Future Group, a Indian retail giant has announced the launch of its Future C&D Labs to foster and promote new-age technology startups.
The potential applications of blockchain technology in emerging economies like India is huge. The second most populous country is also home to a huge number of startups in a range of sectors. In order to keep up with the current requirements and emerging trends, Future Group — a well-known Indian consumer retail giant has launched an accelerator in Bangalore, India.
The new Future Group accelerator, named Future C&D (consumer and digital) Lab focuses on some of the popular next-generation innovations in the sectors of artificial intelligence, big data analytics, blockchain technology, Internet of Things, robotics and other allied technologies.
According to one of the leading startup tech magazine, the Future C&D Lab provides startups with ready access to necessary infrastructure and facilities to test, experiment and create prototypes of the technologies. Future Group’s vast network of outlets and customer base will act as proving grounds for startups to demonstrate and conduct trials of their products. The magazine quotes the CEO and founder of Future Group, Kishore Biyani saying,
“The Future C&D Lab is aimed at co-creating next generation technologies for the consumer space in India. We are creating an open environment of collaboration with some of the best young Indian minds who are working with new technologies to create solutions that can impact the retail space over the next couple of years.”
With the launch of Future C&D Lab, Future Group now joins the likes of Microsoft, Amazon, Qualcomm, Cisco and even Apple who have set up their own accelerators and incubators in Bangalore, which is among the Top 20 Global Startup Ecosystems.
Blockchain technology in India has been receiving a lot of attention lately. The interest in distributed ledger technology has been further enhanced by the recent trials conducted by the Reserve Bank of India in association with the blockchain company, Monetago. Many banking institutions in the country also enjoy existing partnerships with the likes of Ripple, Hyperledger, and Stellar blockchain platforms.
With the encouragement and support provided by some of the leading businesses in the country, the Indian blockchain ecosystem is expected to flourish in the coming years.