News Report Technology
November 30, 2023

Algorand Foundation Expands Web3 Presence in India, Partners with NASSCOM and TiE Bangalore

Algorand Foundation Expands Web3 Presence in India, Partners with NASSCOM and TiE Bangalore

Singapore-based Algorand Foundation — the brainchild behind the Algorand blockchain, is expanding its Web3 footprint in India and through the AlgoBharat initiative, the foundation is forming partnerships.

Algorand announced partnerships with NASSCOM, India’s trade body and chamber of commerce for the tech industry, Mann Deshi Foundation which supports India’s first rural bank for women, and TiE Bangalore, a global venture supporting entrepreneurs.

According to the announcement, it will focus on building out Web3 capabilities and providing educational initiatives for the burgeoning Indian Web3 ecosystem.

Algorand’s engagement with the Mann Deshi Foundation aims to develop a blockchain-based credit scorecard and identity system for the foundation’s women entrepreneurs. This initiative aligns with the company’s CEO Staci Warden’s vision of pioneering financial inclusion and impacting millions in underserved communities.

Moreover, its foray into the country began with partnerships with the Self Employed Women’s Association (SEWA) and academic institutions like Jawaharlal Nehru Technological University and the Indian School of Business, to focus on supporting women-led blockchain solutions and launching faculty development programs.

Building on these foundations, it is now enhancing its educational and developmental offerings. To that end, one important development is the collaboration with T-Hub, a tech incubator supported by the Telangana government, to launch “Startup Labs.”

This program will provide mentorship to 20 Web3 startups, to nurture the next generation of blockchain innovators in India. The foundation’s expansion in India, marked by strategic partnerships and initiatives, represents a significant move in strengthening the blockchain ecosystem.

AlgoBharat Initiative for Real-World Blockchain Utility

Early this year, the organization launched AlgoBharat in India. The dedicated initiative is poised to make a substantial impact on the real-world utility of blockchain technology in the country, with implications reaching far beyond its borders.

AlgoBharat’s mission is anchored in three key pillars of activity. A concerted effort will be made to broaden the Web3 developer base—an essential component to meet the escalating demands of global blockchain-based enterprises. It is set to actively support and invest in the Web3 startup ecosystem.

Through a combination of mentorship, access to capital, and developer support, the initiative aims to nurture the growth of these startups.

AlgoBharat also plans to forge strategic partnerships with well-established organizations. This multi-faceted approach positions the initiative as a dynamic force driving innovation, collaboration and growth within India’s blockchain landscape.

As the initiative unfolds, its impact is anticipated not only to resonate within the nation but also to contribute meaningfully to the evolution of blockchain technology on a global scale.

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About The Author

Kumar is an experienced Tech Journalist with a specialization in the dynamic intersections of AI/ML, marketing technology, and emerging fields such as crypto, blockchain, and NFTs. With over 3 years of experience in the industry, Kumar has established a proven track record in crafting compelling narratives, conducting insightful interviews, and delivering comprehensive insights. Kumar's expertise lies in producing high-impact content, including articles, reports, and research publications for prominent industry platforms. With a unique skill set that combines technical knowledge and storytelling, Kumar excels at communicating complex technological concepts to diverse audiences in a clear and engaging manner.

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Kumar Gandharv
Kumar Gandharv

Kumar is an experienced Tech Journalist with a specialization in the dynamic intersections of AI/ML, marketing technology, and emerging fields such as crypto, blockchain, and NFTs. With over 3 years of experience in the industry, Kumar has established a proven track record in crafting compelling narratives, conducting insightful interviews, and delivering comprehensive insights. Kumar's expertise lies in producing high-impact content, including articles, reports, and research publications for prominent industry platforms. With a unique skill set that combines technical knowledge and storytelling, Kumar excels at communicating complex technological concepts to diverse audiences in a clear and engaging manner.

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