Bengaluru: India is rapidly emerging as a global leader in the Web3 space and is expected to become the world’s largest Web3 developer hub by 2028, according to a latest report released on Tuesday. The ‘India Web3 Landscape’ report by Hashed Emergent revealed that India recorded the highest year-on-year growth in developer participation in 2024, with over 4.7 million developers joining GitHub.
This accounts for 17 percent of all new Web3 developers globally, making India the second-largest crypto developer base in the world. The report highlighted that 45.3 percent of Indian Web3 developers contribute to coding, 29.7 percent focus on fixing bugs, and 22.4 percent work on documentation. Key areas of growth include gaming, non-fungible tokens (NFTs), decentralized finance, and real-world assets.
A significant portion of India’s Web3 developers are newcomers, with more than 50 percent entering the space in the past two years. Most of them are under 27 years of age. Hackathons, where computer programmers collaborate to create innovative solutions, remain a primary entry point for developers in this domain.
In addition, Web3 firms are actively collaborating with universities in Bhubaneswar, Chennai, and Kerala to introduce students to blockchain technology at an early stage. Hashed Emergent CEO and Managing Partner Tak Lee stated, “India’s rapid technological advancement, entrepreneurial mindset, and unique blend of digital adoption are accelerating progress.”
He further noted that the country is witnessing increased retail participation, shifting investor trends, and deeper integration of Web3 solutions by enterprises and the government. “Last year, we observed India’s global leadership in Web3 adoption, and today, it has transformed into concrete progress led by Indian innovators,” Lee added.
India also ranks third globally in terms of Web3 startup founders, with over 1,200 startups operating in this sector. Investor confidence in India’s Web3 ecosystem has surged, leading to a 109 percent increase in funding compared to 2023. In 2024 alone, Indian startups secured $564 million in funding, pushing total investment in the sector beyond $3 billion.
The report identified AI, real-world assets (RWA), and staking solutions as key areas attracting investments. Several global venture capital firms and domestic investors are placing significant bets on Indian Web3 projects. Additionally, Layer 1 and Layer 2 blockchain network ecosystem funds have made substantial investments, further solidifying India’s position in the global Web3 landscape.
