Ava Labs, the primary architect behind the Avalanche blockchain, has recruited two former members of the Polygon and OKX teams as part of their expansion strategy in India.
Devika Mittal and Kamakshi Arjun have assumed key roles at Ava Labs for India, with Mittal heading operations and Arjun serving as the lead for business development in the Indian region. Their objective is to bolster the adoption of Avalanche within the country, as announced by Ava Labs on Wednesday.
Mittal, previously responsible for managing listings at the cryptocurrency exchange OKX, and Arjun, formerly the Head of Partnerships at Polygon Labs in India, have brought their expertise to this initiative.
In an interview with The Block, Mittal expressed;
“India represents a vast market. We are actively engaging with numerous prominent institutions and developers.
In fact, we have recently concluded a significant partnership with a government agency, although I’m unable to disclose further details.”
Ava Labs’ Strategic Vision: Diversifying into Key Sectors and Unleashing the Power of Avalanche Blockchain
Mittal elaborated on Ava’s plans to target various sectors, including ticketing, certification, and supply chain management. She emphasized that Ava intends to replicate its global collaborations in India. One example she provided was their partnership with SK Planet’s electronic and entertainment company, Dreamus, aimed at enhancing the ticketing experience.
Furthermore, earlier this year, Ava collaborated with the Indian game streaming platform Loco to create innovative fan experiences on the Avalanche platform. Mittal shed light on the pivotal role of Avalanche’s subnets in driving blockchain adoption.
Avalanche introduced AvaCloud, a no-code platform for launching “custom blockchains,” also known as subnets, on the Avalanche network. These subnets empower developers to swiftly create customizable blockchains and specialized decentralized applications at a reduced cost compared to building entirely new networks from the ground up.
Notably, the Avalanche Foundation unveiled a token incentive program worth $290 million at the time (currently valued at approximately $36 million) last year to stimulate subnet growth on their blockchain.
Ava Labs’ Indian Foray: Strategic Expansion, Local Talent, and Growth in a Competitive Landscape
Mittal unveiled the presence of a specialized business development fund designed explicitly for India. However, she chose not to divulge its exact size.
It’s worth noting that Ava is not the sole blockchain developer eyeing expansion in India, which ranks as the fifth-largest global economy.
Polygon is firmly rooted in India, and recently, both Near Foundation and Algorand have extended their presence in the region. Mittal clarified that Ava’s aim is not to capture a share of the existing market but to foster its expansion.
Mittal and Arjun joined Ava Labs last month, becoming the organization’s first full-time, India-based team members. Presently, the local team consists of approximately five individuals, with plans to maintain a streamlined workforce in the immediate future.
At present, Avalanche holds the position as the seventh-largest blockchain network globally. It proudly showcases a total locked value of nearly $500 million, as per the analysis conducted by DefiLlama.