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, 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:

1. Whrrl
2. Print2Block
3. Emertech Innovations Pvt. Ltd
4. Blockster Labs Private Limited
5. The-Ally
6. Karpine
7. BirthVenue
8. Autify Network
9. The Indian Art Revolution (TIAR)
10. Eventozo
11. Nibiaa Devices Pvt.Ltd.
12. MentorPlus (M+)
13. Konct
14. NFTready.tech

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.

About Telangana Blockchain District:

Blockchain district, anchored by the Government of Telangana, brings together different facets of the Blockchain technology realm including Tech companies, research organizations, academic institutions, startups, investors, enablers, and user groups & communities under one umbrella. The collaboration has been encouraged by the Government of Telangana to promote the use of Blockchain technology in the state and to foster the growth of the industry as a whole with IIIT – Hyderabad, Centre for Development of Advanced Computing (CDAC) and Tech Mahindra as the Founding Members too.

For more details, visit - https://blockchaindistrict.telangana.gov.in/

About CoinSwitch

CoinSwitch is on a mission to Make Money Equal for All. India’s largest Crypto investing app and a Great Place to Work, CoinSwitch is creating an ecosystem that simplifies Crypto and is trusted by over 15 million registered users. Founded in 2017 by Ashish Singhal, Govind Soni, and Vimal Sagar Tiwari, and backed by blue chip investors including Andreessen Horowitz (a16z), Tiger Global, Sequoia Capital, Ribbit Capital, Paradigm, and Coinbase Ventures, the company is evolving into a wealth-tech destination for every Indian.

CoinSwitch Launches Recurring Buy Plan for Crypto Purchases

India’s largest Crypto platform CoinSwitch has launched Recurring Buy Plan, a simple and planned way to purchase Crypto assets in India. With this launch, CoinSwitch aims to enable users to beat market volatility and avoid making impulsive buying or selling decisions.

"At CoinSwitch, we want to help users across their Crypto journey. Crypto is an emerging but attractive asset class and has a higher degree of volatility in comparison to traditional assets. The CoinSwitch Recurring Buy Plan will allow users to purchase Crypto in a planned manner and enable the user to avoid the impulse to time the market and make emotional trading decisions. It will also empower users to explore this new asset class in a more structured and disciplined manner," said Ashish Singhal, Founder and CEO, CoinSwitch.

Through Recurring Buy Plan (RBP), users can set aside a fixed amount of money to purchase a Crypto asset every month over a long period of time, allowing them to focus on a long-term strategy rather than timing the market.

On CoinSwitch, users can deposit only Indian Rupees from their verified bank accounts. The company permits only resident Indian bank accounts on the platform and conducts screening (for Politically Exposed Person status, Sanctioned list, and negative news) and other KYC checks.

Users can create an RBP in 3 simple steps:

1. Click ‘Recurring Buy’ on the buy page, and choose the preferred amount
2. Select the preferred repeat date
3. Confirm the order.

Users will also have to ensure there is enough balance in their CoinSwitch Account for future/repeat orders.

The upper limit of buy orders on the platform is ₹2,50,000. Users can have a single or multiple RBP for a single Crypto.

About CoinSwitch

Founded in 2017 by Ashish Singhal, Govind Soni, and Vimal Sagar as a global aggregator of crypto exchanges, CoinSwitch is India's largest and most valued crypto unicorn with 1.5 crore registered users. Today, users can choose from over 90 cryptos, including Bitcoin, Ethereum, and Solana. The company started its India operations in June 2020 to make Crypto trading easy and simple for users. Backed by reputed investors including Andreessen Horowitz (a16z), Tiger Global, Sequoia Capital, Ribbit Capital, Paradigm, and Coinbase Ventures, CoinSwitch is creating an ecosystem that simplifies trading in Crypto for its users. For more information, visit: www.coinswitch.co

Ashish Singhal of CoinSwitch and Sumit Gupta of CoinDCX Appointed Co-Chairs of IAMAI’s Crypto Council

(L-R) Ashish Singhal of CoinSwitch & Sumit Gupta of CoinDCX 

The Blockchain and Crypto Assets Council (BACC), a part of IAMAI whose members are crypto exchanges operating in India and are signatories of a self-regulatory code of conduct that ensures they comply with basic KYC and other regulatory guidelines, has announced the appointment of Ashish Singhal, Founder and CEO, CoinSwitch and Sumit Gupta, Co-Founder and CEO, CoinDCX, as its Co-Chairs.

Singhal and Gupta will be primarily responsible for driving the adoption and growth of the crypto industry in India and ensuring to create a consumer safe environment. India has seen exponential rise in the adoption of cryptocurrency with more than 1.5 crore Indians currently holding crypto assets.

“As cryptocurrencies are getting further mainstreamed in India, the industry is working closely with regulators and policymakers to build a prosperous and secure crypto environment to put India on the global crypto map. We believe that a progressive regulatory framework will foster innovation in financial offerings and bring financial well-being to every Indian,” said Ashish Singhal, Founder and CEO, CoinSwitch Kuber.

Echoing similar views, Sumit Gupta, Co-Founder and CEO, CoinDCX, said: “India today ranks second, in percentage of cryptocurrency ownership across the world. The interest and confidence in the new age asset class will increase as more and more people understand its potential."

“The onus is now on the government and the players to create an inclusive ecosystem. The first step in this direction is to build trust around the product by removing misconceptions and providing user-focused education. Second, increase the availability of cryptocurrency transactions through a transparent, safe, and secure platform. And most importantly, the government should take up the steps and form crypto regulations in India to protect the best interests of crypto investors,” he added.

About BACC

The Blockchain and Crypto Assets Council (BACC) was formed with the vision of doing public advocacy for the crypto industry, to increase awareness about crypto and provide industry guidance. All major crypto exchanges are members of this industry body.

About IAMAI

The Internet and Mobile Association of India [IAMAI] is a young and vibrant association with ambitions of representing the entire gamut of digital businesses in India. It was established in 2004 by the leading online publishers, and in the last 16 years has come to effectively address the challenges facing the digital and online industry including mobile content and services, online publishing, mobile advertising, online advertising, digital entertainment, ecommerce and mobile & digital payments among others. Sixteen years after its establishment, the association is still the only professional industry body representing the online industry in India. 

The association is registered under the Societies Act and is a recognized charity in Maharashtra. With a membership of nearly 300 Indian and overseas companies, and with offices in Delhi and Mumbai the association is well placed to work towards charting a growth path for the digital industry in India.