Anil Kakani on Algorand’s India Plans: We are Committed to Supporting Innovative Startups
Algorand, a leading Layer 1 blockchain platform is hosting their Annual Impact Summit in Hyderabad on December 7 and 8. As part of our Algo Bharat initiative, they are all set to launch the Startup Lab, which will support innovative blockchain startups that are addressing real-world challenges.
In an exclusive conversation with Deccan Chronicle, Anil Kakani, VP and India Head, Algorand Foundation talks about how their Startup Lab is intended to shake up the business scene in India.
Excerpts
Tell us something about Algorand.
Algorand is a blockchain protocol, an open-source platform for developers and startups to build decentralised solutions. It’s a layer one blockchain, designed for enterprise scale, with a strong history of no downtime, instant finality, and high throughput of over 10,000 transactions per second. We have expanded significantly in India, and our India summit is happening here in Hyderabad.
What’s the idea behind Algorand launching the Startup Lab in Hyderabad, and what are your expectations from this initiative?
We started our first cohort of the startup lab, partnering with T-Hub. We had over 150 startups enter the competition, and 20 were selected for the program. The focus is on getting web3 technology companies product-ready, market-ready, and investment-ready. We provide technical support, and T-Hub provides mentorship. We have invested in five companies and expect more investments to come. We are already planning for the 2025 cohort.
What are some of the key challenges that blockchain startups in India face, and how will the Startup Lab address these challenges?
One key element is the business model. How do you eventually generate revenues? If I am an investor that wants to invest in a Web3 company, I have to know that the company is going to be able to generate revenues. It’s got to be a company that’s scalable, that has a solution. That’s where T-Hub really helps them, even in telling their story and coming up with the right economics. What are the commercials for the company that make them attractive for an investor? Algorand looks at the same factors. We have an arm of Algorand that invests in companies that are building on our protocol.
How do you see these startups in the startup lab contributing to India’s sustainability goal and economic growth?
In a tremendous way. We have 11 of our startup lab companies here with solutions. A few are focused on supply chain, tracking, and traceability. This applies to pharmaceuticals in India, where there’s a big issue with spurious drugs. Blockchain can identify where a product came from and track it to the end customer. We also have a carbon credit tokenization solution, where a company in Toronto tokenizes and fractionalizes carbon credits. At our event today, many students are offsetting their carbon footprint using this mechanism, which creates immutability and transparency.
How does Algorand's partnership with Indian startups align with the country’s broader vision for blockchain adoption and development?
I think it aligns very well. We have people like Dr. Arya Sharma, who’s the chair of our advisory committee in India, working on how to leverage India Stack. Blockchain is a way to bring economic growth to all of India, not just the urban centers. We are working on solutions like a digital health passport, and we have a partnership with Mandeshi, India’s oldest, largest women cooperative bank. We are also working with SEWA, the Self-Employed Women’s Association, on a solution for women micro-entrepreneurs.
Tell us about the summit happening in Hyderabad right now.
It's a two-day summit, and today is focused on developers. We have hundreds of developers here from all across India, and from Hyderabad too. Tomorrow, we focus on the actual startups, with project spotlights, enterprise projects, and fireside chats.
