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India’s web3 ecosystem on growth path

October 28, 2022

India’s web3 ecosystem on growth path
India is home to 11% of the global Web3.0 talent and employs nearly 75,000 blockchain professionals. Currently, it has about 450 Web3.0 startups, of which four are unicorn companies. Moreover, about 60 percent of Indian Web3.0 startups have become global with regard to their operations. Also, the country’s Web3.0 ecosystem has touched $1.3 billion in funding, till April, this year.

It is pointed out that among these, one-third of the start-ups have cropped up in the last year and several of them have a B2B model. Many of them are also working on domains like decentralised finance, gaming, NFT (non-fungible token) marketplaces, metaverse, on-chain coordination mechanisms, and so on.

In other words, since 2015, Web3 startups in India have grown six folds.

India’s large-scale digitally skilled talent potential, growing startup ecosystem, and continuous adoption of new-age technologies, have greatly contributed to making the country a key player in the global Web3 landscape.

Another major contributor is that the country would soon take over the G20 presidency, thus having a key position in shaping the Web3 and crypto space.

While most of the Web3.0 workforce hails from Tier I cities, the country’s Tier II ecosystem is rapidly growing, with cities like Ahmedabad, Jaipur, Kolkata, Trivandrum, etc., evolving as emerging hubs for Web3 startups.

Moreover, it is anticipated that Indian blockchain professionals will grow by about 120 percent in the coming two years, states the report.

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