India is quickly becoming a key player in the Web 3.0 space, according to the report released by Nasscom, the Indian IT trade association. The report titled “The India Web 3.0 Startup Landscape: An Emerging Technology Leadership Frontier” takes stock of India’s role in the Web 3.0 arena.
In the first half of this calendar year, India saw the growth of more than 450 Web 3.0 startups, the report states. And the arena has attracted investments over $1.3 billion since 2020. What’s more, Web 3.0 startups in India have grown by about six times since 2015.
India already is a significant player on the technology landscape, and Nasscom’s report augurs an even brighter future for the country in this sector. Besides, Web 3.0, the third iteration of the internet, has been booming for some time now. So if India rides the wave well, the country’s financial health could get a boost.
Shedding additional light on the topic, Achyuta Ghosh, senior director and head of insights at Nasscom, revealed that a third of such startups mushroomed in the last year alone, and “several of them have a B2B model.” The DeFi (decentralized finance) and entertainment sectors largely contribute to the astonishing growth, he added.
The country has all the building blocks it needs: a high adoption rate, a growing startup ecosystem, and a surplus of digitally skilled individuals. All of this will help India to emerge as a key player on the global Web 3.0 landscape, as per the report by Nasscom.
Of the 450-plus startups on record in the first half of 2022, the reports says, 82% have been in Tier-I cities. The Tier-II ecosystem too quickly raised through other Web 3.0 functions.
Furthermore, the report recounted that Indian Web 3.0 actors are not just focused on crypto. They are spread across several Web 2.0 sectors, like finance, decentralized communities, entertainment, and infrastructure, too.
The report, finally, also foregrounds how the issue of regulatory uncertainty impacts such startups negatively. Many Indian startups from the Web 3.0 space have moved their headquarters out of the country, the report points out.