India’s Web3 ecosystem set for growth by 2027

India is emerging as a key player in the Web3 space, with over 1,000 startups driving innovation across various sectors, including finance, infrastructure, and entertainment.

According to a report from Hashed Emergent, released on December 4 during the India Blockchain Week conference, the country’s Web3 ecosystem is poised to dominate by 2027.

As of 2024, India is home to nearly 12% of the global crypto developer base, ranking second only to the United States.

The report projects that India will surpass the US and take the top spot by 2027, further solidifying its position in the global Web3 landscape.

The growing number of Web3 founders and increasing investment in startups are major factors contributing to this rapid development.

Since 2020, Indian Web3 startups have raised over $3 billion, with $462 million secured in the first nine months of 2024 alone. This represents an 82% growth from the previous year.

The surge in investments is largely attributed to global Web3 funds, accelerators, and blockchain ecosystem efforts.

The majority of funding has been directed toward Web3 infrastructure businesses.

Despite challenges like India’s crypto tax regime, which initially hindered investments, the ecosystem has seen a resurgence in 2024.

New centers of growth and emerging categories have led to increased investments, especially in centralised exchanges.

The rise in Web3 adoption has also been supported by initiatives from both central and state governments, with use cases spanning land registry, digital certification, and supply chain management.

Other blockchain protocols such as Avalanche (CRYPTO:AVAX), Aptos (CRYPTO:APT), Ethereum (CRYPTO:ETH), Polygon (CRYPTO:MATIC), and Solana (CRYPTO:SOL) have also expanded their presence in India, contributing to the growing Web3 ecosystem.