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“India is rapidly emerging as an important Web3 ecosystem” – Mintpaisa

More than 450 startups have raised $1.3 billion in funding through April, Nassom says

More than 450 startups have raised $1.3 billion in funding through April, Nassom says

India has a rapidly growing Web3 ecosystem with more than 450 active startups in the space that have raised $1.3 billion in funding through April, Nasscom said on Wednesday.

While the global response to Web3 was still taking shape, India’s growing economy, demographic dividend and exponential adoption of emerging technologies across all sectors positioned the country to become one of the growth for Web3 in the world, according to research published by Nasscom in association with Hashed Emergent.

Over the past two years, India’s Web3 startups have grown into a community of over 450 people with four unicorns. Between 2021 and 2022 alone, India registered more than 170 new Web3 start-ups, generating more than 50% CAGR growth since 2015, according to the study.

In terms of distribution, more than 80% of these Web3 start-ups are in Tier I cities. However, Tier II/III ecosystem is growing rapidly with places like Jaipur, Vadodara, Ahmedabad, Kolkata , Thiruvananthapuram and Coimbatore evolving as emerging hubs for Web3 start-ups, the study found.

“With growing confidence and interest from global investors, investment in Indian start-ups Web3 and Web 2.5 has also surged. The sector has seen strong funding through the stages,” Nasscom said in a statement. .

The study, titled “The India Web3 Start-up Landscape, An Emerging Technology Leadership Frontier,” aimed to promote a broader understanding of the various possibilities with Web3 and the landscape of Web3 start-ups in the country, Nasscom said.

Web3, a new iteration of the World Wide Web, has now become a buzzword incorporating concepts such as blockchain technologies, metaverse, and non-fungible tokens (NFTs).

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