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Last updated: 25 Oct, 2022  

Internet banking generic THMB Web3 startups

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Bikky Khosla | 25 Oct, 2022

India is now home to more than 450 active Web3 startups, a new report states, adding that four of them are unicorns. This is yet another achievement by our startup sector, which has been making rapid progress for quite some time now. Web3 - the next evolution of the WWW, based on blockchain – is expected to bring all new avenues for websites and applications, and it seems the Indian startup sector is ready to jump into this bandwagon.

The report published by Nasscom adds that Indian Web3 startups have grown more than six times since 2015, as investments soared in since the start of 2020, reaching $1.3 billion by first quarter of 2022. More than 160 Web3 startups have been founded in 2021-2022. Also, there are more than 70 active institutional investors in 2021. During the 2015-21 period, cumulative growth rate registered by these firms stands at 57%. These figures speak a lot.

It is true, as pointed out by Nasscom, that India is “only scratching the surface when it comes to emerging tech such as Web3”, but with the pace at which things are changing, it seems we will not be lagging behind in this race for much longer. The report mentions that global response to Web3 is still shaping and India - with its favorable positioning in economic, demographic, and technology adoption factors – has potential to become one of the highest growth Web3 markets.

It’s also worth mentioning that India, with over 11 percent of the global Web3 talent, is at present the world’s third largest Web3 talent pool, and our fast growing digital workforce is already an added advantage. So, what we need now is to build a strong ecosystem for our Web3 startups, particularly by bringing together all stakeholders, including academia, startups, corporates, and regulators. The government must a play a key role in this direction.

I invite your opinions.

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