Antler, the Singapore-based early-stage VC firm, said it will allocate one-third of its planned investment in India to blockchain and web3 projects. The firm aims to fund up to 30 early-stage web3 and blockchain projects in India in the future.
The company plans to invest a total of between US$100 million and US$150 million across more than 100 startups in India over the next three years.
An Antler program / Source: Antler
Antler said it was looking to play the “enabler role” in the country’s flourishing web3 ecosystem. It also pointed out that Nitin Sharma, partner and global blockchain lead at Antler and also founder of Incrypt Blockchain, was among the first Indian VCs to “play an active role in fostering India’s blockchain ecosystem.”
Antler is also planning to expand its India team with blockchain and web3 specialists to accelerate investments in the sector.
The company expressed optimism over its foray into the Indian blockchain space despite uncertainties over the regulation.
“We have ourselves made policy proposals to address this while ensuring developer and entrepreneurial activity is not affected. With our network of global funds, we will focus on founders building key infrastructure and tooling from India, for various facets of the emerging web3, to solve scalability and usability,” Sharma said in a statement.
A shift in focus is part of Antler’s global efforts to “double down” on the decentralized space and plans to expand its portfolio to over 100 blockchain-based startups over the next few years. The company has also teamed up with the likes of Solana, Polygon, and Questbook to tap into the web3 space.
Antler said it has as many as 14 web3 and blockchain firms in its portfolio, including Hodlnaut, Art Wall Street, Alpha Impact, and Xanpool, which recently raised US$27 million in its series A fundraise, led by Valar.
The blockchain push will be co-led by Dunya Labs portfolio manager and ex-CEO Cathy Guo, Nitin Sharma, and Markus Bruderer, who has spearheaded several blockchain investments for Antler in Southeast Asia, the company added.
Editing by Collin Furtado and Arpit Nayak
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