India has over 450 active web3 startups – a rapidly growing ecosystem that has raised $1.3 bn funding till April 2022. This new generation of the web is expected to bring new avenues for websites and applications that are based on the utility offered by blockchain technology.
More than $3.8B has been poured into startups in the Web3 space — which includes the metaverse, cryptocurrencies, blockchain technology, and plenty of augmented reality features. The goal of Web3 is to move towards a decentralized internet, and away from larger tech players currently in control.
While global response to Web3 is still shaping up, India’s growing economy, demographic dividend, and exponential adoption of emerging technologies, across sectors, position the country to become one of the highest growth markets for Web3 globally. In the last two years, Indian Web3 startups have grown to a 450+ community, with 4 unicorns, raising $1.3 billion of total investments, until April 2022.
Between 2021-2022 alone, India registered over 170 new Web3 startups, yielding over 50% CAGR growth since 2015. With increasing confidence and interest from global investors, investments in Indian Web3 and Web 2.5 startups have also soared. The sector has witnessed robust funding across stages. New age incubators have pooled in over $587 million funding, as of Q32021.
Today, nearly 75,000 blockchain professionals are actively employed by the tech industry in India. Active collaboration between academia, startups, and corporates, and increasing number of blockchain-related government initiatives, will play a crucial role in driving the Web3 talent growth in the country, as per the report of NASSCOM.
Experts say, the technology underpinning Web3 has created a whitespace for innovation across domains and geographies. In order to fully understand and grasp the significance of the opportunity at hand, India must develop public awareness about this innovative technology, and the use cases and benefits it offers.
Going forward, Web3 and blockchain will prove game-changing for economies that can bring together the right ecosystem partners to take the right steps early on to facilitate this industry – co-creating solutions & building marketplaces, focusing on blockchain education from early stages of STEM education, building quick-turnaround certification programs, aggressively promoting cutting-edge R&D, and importantly, creating forward-looking policies and regulations through constructive dialogues to promote India’s Web3 potential.
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