Blockchain Startups in India

• Blockchain Council
• August 26, 2024

Blockchain startups are sparking a lot of interest in India. From finance to healthcare, these innovative companies are reshaping industries with new technologies. India is now home to over 3,000 deep-tech startups, including those in Blockchain. 

Cities like Bengaluru, Delhi, and Mumbai are leading the way. These startups not only drive economic growth but also offer solutions to various challenges. With a market expected to add $1.1 trillion to India’s GDP, Blockchain technology is more relevant than ever.

Top 10 Blockchain Startups in India

1. Polygon

Establishment Year: 2017
Founders: Jaynti Kanani, Sandeep Nailwal, Anurag Arjun
Overview: Polygon, originally known as Matic Network, offers a platform designed to make Ethereum transactions faster and cheaper. The startup uses a modified version of the Plasma framework, enabling quick and low-cost transactions on the Ethereum Blockchain. Polygon’s technology helps scale Ethereum by providing Layer 2 scaling solutions, making it more efficient for developers and users.

2. WazirX

Establishment Year: 2017
Founders: Nischal Shetty, Sameer Mhatre, Siddharth Menon
Overview: WazirX is one of India’s leading cryptocurrency exchanges. It provides a platform for trading various cryptocurrencies. Additionally, WazirX launched Shardeum, an open-source Blockchain project, and the Smart Token Fund (STF) to help users engage with experienced traders. This startup has gained significant traction and is known for its user-friendly interface and robust security measures​.

3. KrypC

Establishment Year: 2016
Founders: Ravi Jagannathan, Karthik Raghuraman
Overview: KrypC specializes in Blockchain development, providing a protocol-agnostic platform that allows businesses to integrate Blockchain technology seamlessly. KrypC’s solutions help organizations implement Blockchain for various applications, focusing on creating tangible economic benefits and enhancing operational efficiency. They offer products and services that cater to diverse industry needs, making Blockchain accessible for enterprises of all sizes​.

4. Nuo Network

Establishment Year: 2018
Founders: Varun Deshpande, Ratnesh Ray, Siddharth Verma
Overview: Nuo Network is a decentralized finance (DeFi) platform connecting lenders and borrowers through smart contracts. This platform simplifies the process of lending and borrowing by using partner exchanges to facilitate trades. Nuo also launched Juno, a digital banking platform built on Ethereum, which allows users to hold USDC stablecoins and earn interest. The company operates out of Mumbai and Singapore, handling significant transaction volumes in the DeFi space​​.

5. Deqode

Establishment Year: 2019 (as Deqode, originally established as Techracers)
Founders: Ankur Maheshwari, Latha Sharma
Overview: Deqode offers a range of Blockchain solutions aimed at enterprises. Their services include dq.wallet, dq.track, and dq.pay, which integrate seamlessly with existing business processes. Deqode serves clients in various industries like fintech, supply chain, energy, and healthcare across more than 20 countries. They have successfully delivered over 30 Blockchain projects, helping businesses enhance their digital capabilities​​​.

6. Bitdeal

Establishment Year: 2016
Founders: Thai Hoa Nguyen
Overview: Bitdeal, based in Madurai, focuses on cryptocurrency exchange development and Blockchain solutions. They offer a wide range of services, including the development of cryptocurrency exchanges, wallets, and decentralized applications (DApps). Bitdeal’s solutions cater to various needs, from P2P crypto exchange scripts to hardware and software wallet development, providing robust Blockchain services for businesses looking to adopt this technology​​.

7. Elemential Labs

Establishment Year: 2017
Founders: Raunaq Vaisoha, Dhruva Ghulati, Rajas Nandakumar
Overview: Elemential Labs offers Blockchain solutions designed to help businesses integrate this technology into their operations seamlessly. They provide consulting, development, and implementation services, making Blockchain adoption easier for organizations. Their platform focuses on building secure, scalable, and interoperable Blockchain systems for various business applications.

8. Bankchain

Establishment Year: 2017
Founders: Consortium of Indian banks
Overview: Bankchain is a collaborative initiative by several Indian banks aimed at exploring Blockchain technology to solve challenges in the banking sector. The platform focuses on providing secure and transparent solutions for banking operations, including cross-border payments and trade finance. This initiative helps banks streamline processes, reduce costs, and enhance security.

9. PrimeChain Technologies

Establishment Year: 2016
Founders: Rohas Nagpal
Overview: PrimeChain Technologies provides Blockchain solutions across various industries such as banking, finance, and supply chain management. Their services include consulting, development, and implementation of Blockchain technology to optimize business operations. PrimeChain’s goal is to help organizations improve efficiency, security, and transparency in their processes.

10. Block Armour

Establishment Year: 2016
Founders: Narayan Neelakantan, Abhishek Tiwari
Overview: Block Armour focuses on cybersecurity solutions using Blockchain technology. They provide a secure platform for sharing sensitive information between organizations. Their solutions employ advanced encryption and decentralized ledger technology to ensure data privacy and integrity. Block Armour aims to enhance cybersecurity measures for businesses by leveraging Blockchain’s robust security features.

What Educational Resources Are Available For Learning Blockchain Technology In India?

To learn about Blockchain technology in India, several educational resources and certifications are available. A notable organization in this space is the Blockchain Council, which provides a variety of online certifications and training programs. These certifications cover a range of topics from foundational concepts to advanced applications. 

The programs are designed to offer in-depth knowledge about different Blockchain technologies and their use across various industries. The Blockchain Council’s certifications are globally recognized and aim to equip learners with both theoretical and practical skills in Blockchain technology.

Additionally, several Indian universities and online platforms like the Global Tech Council offers tech related certifications. These certifications often include hands-on projects, real-world case studies, and interactive learning modules to enhance understanding and application of Blockchain concepts in various sectors.

Conclusion

Blockchain startups in India are more than just a trend. They represent a shift towards more secure and efficient systems across industries. With substantial investments and a growing number of startups, India’s Blockchain ecosystem is set to become a global leader. This growth promises exciting opportunities for businesses and developers alike. As more startups emerge, India’s position in the global tech landscape will only strengthen.

FAQs

What is the role of Blockchain startups in India?

• Blockchain startups in India use advanced technology to tackle challenges and create new opportunities in sectors like finance, healthcare, and logistics.
• These companies are instrumental in driving economic growth, enhancing operational efficiency, and ensuring data security across various industries.

Which are the top Blockchain startups in India?

• Polygon: Enhances Ethereum transactions with Layer 2 scaling solutions.
• WazirX: A leading cryptocurrency exchange in India with user-friendly interfaces.
• KrypC: Provides versatile Blockchain solutions to integrate with existing business operations.
• Nuo Network: Connects lenders and borrowers through decentralized finance on Ethereum.
• Deqode: Delivers Blockchain projects that improve digital capabilities across multiple industries.

How is Blockchain technology benefiting India’s economy?

• Blockchain technology is projected to add $1.1 trillion to India’s GDP by improving efficiency, security, and transparency in various sectors.
• It fosters innovation in fields such as financial services, healthcare, and supply chain management, leading to better service delivery and reduced operational costs.

Where can I learn Blockchain technology in India?

• Blockchain Council: Offers online certifications and training programs covering both basic and advanced Blockchain concepts.
• Indian Universities and Online Platforms: Provide Blockchain courses that include hands-on projects and real-world applications to equip learners with practical skills in Blockchain technology.