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The India Web3 Startup Landscape: An Emerging Technology Leadership Frontier

Web3 is the next evolution of the World Wide Web based on the idea of ownership and empowering the users with more data control unlike Web 2.0’s centralized and platform-controlled model. The new generation of the web is expected to bring new avenues for websites and applications that are based on the utility offered by blockchain technology. Web3 is a very nascent area, and currently, it is more associated by one specific application – cryptocurrencies and crypto-trading. The speculative assets and inhibitory regulatory action have led to the dilution of the potential utility of the core underlying blockchain technology.

“The India Web3 Startup Landscape: An Emerging Technology Leadership Frontier,” is a first-of-its-kind study aimed at promoting a broader understanding of the diverse possibilities with Web3 and the landscape of Web3 startups in India. The report analyses the Indian Web3 startup landscape and highlights the stakeholder priorities for strengthening the ecosystem further. It also covers challenges that the founders/start-ups face and require attention and recommendations that can catalyze the growth of this space across the sectors.

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Key Findings

Web3: A growing global phenomenon
  • Global cryptocurrency user base expected to touch 1 Bn by 2030, from the current 320 Mn+
  • Blockchain & cryptocurrency market recorded venture capital (VC) funding of $30.5 billion in 2021
  • Multiple countries establishing policy frameworks on virtual digital assets (VDAs) focusing on technology innovation and consumer safety
India’s Web3 Potential
  • Demographic and Economic Factors
    • India is expected to be one of the fastest growing economies, at an average 7% during 2022-26 with world’s largest pool of millennials and Gen Z by 2030 at 77% of the country’s population - enabling a wave of consumption, discretionary spend, and urbanization
  • Investment Potential
    • As of today, India is home to over 450+ Web3 startups with $1.3 billion of total investments in the last two years (until April 2022)
  • Talent Pool
    • 11% of global Web3 talent is in India, making India the 3rd biggest talent pool in this area. This talent pool is growing at the fastest rate worldwide, at around 120%+ likely in the next 1-2 years
Challenges
  • Lack of policy clarity around VDAs leading to lack of confidence in founders and innovators, thereby forcing them to move their base to other countries is not only taking the market away, but also the critical talent and expertise needed to sustain talent supremacy in this area
Recommendations
  • Clarity on policy will unleash multiple initiatives and India can serve as the world’s sandbox in several public services and governance use cases of blockchain
  • Web3 startup founders and evangelists should actively engage with policymakers in constructive dialog to unearth impact of their business models on existing policies, and help the regulators address loopholes
  • Academic institutions should work with the industry to build quick-turnaround certification programs and continued R&D partnerships

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