India now home to over 450 Web3 based startups
The unbiased adoption of the latest technologies, the rapid growth of the startup ecosystem and a large pool of skilled workforce can be a perfect concoction for India's growth in the Web3 landscape.
Over the past few years, India has emerged as one of the most favourable countries for setting up a tech-based startup. As per a Nasscom report, India now has more than 450 active Web3 startups including four unicorns, capturing 11% of the global Web3 talent space.
Investment and favourable policies drive India's Web3 space
Various startups have reportedly raised $1.3 billion in funding from various rounds until April 2022. Amid the various government schemes favouring a balanced startup ecosystem, India registered over 170 new Web3 startups during FY 2021-22, yielding over 50% CAGR growth since FY 2015-16.
"While we are only scratching the surface when it comes to emerging tech such as Web3, the 'Techade' will be all about the technology making significant advances leading to innovative use-cases and magnified positive impact at a grassroots level," said Debjani Ghosh, President, Nasscom.
The modern incubators have pooled in over $587 million, building the confidence and interest of global investors in investing in Indian Web3 and Web 2.5 startups.
Bridging the Web3 demand-supply gap
Over 75,000 blockchain professionals are actively employed by the tech industry in India. Reportedly in 2 years, the number of these skilled workforce has increased by 40%, driving up the adoption of blockchain technology in India.
With the increase in adoption of this technology, the Web3 demand-supply gap is also getting affected. Evident by the surge in global demand for blockchain specialists and developers. However, India's existing, and fastest-growing digital talent pool has incumbent advantages when it comes to expertise development, quick reskilling, and bridging this gap.
This talent pool is expected to grow by over 120% in the next 1-2 years, said the Nasscom report.
As per the reports, over 80% of Indian Web3 startups reside in tier-I cities. However, the tier 2 and 3 cities, including Jaipur, Vadodara, Ahmedabad, Kolkata, Trivandrum and Coimbatore are also evolving to emerge as hubs for Web3 startups.
-With inputs from IANS