India is fast emerging as a global leader in the Web3 sector, with a recent report projecting the country will become the largest hub for Web3 developers by 2028. The ‘India Web3 Landscape’ report, released by Hashed Emergent on Tuesday, highlighted India’s rapid growth in this space, with over 4.7 million developers joining GitHub in 2024 alone.
This surge accounts for 17 percent of all new Web3 developers worldwide, positioning India as the second-largest base for crypto developers globally. The report further reveals that 45.3 percent of Indian Web3 developers are actively contributing to coding, 29.7 percent focus on bug fixes, and 22.4 percent are engaged in documentation.
Key areas of development for Indian Web3 talent include gaming, non-fungible tokens (NFTs), decentralized finance (DeFi), and real-world assets (RWAs). Over half of these developers are relatively new to the Web3 space, having joined within the past two years, and most are under the age of 27.
Hackathons remain a popular entry point for these developers, while Web3 firms are increasingly partnering with universities in regions like Odisha, Bhubaneswar, Chennai, and Kerala to introduce blockchain technology to students early on.
Tak Lee, CEO & Managing Partner at Hashed Emergent, commented on the momentum, stating, “India’s unique combination of technological agility, entrepreneurial drive, and widespread digital adoption is fuelling this progress. We’re now seeing a renewed wave of retail participation, shifting investor dynamics, and greater integration of Web3 solutions by enterprises and the government.”
India also ranks third globally in Web3 startup founders, with over 1,200 startups operating in the sector. Investor confidence in India’s Web3 ecosystem has soared, with a 109 percent increase in funding compared to 2023. In 2024, Indian startups secured $564 million in investments, bringing total funding in the sector to over $3 billion.
The report identifies AI, RWAs, and staking solutions as the key areas driving investment. Both global venture capital and home-grown firms are placing big bets on Indian Web3 projects. In addition, ecosystem funds from Layer 1 and Layer 2 blockchain networks are making significant investments, further solidifying India’s position in the global Web3 landscape.
(With IANS inputs)
