Global venture firms look to invest in Web3, blockchain startups in India

Cryptocurrency (Representative image)

Global venture capital firm Antler  plans to invest up to a third of capital investment planned in India in backing Web 3, as the new version of the Internet is known,  and blockchain projects.

 Antler plans to deploy $100-150 million in more than 100+  startups in India over the next 3 years.

 Globally, Antler is doubling down on the decentralization theme as well, and plans to expand its portfolio to 100+ blockchain start-ups over the next few years, the investor said in a press statement. Due to its global network, resources, and partner companies, Antler offers a tangible opportunity that existing Web3 founders, and those transitioning from Web2 to Web3, could capitalise on.

 As part of this initiative, Antler’s partners will include Solana and Polygon, as well as Questbook, a Web3 developer communities. The effort will also involve the support of 10+ industry advisors including the founders of Xanpool, Zilliqa Research, Mudrex, Mesh.Finance, OnJuno, Persistence One, Molecule and Chainstack.

Antler has built an existing portfolio of 14 Web 3 and blockchain ventures, including Hodlnaut, Art Wall Street, Alpha Impact and Xanpool.
 Nitin Sharma, partner and global blockchain lead at Antler, who is also the founder of Incrypt Blockchain, has invested in 16 blockchain projects since 2017, with the Incrypt Blockchain portfolio spanning projects such as Arweave (decentralized file storage), Mudrex, OnJuno (payroll infrastructure bridging banking and crypto), BAT, Ocean, Molecule, Persistence and more.

Antler India also plans to further expand its team with blockchain and Web 3 specialists, in order to ramp up investments in the sector moving forward.

“I have been fortunate to work with some of the pioneers and “OGs” who have built the space in India, and deeply believe that in Web3 and DeFi, there is a new Internet and a new financial system being built - with DAOs, digital assets and NFTs as the building blocks," Sharma said.
 Silicon Valley Draper Fund is also looking to invest $75-$100 million in Indian blockchain and crypto startups. The fund will be looking to invest in early-stage start-ups of a size of around $150,000-$1.5 million with a major focus on metaverse projects, non-fungible tokens and gaming.

 The fund has already invested in over 80 crypto-based startups including wallet company Safle, cross-chain liquidity company Pontoon Finance and metaverse company Polkamusic among other.
These developments come at a time when the government is set to table the Cryptocurrency and Regulation of Official Digital Currency Bill, 2021 in Parliament's Winter Session.

 Meanwhile, blockchain firm Polygon  has partnered with technology innovation management firm Lumos Labs to launch the PolygonLEAP 2021 Accelerator which will support Web3 startups. The global blockchain firm said that it will invest $250,000 in Indian startups that build interesting projects on Polygon. Additionally, the startups can also raise seed investment of over $9 million from firms including Elevation Capital, Lightspeed, Jump Capital, Woodstock Fund and Sino Global Capital which will be joining the program as investors and mentors. 

 Over a four-month period, participants will build unique blockchain-based solutions along several tracks, including entertainment, decentralized finance, decentralized applications, and open innovation.

The process will also include a series of meetups designed to engage and interact with the developer community. The program will conclude with a month-long bootcamp phase where selected startups will turn their vision into reality under mentorship from the industry's leaders.

“Polygon seeks to empower Web3 developers by providing an accessible and scalable infrastructure. We look forward to working with Lumos Labs and inviting passionate innovators in India to build on Polygon” Sandeep Nailwal, co-founder of Polygon.