Indian VC firms betting big on Web 3.0 startups
Web 3.0 startups are attracting a lot of interest from Indian venture capital firms, who see them as product developers for the future stage of the internet, which is defined by a decentralized online ecosystem built on blockchain technology.Early-stage Antler India, a subsidiary of Singapore-based venture capital firm Antler, has pledged to invest in 25-30 blockchain and Web 3.0 firms over the next 2-3 years. Over the next three years, it expects to invest $100 million to $150 million in over 100 Indian firms, with up to $50 million dedicated to the Web 3.0 space.
According to Nitin Sharma, partner and global blockchain head at Antler, the fund will make a minimum investment of $250,000 and will enter at a pre-product market fit stage.Sharma is also the creator of Incrypt Blockchain, a venture capital firm that has invested in Mudrex, a social trading and decentralized finance (DeFi) aggregator, and OnJuno, a payroll infrastructure that combines banking and cryptocurrency, among other companies.
Sequoia India has made roughly 20 investments in Web 3.0 firms, including Beta Finance, Clearpool, Coinshift, and Faze, through a combination of stock and token investments, in an exceptional year for the Web 3.0 market in India.
This is a huge increase for the prestigious VC fund, which had previously invested in only two such startups.Sequoia India’s managing director, Shailesh Lakhani, stated that the fund will primarily focus on consumer applications that scale.”What excites us the most is that blockchain’s underlying infrastructure is finally getting to the stage where it can serve high-volume applications with cheap transaction costs,” Lakhani told ET.”Blockchain has had amazing theoretical implications to until, but it has not been easy to utilise in practise, nor has it been cost effective to scale.” In 2021, that will begin to alter, and we expect this tendency to accelerate,” he added.
Non Fungible tokens (NFTs), decentralized autonomous organizations (DAOs), on-ramps, and infrastructure are all examples of blockchain technology.Despite regulatory uncertainties in India, Antler’s statement and Sequoia India’s bullishness come as the Cryptocurrency Bill is anticipated to be submitted in the ongoing Winter session of parliament.
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