NASSCOM & Hashed Emergent Report: Web3 Startups Capital in India

In the previous two years, over 450 Web3 startups have raised USD 1.3 billion or around Rs.10,700 crore in India, according to research released on Wednesday by the industry association NASSCOM and the venture capital firm Hashed Emergent.

“A total of 1.3 billion dollars have been invested in Indian Web3 startups over the past two years, with over 450 communities and 4 unicorns. Over 170 new Web3 startups were registered in India between 2021 and 2022 alone, representing a CAGR rise of more than 50% since 2015” the reports stated.

Web3 (the third generation of the internet) has gained popularity as technology ideas like the metaverse and NFTs gain recognition.

According to the research, as of the third quarter of 2021, new-age incubators have gathered over USD 587 million in funding due to increasing investor trust and interest. This trend has also been seen in investments in Indian Web3 and Web2.5 firms.

It is encouraging to see that government and business players in India are approaching blockchain technology very pragmatically, with use cases being investigated in fields including education, health & safety, finance, and enterprise tech.

“While we are only barely scratching the surface when it comes to developing technology such as Web3, the Techade will be all about the technology making substantial breakthroughs leading to innovative use-cases and increased beneficial impact at a grassroots level,” Nasscom President Debjani Ghosh stated.