Emerging Indian Blockchain Startups to Watch (2020)

• India is one of the largest and fastest-growing digital economies in the world, with 560 million internet subscribers in 2018;
• India aims to turn its digital economy into a US$1 trillion economy by 2024;
• Indians had 1.2 billion mobile phone subscriptions and downloaded over 12 billion mobile applications in 2018;
• India's digital economy is expected to unlock 60 million to 65 million jobs by 2025; and
• India's core digital sectors accounted for about US$170 billion or 7% of the country's GDP in 2017-2018.

The Indian government has also been enthusiastic in their support for new technologies such as blockchain.

• Most recently, Prime Minister Narendra Modi his enthusiasm for the many potential opportunities presented by blockchain technology;
• In November 2019, Minister of States for Electronics and IT Sanjay Dhotre said that the government is drafting a national-level blockchain framework; and
• India's Ministry of Defence Rajnath Singh believes that new technology such as blockchain has revolutionised and will continue to revolutionise contemporary warfare.

Needless to say, we'll be keeping a close eye on India's blockchain and crypto industry in addition to its wider digital economy in the years to come.

Indeed, just last month, we launched a slew of upgrades for our traders and investors using the Indian Rupee (INR), making trading in INR on our platform even faster, easier and more secure.

Without further ado, here are some of our favorite Indian blockchain startups, presented in no particular order:

Springworks

Founded in 2014, Springworks touts itself as the world's first blockchain-based "professional reputation network" that aims to eliminate fraud from user profiles. It does so by allowing users to verify someone's identity by simply taking a photo of the person's government ID and uploading it through their platform or WhatsApp-based verification channel. The company's core service is its hiring and recruiting platform, which allows companies to quickly and reliably conduct background checks and verify application documents.

StaTwig

Founded in 2016, StaTwig is a blockchain-cantered supply chain optimisation company focused on solving the problem of wastage in the global vaccine and food supply chains. The company is best-known for its VaccineLedger and BabyBoo products, which helps track the journey of each vaccine from manufacturer to child. StaTwig is based in Hyderabad.

GovBlocks

Founded in 2017, GovBlocks is an open, permission-less protocol for decentralised governance which allows blockchain networks to configure and establish a multi-layer governance framework that works best for their network. GovBlocks is based in Delhi.

Digiledge

Founded in 2017, Digiledge is a blockchain development company providing end-to-end blockchain solutions for financial institutions. It does so through five blockchain-based products: an international remittance platform built on Corda, a procurement application, a cheque verification and handling application, an invoice discounting platform, and an Ethereum-based tokenized rewards and loyalty platform named cryptoPats. Digiledge is based in Bangalore.

KrypC

Founded in 2016, KrypC is a blockchain software development company known for its flagship product KrypCore, a low-code platform that enables businesses to build and deploy enterprise blockchain solutions with ease. KrypC is based in Bangalore.

Diro Labs

Diro Labs is a decentralised identity and access platform which helps entities such as banks and governments verify the validity of people, information and documents. According to the company, its technology "captures original documents online directly from the original source". This, in order to verify a person's identity or authenticate the validity of documents and data. Diro Labs is based in New Delhi.

Kare4U

Founded in 2012, Kare4U is a blockchain development company focused on the healthcare industry. The company is known primarily for its blockchain-based healthcare app HealthPro. It connects healthcare providers and those seeking healthcare services, while providing a safe digital haven for users' medical records. Kare4U is based in Hyderabad.

ChitMonks

Founded in 2016, ChitMonks aims to build India's "largest blockchain network for savings and borrowings". The company's name is derived from the term "chit fund". A community-driven savings and credit system practiced in India where a specified number of people come together to pool their funds for a predetermined period of time. ChitMonks enables state government regulators, companies and groups to administer their chit funds on its blockchain-enabled digital platform. The startup is based in Hyderabad.

Zebi

Founded in 2015, Zebi claims to be "India's first and largest full stack blockchain company". The company's flagship product is the Zebi Secure Cloud, an enterprise-grade blockchain stack which provides access, editing, and management solutions for companies. Zebi is based in Hyderabad.

Instadapp

Founded in 2018, Instadapp is a smart wallet that provides users and developers with a single point of integration to access and manage popular decentralised finance (DeFi) protocols such as MakerDAO, Compound and Uniswap. The platform is most well known for its Bridge feature which allows users to move assets between DeFi services.

Matic Network

Founded in 2017, Matic Network is a blockchain scalability platform that helps developers building on the Ethereum blockchain scale their decentralised applications for mass adoption. The company is based in Bangalore.

Agri10x

Founded in 2018, Agri10x is an Indian blockchain startups that aims to connect local farmers with global buyers. The platform allows farmers to skip the middlemen and engage directly with buyers, thus allowing them to obtain a better profit margin. Indeed, the Pune-based startup announced in mid-2020 that it has inked a partnership with the Indian government to expand its services nationally and reach over three million farmers by year end.

Auxledger

Auxledger is a blockchain infrastructure platform which allows organisations to build fully-customisable blockchain networks, applications and tokens that meet their commercial and compliance requirements. All networks and decentralized applications built on Auxledger are fully interoperable with other blockchain networks such as Ethereum, NEO and Ripple.

Eleven01

Eleven01 is a blockchain protocol focused on serving "the next billion blockchain users" from emerging markets. The company, which claims to be India's largest homegrown blockchain protocol. It aims to develop a protocol that is interoperable with other global blockchain protocols.

Elemential

Founded in 2017, Elemential is a blockchain administration platform which helps developers build and manage blockchain applications at scale. The company's flagship product is its IDStack. It allows a decentralised application's users to have universal log-in access and complete control of their data. Elemential is based in Mumbai.

Primechain

Primechain is a blockchain ecosystem which builds itself in six minutes. Complete with a functional web application, mobile Progressive Web App, and a Blockchain REST API service. The startup seeks to differentiate itself by enabling users with only basic HTML know-how to build simple blockchain-based applications.

Signzy

Founded in 2015, Signzy is building a "global digital trust system". It allows financial institutions to quickly and easily identify, verify, and authenticate customers. The Bangalore-based company's blockchain-based solution has been deployed in over 80 financial institutions in India to date.

Are there other Indian blockchain startups that we should know about? Let us know in the comments.

More on:

• Who's buying crypto in Asia?
• Asian companies on Forbes' Blockchain 50 list (2020)
• Asian blockchain startups hiring in 2020
• Emerging blockchain startups in Malaysia (2020)
• Emerging blockchain startups in Indonesia (2020)

Cryptocurrencies mentioned in this article:

• Ethereum (ETH)
• NEO (NEO)
• Ripple (XRP)