CoinSwitch launches Web3 Discovery Fund to catapult up to 100 Indian startups

economictimes.indiatimes.com:

CoinSwitch has announced to launch Web3 Discovery Fund, the company’s corporate venture capital initiative. The aforesaid fund will invest in and incubate early-stage startups building blockchain solutions for the rapidly evolving Web3 landscape. The Web3 Discovery Fund will curate portfolio startups and provide single-window access to marquee investor partners Tiger Global, Ribbit Capital, Coinbase Ventures, Sequoia Capital India, Woodstock Fund and Elevation Capital (ex-SAIF partners), and incubation partner Buidlers Tribe.

CoinSwitch Web3 Fund has an initial corpus of $10 million to fund early-stage startups, while also curating and facilitating subsequent fundraising from marquee investor partners, the platform told Etmarkets.com CoinSwitch Web3 Discovery Fund will also be an AWS Activate Provider. The fund’s early-stage portfolio startups can apply for AWS Activate Portfolio and receive AWS credits, technical support, training, resources. The portfolio startups will also benefit from ready access to CoinSwitch’s in-house capabilities, ecosystem network, and 18 million-strong user base, accelerating their product life-cycle strategy.

«The venture program is a result of our firm belief that India will be the launchpad for population-scale Web3 projects, said said Ashish Singhal, Co-founder and CEO, CoinSwitch. »To realize this vision of made in India Web3, we have to identify and enable entrepreneurs and early-stage startups leveraging the potential of Crypto to solve real-world problems unique to India," he added. Web3 Discovery Fund will be an active investor and provide strategic support for the rapid growth of the portfolio startups.