There are 450 Web3 startups in India, including four unicorns.
India presently has 11% of the world's Web3 talent, according to recent research by the National Association of Software and Services Companies (NASSCOM), a nonprofit organization in India with over 3,000 members. With approximately 75,000 blockchain professionals working there today, India has the third-largest Web3 workforce in the world. The industry association also forecasts that the skill pool will increase by nearly 120% during the following two years.
There are 450 Web3 startups in India, four of which are unicorn companies. The Indian Web3 ecosystem has raised $1.3 billion in funding since April 2022. Additionally, more than 60% of Web3 startups in India have increased their geographic reach.
Most of the companies featured in the report are developing tools for decentralised finance, non-fungible gaming token (NFT) marketplaces, metaverses, decentralised communities, on-chain coordination methods, and other fields.
In the following years, NASSCOM is still upbeat about Web3's growth prospects in the nation, predicting that there will be an increase of 150 million internet users in India and 500 million 5G users. According to Debjani Ghosh, president of NASSCOM, "India's rapid adoption of new-age technologies, its expanding startup environment, and its vast potential pool of digitally trained personnel are consolidating the country's position in the global Web3 scene.
It is encouraging to see that industry and government players in India are approaching blockchain technology very pragmatically, with use cases being investigated in everything from land registry to education to health and safety, finance, and enterprises.