According to Nasscom, India has a rapidly expanding Web 3.0 ecosystem and emerging as a global leader with more than 450 active start-ups that have raised $1.3 billion in funding as of April.
According to a study published by Nasscom in collaboration with Hashed Emergent, while the global response to Web3 was still taking shape, India’s expanding economy, demographic dividend, and exponential adoption of emerging technologies across sectors, put the nation in a position to become one of the highest growth markets for Web3 globally.
Indian Web 3.0 start-ups have expanded to a community of over 450 companies in the previous two years, including four unicorns. According to the analysis, India registered more than 170 new Web3 start-ups between 2021 and 2022 alone, representing a CAGR growth of more than 50% since 2015.
More than 80% of these Web 3.0 start-ups are distributed in Tier I cities. The survey revealed that the tier II/III ecosystem is expanding quickly and that new centres for Web 3.0 start-ups are emerging in cities like Jaipur, Vadodara, Ahmedabad, Kolkata, Thiruvananthapuram, and Coimbatore.
“Investments in Indian Web 3.0 and Web 2.5 start-ups have increased along with growing confidence and interest from international investors. The sector has seen consistent support at all phases, according to a statement from Nasscom.
According to Nasscom, the study, titled “The India Web 3.0 Start-up Landscape, An Emerging Technology Leadership Frontier,” aims to increase awareness of the wide range of Web 3.0 possibilities and the start-up ecosystem in the nation.
The term “Web 3.0,” which refers to a future version of the World Wide Web that incorporates ideas like blockchain technology, the metaverse, and non-fungible assets, has recently gained popularity (NFTs).
