CoinSwitch launches $10 million Web 3 Discovery Fund to invest in early-stage Indian startups

• The Web3 Discovery Fund will invest in early-stage startups building blockchain solutions for the Indian Web3 landscape.
  
• The $10 million web 3 fund will also provide technical support to early stage Indian web 3 startups.
  
• Web3 development and innovation in India witnessed investments worth over $500 million in 2021 alone.
  

CoinSwitch, one of India’s largest crypto exchanges, on Tuesday announced the launch of corporate venture capital ‘Web3 Discovery Fund’ worth $10 million. The fund will invest in and incubate early-stage startups building blockchain solutions for the evolving Web3 landscape in India.

Despite the ongoing crypto winter, there has been a steady influx of capital for Indian web 3 startups. Web3 development and innovation in India witnessed investments worth $500 million+ in 2021.

Coinswitch’s Web3 Discovery Fund, with an initial corpus of $10 million, will provide single-window access to investor partners Tiger Global, Ribbit Capital, Coinbase Ventures, Sequoia Capital India, Woodstock Fund, Elevation Capital, alongside incubation partner Buidlers Tribe.

CoinSwitch Web3 Discovery Fund’s startups can apply for AWS Activate Portfolio and receive AWS credits, technical support, training, and resources.

The early-stage portfolio startups will also be able access CoinSwitch's in-house capabilities, ecosystem network, and its 18 million-strong user base.

“The venture program is a result of our firm belief that India will be the launchpad for population-scale Web3 projects. To realise this vision of #MadeinIndia 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," said Ashish Singhal, co-founder and CEO, CoinSwitch.

Coinswitch was founded in 2017 by Singhal, Govind Soni and Vimal Sagar Tiwari and is backed by blue chip investors including Andreessen Horowitz, Tiger Global, Sequoia Capital India, Ribbit Capital, Paradigm, and Coinbase Ventures.