India Now Has Over 450 Web3 Startups
According to new research published by the National Association of Software and Services Companies (NASSCOM), an Indian nonprofit organization with over 3,000 members, the country now has 11% of the world’s Web3 talent.
With approximately 75,000 blockchain specialists employed today, India is the world’s third-largest Web3 workforce. Furthermore, the business association anticipates a 120% increase in the skill pool over the next two years.
In addition, the country is home to 450 Web3 startups, four of which are unicorns. The country’s Web3 ecosystem has garnered $1.3 billion in financing as of April 2022. Furthermore, more than 60% of Indian Web3 businesses have grown their operations outside of India.
NASSCOM is enthusiastic about Web3’s development prospects in the nation over the next several years, predicting that the number of internet users will expand by 150 million and 5G users will climb by 500 million. NASSCOM President Debjani Ghosh commented:
“India’s rapid adoption of new-age technologies, its growing startup ecosystem, and large-scale digitally skilled talent potential is cementing the country’s position in the global Web3 landscape.
It is heartening to see that industry and government stakeholders in India are taking a very pragmatic approach toward blockchain tech, with use cases being explored in areas ranging from health and safety, finance, enterprise tech and land registry to education.”
Recently CoinCu reported that the country intends to create standard procedures for cryptocurrencies during its G20 presidency next year.
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