WazirX, AIM launch Blockchain Accelerator Programme

Indian cryptocurrency exchange WazirX, startup incubator Buidler’s Tribe and the Atal Incubation Centre at the Goa Institute of Management (AIC-GIM) have collaboratively launched a Blockchain Accelerator Programme. Based in Goa, the accelerator will seek to offer technical support, industry networking and funding routes for web3-based startup pitches.

The process for startups to apply under the Blockchain Accelerator Programme will be published by 20 April, and a list of technical mentors for the programme will be published by its promoters prior to that. Pareen Lathia, co-founder of Buidler’s Tribe, said clarified that the programme will not involve batches of startup ideas pooled in together but will host one on one sessions with the ideators of web3 startups looking for technical and funding assistance.

“We also do not have a fixed amount of funding allocated to the programme. Instead, we have a network of venture capitalists and personalities from the web3 space under Buidler’s Tribe, who will bring a combined asset under management (AUM) value of over $500 million to this,” Lathia said.

Web3, or Web 3.0, refers to the next generation of the internet and involves blockchain-based technologies, including cryptocurrencies. Indian web3 startups that have gained global attention so far include the likes of Polygon, Biconomy, EPNS and more.

Rajesh Joshi, chief executive of AIC-GIM, also stated that Goa’s early adoption of blockchain technologies, in comparison to the rest of the country, was one of the reasons for the programme being based in the state.

The state government of Goa has so far adopted a blockchain-based goods and service taxes (GST) management system, as well as the Goa Excise Management System (GEMS) that aims to make collection of taxes from the state’s liquor sales transparent.

Goa isn't the only state to run a blockchain accelerator programme though. In December 2021, the government of Telangana partnered with cryptocurrency exchange CoinSwitch Kuber and innovation programme management firm Lumos Labs to launch the India Blockchain Accelerator. The competition-format programme also roped in investors like Lightspeed Venture Partners and Woodstock Fund to offer up to $700,000 to winning startups.

The Goa programme, announced today, will not have a competition format, Lathia confirmed. He also said that the programme may offer students at institutes the opportunity to find a job in the web3 space in India.