Bengaluru, NFAPost: CoinSwitch, India’s largest crypto-investing platform, has made remarkable progress with its Web3 Discovery Fund since its launch under CoinSwitch Ventures last year.
The fund empowers early-stage startups developing blockchain-based solutions for the dynamic Web3 landscape. In less than nine months, the fund has expanded its VC investor network from six to over 70 participants, investing in 12 promising startups and facilitating nearly $25 million in subsequent funding.
CoinSwitch Cofounder and CEO Ashish Singhal said the fund’s philosophy was born out of the challenges we faced while setting up CoinSwitch.
“The roadblock then led us to establish a fund that not only provides funds but also expertise and networking opportunities. It is with great pride that I share our achievement of facilitating approximately $25 million in subsequent funding for pioneering innovations within the Web3 space,” said CoinSwitch Cofounder and CEO Ashish Singhal.
Talking about the fund, CoinSwitch Ventures Investments Lead Parth Chaturvedi said with the Discovery fund, CoinSwitch is identifying and enabling entrepreneurs and early-stage startups to leverage the potential of crypto to solve real-world problems.
“Even in the bear market, we have seen a huge influx of innovative startup ideas. Our aim is to build a bridge that enables Indian startups to have access to global capital, thereby facilitating the growth of the Indian Web3 ecosystem,” said CoinSwitch Ventures Investments Lead Parth Chaturvedi.
The 12 funded startups include PYOR, Silence Labs, AirStack, Mohash, Shield, PolyTrade, BitsCrunch, and PlayZap. They are built on key themes like blockchain infrastructure, blockchain analytics, and real-world asset tokenization. The Web3 Discovery fund has acted as a catalyst, connecting over 100 startups with esteemed global investors, including prominent names like Andreessen Horowitz (a16z), Coinbase Ventures, and Sequoia Capital.
“CoinSwitch Ventures has been a great value addition in terms of how to build a global protocol that is compliant, user-friendly, and forward-looking. Their connections, advice, and ecosystem support has quickly become our go-to for these matters,” said Polytrade spokesperson.
“CoinSwitch Ventures has been more than just an investor for us. They have been a support system for us right from when we were just a team with an idea. They are proactive in shaping our thought process, help us make the right connections, and are also a great sounding board.” said Stealth startup Founder.
“CoinSwitch has been a core partner and value-add throughout the development of Shield. Parth inspired our team to build detection systems for malicious wallet history, which is now our most popular API module by far,” said Shield spokesperson.
