India Retail Corp. Backing Tech Startups

Blockchain, FinTech, News | April 17, 2017 By:

The Walmart of India is investigating blockchain technology.

Future Group, a multi-billion Indian retail conglomerate , has created an accelerator called Future C&D Labs to foster and promote technology startups. The chain is best known for Big Bazaar, the India equivalent of US-based superstore Walmart.

The new lab will focus on bringing in multiple teams and companies that are working in areas like blockchain, artificial intelligence, big data analytics, IoT (Internet of Things), robotics and allied technologies. The lab will provide these companies the opportunity to test, experiment, and prototype their technologies across Future Group’s brand and retail platforms.

“The Future C&D Lab is aimed at co-creating next generation technologies for the consumer space in India,” said Future Group founder and CEO Kishore Biyani. “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.”

The team at the lab will consist of engineers, data scientists, consumer specialists and technologists. Hackathons, open workshops and other events that foster development will also be held in the lab. Testing, research and development activities will be funded by a $15.5 million accelerator fund that will also back operations of teams working at the lab.