypto, defi, etc. According to the NASSCOM Cryptotech Industry in India report, the crypto tech industry has expanded over 39% in the last five years. Apart from having a robust blockchain space, the technology and entrepreneurship sectors in India too have witnessed significant growth with more than 230 crypto tech startups and 34 Indian companies gaining unicorn status in 2021 itself according to the Venture Intelligence Unicorn Tracker. Given the active and innovative wave that has engulfed India currently, the India Blockchain Accelerator is focused on further encouraging and supporting these visionaries and providing them with a suitable platform to implement their relevant blockchain solutions.
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 program 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. The startups 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.
“The State of 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. The Government of Telangana has been at the forefront of utilizing the revolutionary blockchain technology across various sectors and has a goal of building a flourishing blockchain ecosystem in India. Through the program, we 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.
“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. The India Blockchain Accelerator aims to provide an essential support system to innovative
blockchain entrepreneurs to help them build and scale their startups and contribute to the country’s prosperous blockchain ecosystem” said Ashish Singhal, Founder, and CEO, CoinSwitch Kuber
“India’s technology space has seen the blockchain and crypto industries evolve significantly. From its inception, Lumos Labs has been committed to enabling Indian blockchain startups and builders through opening up global opportunities and providing a robust support infrastructure. Our focus is to reach the grassroots of innovators through our custom-made innovation programs and the India Blockchain Accelerator will be our biggest initiative yet. Through this accelerator, we hope to see hundreds of startups showcase their best to governments and global networks alike, furthering the India story in the global Web3 movement.” mentioned Kaavya Prasaad, Co-founder, Lumos Labs