The Indian National Association of Software and Service Companies (NASSCOM) reported that Web3 revenues grew 37 times in two years.
NASSCOM reports that the total number of Web3 startups in India from early 2020 to early 2022 has reached over 450, raising over $1.3B. investors:
“In 2015-2017, with the launch of Ethereum and the global growth of Web3 companies, they focused on India. But the industry has shown phenomenal growth in 2020-2021 after the lifting of the national ban on cryptocurrency.”
At the same time, NASSCOM warns that Web3 companies expect problems in compliance with the law.
“However, Indian Web3 startups are seeing major barriers to expansion due to a lack of regulatory and policy clarity, jeopardizing India’s competitive edge,” the report says.
According to NASSCOM, Web3 will be a game changer for the economy by bringing together ecosystem partners to take the right steps early on to advance the industry.
"India's rapid uptake of cutting-edge technologies, its growing startup ecosystem, and large-scale potential of skilled digital professionals strengthen the country's position in the global Web3 landscape," NASSCOM said in a statement.
The association noted that companies are just entering the Web3 market. But they are already making significant progress leading to innovative use cases and increased positive impact on the country's economy.
The Indian Institute of Technology (IITs) announced last month that it will partner with online learning platform TimesPro to create blockchain, cryptocurrencies, NFT and Web3 education programs.
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