The Web3 Discovery Fund, which intends to foster up to 100 Indian early-stage entrepreneurs developing blockchain solutions, has been created by CoinSwitch Kuber, an Indian cryptocurrency company.
Additionally, portfolio firms will have access to the investor partners of the cryptocurrency firm, including Tiger Global, Coinbase Ventures, and Sequoia Capital India, through the fund, which has the initial US $10 million investment cap.
Due to the fund’s status as an AWS Activate Provider, portfolio companies have the option of applying for AWS credits, training, and resources through the fund itself. The firms will also get access to the user base and ecosystem network of CoinSwitch Kuber.
“The venture program is a result of our firm belief that India will be the launchpad for population-scale Web3 projects,” said Ashish Singhal, co-founder and CEO of CoinSwitch Kuber, in a statement.
The crypto company, which was founded in 2017, claimed to have more than 18 million subscribers. CoinSwitch Kuber raised $25 million in a series B investment round in April 2021, with Tiger Global as the venture’s lead investor.