Avalanche & Team1 launch USD $100,000 grant for Indian Web3

Avalanche has announced a collaboration with Team1 to launch a USD $100,000 Team1 India Mini Grant fund designed to support and accelerate the Web3 ecosystem in India.

The initiative seeks to address challenges faced by new and young developers entering the Web3 sector, particularly issues related to limited funding and a lack of high-quality mentorship. The scheme is positioned as a pilot, with the intention to scale the fund after the initial round is completed in 2025.

Support for young talent

Avalanche and Team1 have stated that most developers entering the Web3 space are under the age of 27 and are often newcomers to the industry. These developers, according to the organisations, can lose enthusiasm when confronted with obstacles such as scarce funding and inadequate guidance from more experienced professionals.

To address this, a team has been formed to actively identify potential Web3 projects and startups that would benefit from the grants, with the aim of disbursing funding promptly and providing ongoing support. The selected project teams will also gain access to Avalanche's suite of development tools, as well as opportunities for collaboration, community engagement, and participation in hackathons.

The process for selecting projects involves in-person demonstrations across multiple cities in India, allowing project creators to showcase their developments and ambitions directly to the grant team.

Industry perspectives

Devika Mittal, Regional Head at Ava Labs, reflects the organisation's focus on increasing the number of Web3 startups in India while encouraging a more diverse applicant pool:

"India is rapidly gaining reputation as a major hub for Web3 developers globally and is projected to be the largest by 2028. Currently, there are 1200 Web3 startups in India and we aim to significantly increase this number by 2026 through our #Team1MiniGrants fund. Our initiative will fill the funding gap for web3 projects and create a level playing field for talented developers. In particular, we hope to see young developers, both men and women, applying to the fund."

Eamonn Deane, Head of Ambassador Program at Ava Labs and Team1, emphasises the importance of India's broader digital landscape in enabling further blockchain adoption:

"India, being one of the tech superpowers of the world with strong digital infrastructure, provides a strong foundation for the growth and adoption of blockchain technology. With active participation from the government and big private enterprises, we see a huge growth potential for Web3-related products and services. Apart from metros, we aim to include projects from Tier 2 and Tier 3 cities due to the fast-paced innovation in smaller Indian towns and cities".

Ongoing and future initiatives

Avalanche has confirmed it will continue to increase its focus on fostering one of the largest Web3 ecosystems in India. The company cited India's large pool of technical talent, government policies that encourage enterprise, and digital infrastructure as factors that make the country attractive for Web3 development.

Recent activities by Avalanche in India include partnerships with state authorities to implement the tokenisation of land assets, a move aimed at unlocking the economic potential of idle land parcels. Additionally, Avalanche's collaboration with global digital exchange Bitget is specifically focused on boosting Web3 adoption and activity within the country.

The new funding initiative signals the intent to provide practical support to both early-stage and scaling ventures throughout India, with a focus on both metropolitan and smaller regional centres. Selected participants will benefit from mentorship, peer collaboration opportunities, and community-building resources.

Avalanche and Team1 have indicated that the Team1 India Mini Grant fund may be expanded after the initial phase, depending on results achieved and ongoing demand from the developer community.

This development forms part of wider moves within the blockchain industry to support emerging markets and encourage the creation of new products and services based on decentralised technologies.