On February 12, the Algorand Foundation’s India-focused initiative AlgoBharat opened its Startup Lab program at T-Hub. In order to help 20 carefully chosen Web3 businesses prepare for product-market fit, the year-long program will provide them with access to pre-seed investment as well as technical and business coaching.
The same application process is now open throughout India and will end on March 15, 2024. On March 18, the chosen businesses will be revealed, and on March 22, the program will start at T-Hub’s approximately six million square foot innovation center in Hyderabad.
This occurs several months after Algorand’s December 2023 Delhi Creating Impact Pitch Competition proved to be successful.
The Startup Lab will search for blockchain-based solutions that promote greater inclusivity and transparency in a variety of verticals, such as agriculture, health care, supply chain, sustainability, and financial inclusion. The Algorand Foundation will offer pre-seed funding as part of an India fund to startups that meet certain milestones.
While T-Hub will offer project management resources, business mentoring, strategic guidance, curated introductions to large corporate customers to pilot test their products, and more, Algorand Foundation will provide each of the Startup Lab Web3 startups with technical and solution architecting support by mentors from their global team.
“Through this program, Web3 startups will have the chance to receive infrastructure support, comprehensive technical and business mentoring, and access to investors and customers to test their solutions and grow their businesses,” stated Anil Kakani, vice president and head of the Algorand Foundation’s India country.
We are excited to be the first Layer 1 blockchain protocol to collaborate with T-Hub in order to generate comparable prospects for the Indian Web3 startup ecosystem. T-Hub is already a haven for startups in India and the worldwide market, he continued.
The CEO of Telangana’s government-run tech incubator, T-Hub, Mahankali Srinivasa Rao, stated, “Our goal of developing Web3 startups is perfectly aligned with T-Hub’s unwavering commitment to fostering entrepreneurship and innovation in India.”
