India houses over 450 Web3 start-ups that have raised $1.3 billion in funding collectively until April 2022 in the last two years. The Nasscom and Hashed Emergent report said that the country is also home to over 11 per cent of global Web3 talent, making it the third-largest Web3 talent pool in the world.
The report titled ‘The India Web3 Startup Landscape, An Emerging Technology Leadership Frontier’ said that the country registered over 170 new Web3 start-ups, yielding over 50 per cent CAGR growth since 2015.
With increasing confidence and interest from global investors, investments in Indian Web3 and Web 2.5 start-ups have also soared. The sector has witnessed robust funding across stages. New age incubators have pooled over $587 million in funding, as of Q3 2021, it further stated.
Debjani Ghosh, President of NASSCOM said, “India’s rapid adoption of new-age technologies, its growing start-up ecosystem, and large-scale digitally skilled talent potential is cementing the country’s position in the global Web3 landscape.”
Ghosh added, “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.”
Web3 talent in India
While the global demand for blockchain specialists and developers surges, India’s growing digital talent pool has incumbent advantages when it comes to expertise development, reskilling, and bridging the Web3 demand-supply gap.
Further, this talent pool is expected to grow by over 120 per cent in the next 1-2 years. Today, nearly 75,000 blockchain professionals are actively employed by the tech industry in India.
“Active collaboration between academia, start-ups, and corporates, and blockchain-related government initiatives, will play a crucial role in driving the Web3 talent growth in the country,” the report said.