Fuel Labs and Graviton Forge Partnership to Bolster Indian Web3 Startup Ecosystem
In a significant development for the Indian web3 startup landscape, Fuel Labs, known for the innovative optimistic rollup Fuel v1, has collaborated with Graviton, a prominent accelerator with a focus on web3 ventures. This collaboration aims to advance the second batch of Indian startups in Graviton’s prestigious 16-week program. The announcement came following a comprehensive search for talented builders, culminating in a 2-month roadshow across major Indian cities.
Last year, Graviton unveiled its inaugural batch comprising startups focused on various sectors such as web3 infrastructure tools, DeFi, GameFi, and more, providing them with an average seed investment of $42,000. These startups benefited from extensive mentorship and workshops, touching on crucial aspects like business, marketing, security, and fundraising. This mentorship extended to personalized feedback and training in fundraising efforts from notable VCs in the Graviton capital network, including HashKey Group, NGC Ventures, and Moonrock Capital, among others.
A global Demo Day and targeted outreach campaigns significantly boosted the visibility of Graviton-backed startups, facilitating swift follow-on funding rounds. Noteworthy achievements include Fetch.xyz securing $1.5M in a pre-seed round and the subsequent acquisition of a GameFi team by a global firm. Other teams like Spydra and Zoth are progressing toward finalizing their venture funding rounds.
Arpit Nik, Graviton’s CEO, expressed his enthusiasm for nurturing India’s web3 talent, highlighting the high-quality products emerging from the program. Arjun Kalsy, Chief Growth Officer at Fuel Labs, echoed these sentiments, emphasizing the dedicated mentorship aimed at maximizing the startups’ potential.
The selection process for this year’s program was highly competitive, drawing over 500 applications. Shomprakash Sinha Roy, who played a pivotal role in scouting projects, highlighted the elevated scrutiny applied to the final selections.
Among the startups joining this wave is Nexity Network, led by Catalin Fetean, focusing on blockchain and circular economy principles through TradeFi. Ultimate Digits Inc., another standout, introduces unique web3 phone numbers and Smart Contract-based telephony, revolutionizing web3 communication.
Evolv Art, founded by Madhav Khandelwal, aims to integrate web3 technologies into everyday brand strategies, promoting ethical and sustainable digital interactions. Quantlytica, under Wesley Liao’s leadership, is set to transform cryptocurrency investment with AI-driven solutions for maximized returns and minimized risks.
Allocate Back, driven by fintech veteran Rajesh K, offers innovative investment solutions in web3 real-world assets, employing AI to dynamically allocate capital and enhance liquidity and returns. Other notable investments include Gameland and Stake n Bake, each introducing unique value propositions in the gaming and digital asset spaces.
About Graviton: Graviton stands as a pivotal syndicate-backed fund, fostering a rich ecosystem of web3 projects through its accelerator program. Supported by leading entities like Hashkey, NGC ventures, and Moonrock Capital, Graviton’s initiative underscores its commitment to advancing the web3 domain in India and the Asia-Pacific region.
About Fuel: Fuel Labs is pioneering the Ethereum rollup space with its FuelVM and distinctive architecture designed to enhance Ethereum’s capabilities. With a comprehensive suite of tools and services, Fuel Labs is at the forefront of developing unparalleled experiences within the Ethereum ecosystem.
