India has been proliferating in terms of technology. Investors have been readily supporting the adoption of technological advancement. There has been hyper-focus in the Indian Web3 ecosystem growth. There are more than 450 startups in the virtual space and have raised around $1.3 billion till April.
Various sectors have exponentially begun utilizing these technological advancements to increase efficiency and profitability in the sector causing the economy in India to grow exponentially. This adaptability has pushed the Indian economy to grow making it one of the highest-growth markets for Web3.
The last two years have been especially significant for the Indian Web3 ecosystem. More than 450 Indian Web3 start-ups are active in the Web3 ecosystem with four unicorns. There have been more than 170 start-ups that have registered on Web3. According to calculations, this has yielded a 50% CAGR growth since 2015.
Reports claim that around 80% of Web3 start-ups are situated in tier-I cities. However, we should not underestimate tier II/III cities as they have been rapidly growing in adoption and ecosystem growth. Tier II/III cities consist of Jaipur, Kolkata, Coimbatore, Ahmedabad, and more. These cities have been consistently showing developments in the Web3 section.
Global investors have been showing enthusiasm towards Indian Web3 and Web2.5 startups allowing them to gain enough funding to continue functioning and growing. Web3 start-ups have especially been receiving generous funding for advancements.
There have been various studies aimed to encourage an accurate understanding of the new possibilities and futuristic solutions that Web3 technology can introduce. The Web3 is a more recent iteration of the World Wide Web which has been taking the world by storm. Various industries have been discussing the various ways one may be able to incorporate the technological advancements metaverse, NFTs, and blockchain brings.
