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Algorand Foundation, the not-for-profit arm of blockchain company Algorand, on Monday wrapped up its second annual India summit, which saw participation from over 800 developers and startups.

The organisation also announced plans for a second cohort of Startup Lab, a collaboration between Algorand Foundation and startup incubator, T-Hub.

“This year’s summit was a sign of the incredible progress being made in India’s blockchain landscape. At Algorand, we are committed to enabling builders, entrepreneurs, and organisations to leverage blockchain for real-world impact. With initiatives like the Startup Lab and Road to Impact, we continue to see the Algorand blockchain being used to drive sustainability, transparency, and innovation in India and beyond,” said Staci Warden, CEO of Algorand Foundation.

India’s blockchain ecosystem is growing rapidly with over 1,000 startups and the world’s third-largest Web3 founder base. This resulted in a growth of more 80% from the previous year, attracting an investment of over $460 million in the first nine months of 2024, the organisation noted.

Algorand added that partnerships announced during the 2023 Summit in Delhi with T-Hub, NASSCOM, Mann Deshi Foundation, among others, resulted in expansion of the number of developers and startups building on Algorand.

Additionally, Bengaluru-based Team Carret, Guwahati-based Team Carbon Trace, and Hyderabad-based

Team Rejolt EdTech emerged as the winners of the Creating Impact! Pitch Competition, earning prizes in excess of $20,000.

“Algorand India Summit 2024 was a celebration not only of what you can do with blockchain, but what India’s developers, startups and changemakers already are doing on Algorand,” said Anil Kakani, Vice President and India Country Head at Algorand Foundation.

“This event showcased the innovation and talent driving the Web3 revolution in India in alignment with India’s Viksit Bharat mission, which seeks to leverage technology to drive inclusive growth, foster innovation, and build a sustainable, equitable future for all our approach, encapsulated in our months-long Road to Impact initiative and partnerships with leading universities across India, is key to building awareness and nurturing developers in their journey of building scalable and impactful Web3 solutions,” he added.