Loading...

Telangana, CoinSwitch Kuber, Lumos Labs launch accelerator for early-stage blockchain startups

Telangana, CoinSwitch Kuber, Lumos Labs launch accelerator for early-stage blockchain startups
Photo Credit: Pixabay
17 Dec, 2021

The Telangana government has partnered with crypto startups CoinSwitch Kuber and Lumos Labs to launch a blockchain accelerator to help early-stage blockchain startups build go to market solutions that can solve real-world problems. The accelerator will also provide the opportunity to raise pre-seed/seed funding of over $700,000 from the accelerator’s investment partners.  

The duration of the accelerator will be four months, during which promising Web 2 and Web 3 startups and developers with interesting blockchain solutions solving real-world problems will be provided space for incubation, support from the ecosystem, government accreditation, go to market support.  

The accelerator is backed by major companies and the government agencies that will provide support at various stages of the startups’ growth. For instance, Nervos Network, Stellar, Filecoin, Streamr, and Neo Protocol will provide sponsorship to the accelerator. Similarly, Builders Tribe will provide support for incubation and Guwahati Biotech Park, an initiative by the Assam government, will be the program partner for the accelerator. Lightspeed and Woodstock Fund will provide investment to the startups.  

Also read: Govt proposes National Blockchain Framework to speed up blockchain adoption

“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, Government of Telangana said in a statement. 

According to industry body NASSCOM, Telangana and Andhra Pradesh are the leaders in blockchain adoption by the governments in India. The Telangana government has deployed blockchain-based solutions in the land registry, microfinance and digital education certificates.  

“Through this accelerator, we hope to see hundreds of startups showcase their best to the governments and global networks alike, furthering the India story in the global Web3 movement,” Kaavya Prasaad, Co-founder, Lumos Labs said in a statement. This will be Lumos Labs’ biggest initiative yet.  

Prasaad further added, our focus is to reach the grassroots of innovators through our custom made innovation programs and the India Blockchain Accelerator.  

Lumos Labs is an innovation management firm that has run blockchain-based innovation programs in the past. The labs will provide the startups with guidance and government accreditation.  

Ashish Singhal, Founder and CEO, CoinSwitch Kuber said, “The best global startups of tomorrow would run on Web3 blockchain infrastructure, and some of these startups will come from India.”