Domestic blockchain start-ups mop up over $5.3 million since 2016

The most recent start-up to raise funds is Elemential Labs, a platform which allows developers to build and manage blockchain applications at scale

Indian blockchain startups raised over $5.3 million between January 2016 and April this year, either from venture capital (VC) funds, individual investors and institutions, or through initial coin offerings (ICOs). Globally, blockchain start-ups raised around $1.3 billion from VC funds last year.

Several companies, particularly in the banking and finance industry, have initiated blockchain proof-of-concepts (POCs) to improve operations. Blockchain projects are being deployed for both private-internal use as well as to improve global operations, in the case of inter-bank transactions, for example.

“Blockchain is another hotbed of investment right now as the sector is seeing continued backing of investors