According to a Nasscom report, over 50% of the blockchain projects in India involve startups across different industries. The trend is picking up, in spite of India having only a 0.2% share in the $5.6 billion venture capital investments in blockchain in the year 2019. According to the same report, more than 40 blockchain initiatives are being taken up by the public sector in India. The global blockchain market is expected to be $20 billion by 2024. Even though it has slowed down a bit in its introduction phase in India, the outlook seems to be great for blockchain startups in India in 2020.
As 2020 almost passes up its second month, Analytics India Magazine takes a look at some of the most prominent blockchain startups to watch out for in 2020.
The list is in no particular order.
Established in 2015 by Kumar Gaurav, Auxesis focuses on blockchain solutions on an enterprise level. RISE Global has ranked the company in the ‘Top 100 Most Influential Blockchain Company’ in the world. The company is based out of Mumbai and offers products like AuxLedger, AuxCE, AuxPay, Darwinsurance, and Token Bazaar to its enterprise customers. Auxesis solutions have applications across sectors like insurance, supply chain, capital markets, and cross border remittances. For R&D and building customised application developments, Auxesis had collaborated with London-based Cashaa (IITb), and Mumbai based Blockchain lab.
Debut Infotech creates intuitive software applications for modern-day businesses and is a full-service blockchain development company which makes use of technologies like IoT and AI. Established in 2011 by Gurpreet Singh, this blockchain startup offers services like blockchain development, smart contracts development, hyper ledger fabric development, PoC development, Cords development, Dapps development, blockchain consultancy, and advisory services which include mobile apps, IoT, web, and cloud. The company holds clients like Everledger, iFinca, HDFC Bank, KFC among others, and till date, it has secured a total of $40 million for funding.
Elemential is a platform that enables developers to build and manage blockchain applications at a scale. Elemential was founded in the year 2015, by Raunaq Vaisoha, Anil Dukkipatty and Sahil Kathpal. Based in Bengaluru, Elemential has raised funding from Matrix Partners, Amrish Rau, Invetopad, Hinduja Group, Digital currency group, Lightspeed India, Eight Innovate, Amit Ranjan, Prashant Malik and other prominent angel investors. Elemential’s product, Hadron, makes blockchain administration a secure and hassle-free process. In 2018, Elemential labs got funding of an undisclosed amount from Matrix Partners and some other investors.
Vishal Kanvaty and Abhijeet Jaswal founded EzyRemit in the year 2015. This startup focusses on the remittance market and usage of blockchain across different business and functional domains. Their products include EzyRemit and Ezy Hedge provide blockchain solutions to the remittance market, and are available for demos. The startup focuses on solutions for the bigger ecosystem and for organisations that are trying to adopt blockchain and crypto tech for distributed computing, trust validation, and simplification of processes.
This startup, since its establishment in 2015, has been focusing on developing blockchain apps for efficient business processes. Krunal Soni founded MindDeft to help in identifying Dapps and smart contracts matching the business requirements. Their services include cryptocurrency development, smart contracts, token sale, private blockchain, distributed ledger, and legal contracts. This startup has been working with platforms like Ethereum, Hyperledger, Stellar, Quorum, EOS, Tron, and R3 Corda for its various projects.
PSI PHI Blockchain Labs
This startup has its headquarters in Bangalore and was established in 2016. Founded by Gaurav Kumar, Aditya Prasad and Harsh Pokharna, PSI PHI Blockchain Labs builds solutions for digital economy-based on distributed ledger technologies. PSI PHI Blockchain labs mainly work in the supply chain, telecom and healthcare industries, and offers products like Crypto Locker (store and share documents on the blockchain using APIs), and Digi Rail (multi-party shared database) for supply chain data flow optimisation.
Founded in 2016 by Rohas Nagpal and Shinam Arora, Primechain Technologies develops blockchain-based solutions for the banking system of India. It has a collaboration with 27 banks across India and the Middle East for verification, authentication and storage of electronic records. Their community of banks is called BankChain. Along with the banking sector, Primechain Technologies also provides blockchain solutions to other industries like capital markets, healthcare, governments, pharma, manufacturing, insurance, aviation, shipping and defence. The company offers products like Primechain CONTRACT, Promechain API, Primechain LOAN, Primechian KYC, Primechain MONEY, Primechain Charge Registry.
This company was established in the year 2015 and is headquartered at Bangalore. Signzy was founded by Ankit Ratan, Arpit Ratan and Ankur Pandey, to combine AI and blockchain to make products user-friendly, compliant, and more importantly, secure. Signzy offers three main products; RealKYC, Digital Contracts, ARI. In 2018, Signzy raised over $3.6 million Series A funding by Stellaris, Kalaari. Since 2015, this remains one of the best blockchain startups in 2020.
Sofocle was founded by Nidhi Chamria and Ravi Chamria in Jan 2017 and is headquartered at Noida with investors Sofocle that provides consultation on wallets, exchanges, smart contracts and private blockchain products. Some of their products include SofoCap, supply chain financing solution; SofoChain, a product for supply solution; and SofoInsure, an autonomous claim processing solution. The company offers blockchain-based solutions across industries like finance, health, and manufacturing sectors.
One of the oldest Indian startups, Somish, was founded by Ish Goel. With its headquarters in New Delhi, Somish has been in product development with expertise in building automation using the latest tech. Currently, the company has been developing blockchain-based solutions in India and around the globe. Somish has been working on blockchain technology to provide solutions to sectors like P2P insurance, aviation maintenance, crisis fund distribution, subsidy distribution, bill discounting, and tokenised fund transfer. GovBlocks is Somish’s flagship blockchain solution, which is a blockchain protocol for decentralised governance built on Ethereum.