‘India fast emerging as Web3 ecosystem’

• Nassom recently said that India has a growing Web3 ecosystem with more than 450 active start-ups
• Cumulatively raised $1.3 billion in funding till April.

Factors for growth

• India’s growing economy,
• Demographic dividend
• Exponential adoption of emerging technologies across sectors

Web3

• A new iteration of the World Wide Web
• Incorporates concepts such as blockchain technologies and metaverse.
• In the last 2 years, Indian Web3 start-ups have grown to a 450-plus community with four unicorns.
• 2022 - India registered more than 170 new Web3 start-ups
• Yielding more than 50% CAGR growth since 2015.

• 80% of the Web3 start-ups were in tier I cities.

• Tier II/III ecosystem was growing rapidly with locations such as Jaipur and Vadodara evolving as emerging hubs for Web3 start-ups.

Prelims Takeaway

• Web3