CoinSwitch Kuber, Telangana and Lumos Lab launch Web3 accelerator

India Blockchain Accelerator is the second edition of T-Block Accelerator, an initiative of the Telangana blockchain district. As part of the accelerator, selected blockchain entrepreneurs will be able to secure government accreditation, incubation space, go-to-market support, grant support and mentorship. The last edition launched and supported 8 startups.

Those selected have an opportunity to raise pre-seed and seed investment of $700,000 or more from investment partners Lightspeed and WoodstockFund, contingent on their due diligence process and investment thesis fit.

This four-month-long accelerator will be open to early-stage Web2 and Web3 startups and blockchain developers who can showcase blockchain solutions solving real-world problems across fintech, entertainment, sustainability infrastructure and tooling, agritech, logistics and healthcare. As part of the programme, selected participants will be a part of workshops, meetups, mentorship and training.

“Today, anyone who is launching a business online has to pay 70% of its revenue to global infrastructure providers and money moves out. The blockchain industry is forming a new internet altogether. And we now have the chance which we had earlier when the internet originated to build these technologies in-house for the world to use,” said Ashish Singhal, founder and chief executive of CoinSwitch Kuber.

This accelerator is also supported by industry players
Nervos Network,
Stellar,
Streamr,
Filecoin, and
Neo Protocol. Its incubation partner is
Builders Tribe.

This comes at a time when
Indian venture capital firms are betting big on Web 3.0 startups as they view such companies as developers of products for the next stage of the internet, which is characterised by a decentralised online ecosystem based on blockchain technology.