India to Become World's Largest Web3 Developer Hub by 2028: Report Web3 startups raised USD 564 million in 2024, marking a 109 % increase over 2023
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India is on track to become the world's largest Web3 developer hub by 2028, according to the latest India Web3 Landscape Report by Hashed Emergent. In 2024, India recorded a 28 per cent year-on-year (YoY) increase in Web3 developers, adding 4.7 million new contributors on GitHub. The country accounted for 17 per cent of all new Web3 developers worldwide, positioning it ahead of global competitors. "India's Web3 ecosystem has grown stronger amid global challenges. The country's unique blend of technological agility, entrepreneurial spirit, and digital adoption is driving progress," said Tak Lee, CEO & Managing Partner at Hashed Emergent.
The report also highlights India's expanding Web3 startup landscape, with over 1,200 startups now operating in the sector. Web3 startups raised USD 564 million in 2024, marking a 109 per cent increase over 2023. Investments primarily focused on DeFi, real-world assets (RWAs), and staking solutions.
Web3 gaming has seen major traction, with Indian gamers spending twice as much as traditional players. Notably, 60 per cent of hybrid gamers (Web2 + Web3) have shifted entirely to blockchain-based gaming. Meanwhile, crypto trading trends indicate 35 per cent of investors belong to Gen Z, with 1 in 10 futures traders being women.
On the enterprise front, Reliance Jio and Polygon Labs are integrating Web3 solutions for over 450 million users, while the National Blockchain Framework has reached five million users and 16 banks. Despite regulatory uncertainties, India is evolving from a restrictive stance to a more structured Web3 policy approach. "The ecosystem's progress underscores India's potential to lead global Web3 innovation," said Tak Lee. "With the right regulatory and policy support, India can become a powerhouse for Web3 development and adoption."
