India has the third largest Web3 founders base in the world. With over 1,000 start-ups, the ecosystem attracted $462 million in investments in the first nine months of 2024, reflecting an 82 per cent growth from the previous year, a Hashed Emergent report said.
According to Hashed Emergent’s India’s Web3 Landscape 2024 report, there was an uptick in the number of deals and the average fund-raise, particularly at the seed stage. This surge was led by global web3 funds, accelerators, and ecosystem efforts by leading blockchains.
Indian start-ups have attracted around $3 billion in funding, with infrastructure emerging as the dominant sector in 2024.
India is also home to the largest developer market, with 11.8 per cent of the crypto developers base. The country also has the third largest founder base with 5.4 per cent of the global web3 founders.
The report also observed that Web3 gamers almost doubled their wallet size compared to Web2 gamers, with more Web2 gamers venturing into Web3 gaming.
Web3 gamers spend nearly double what traditional gamers do — $220 versus $120 annually. They are also more likely to be paying users — 64 per cent compared to 56 per cent in Web2.
The report was previewed at the India Blockchain Week (IBW) this week. Tak Lee, CEO & Managing Partner at Hashed Emergent, said, “India serves as a global microcosm, with its success stories inspiring global hope by showcasing how a nation reflecting the world’s diverse realities can achieve population-scale impact. As India rapidly emerges as a key consumer of open network applications, we are deeply grateful to all our sponsors, speakers, and partners for making the India Blockchain Week 2024 Conference a tremendous success. We look forward to continuing this journey of innovation and collaboration, fostering a thriving blockchain ecosystem that bridges India with the world.”
