The Telangana Blockchain District announced the India Blockchain Accelerator in partnership with Lumos Labs, a technology innovation management firm with expertise in running blockchain-based open innovation programmes in India, after successfully launching and supporting eight innovative startups in the first edition of the T-Block Accelerator.

This accelerator will aim to provide expert guidance and government accreditation to innovative deep-tech blockchain startups.

This accelerator is also supported by platinum sponsors Nervos Network, Stellar, Streamr, Filecoin, and Neo Protocol, investment partners Lightspeed and Wodstock Fund, incubation partner Builders Tribe, and programme partners Guwahati Biotech Park, an Assam government-led platform dedicated to accelerating entrepreneurship and technological development in northeast India, and Microsoft.

This four-month accelerator will be available to early-stage Web2 and Web3 start-ups, as well as blockchain engineers, who have innovative blockchain solutions that solve real-world problems in one of several tracks.

Fintech, entertainment, sustainability infrastructure and tools, agritech, logistics, and healthcare are among the tracks where solutions could be developed. Furthermore, the programme will include multiple workshops, meetings, mentorship, and training programmes to guarantee that start-ups have the necessary assistance and resources to expand holistically.

For their innovative ideas, the participants will be eligible for government accreditation, incubation space, ecosystem support, and go-to-market assistance. The start-ups may also be eligible for a $700,000 pre-seed/seed investment from investment partners Lightspeed and Woodstock Fund. These investments are conditional on the due diligence process and investment thesis matching the funds' and founders' refusal rights.

T-Hub Foundation, IIIT-H Campus in Hyderabad hosted the launch event, which was attended by government officials, worldwide blockchain industry leaders, start-ups, and members of the developer community.

The cryptotech industry has grown by over 39% in the last five years, according to the NASSCOM Cryptotech Industry in India report. According to the Venture Intelligence Unicorn Tracker, India's technology and entrepreneurship sectors have experienced considerable development as well, with more than 230 cryptotech startups and 34 Indian companies achieving unicorn status in 2021 alone.

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