October 10, 2023

450 Web3 Startups in India Raised $1.3 Bln by 2023

Web3

Web3

A recent report by NASSCOM revealed more than 450 Web3 startups in India had raised $1.3 billion in funding by April 2023.

These funds are being utilized to develop new Web3 products and services and to expand their workforce. The job market for Web3 in India is expected to grow further in the coming years as more and more businesses adopt Web3 technology.

Web3 is also having a positive impact on the Indian economy by promoting financial inclusion. It has the potential to bring financial services to India’s unbanked and underbanked population.

For instance, decentralized finance (DeFi) applications can offer loans and other financial services to people without a bank account. Furthermore, Web3 is fostering innovation in various sectors, including finance, healthcare, and education. Indian startups are developing Web3-based applications for a variety of purposes, ranging from supply chain management to medical records. These applications have enormous potential to enhance efficiency, transparency, and security in various industries.

According to Chainalysis, India is leading in Grassroots Crypto Adoption worldwide. The country has the second-highest number of transactions globally, surpassing several wealthier nations. Currently, about 75,000 people are involved in the cryptocurrency sector in India, which accounts for 11% of the global talent.

Dilip Chenoy, the Chairman of Bharat Web3 Association, highlighted that the adoption of Web3 technology is widespread in India. For instance, India has been the top adopter of DeFi in terms of value received on the chain, with an estimated $88 billion received in 2020-21. Additionally, the NFT market alone generated a revenue of $9 million in 2023, and it is expected to see significant growth over the next few years.

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