India is on track to become the world’s foremost Web3 developer hub by 2028, according to a recent report. The ‘India Web3 Landscape’ report, released on Tuesday, reveals a substantial surge in the nation’s developer base and investment in the sector.
The report, compiled by Hashed Emergent, indicates that India experienced the most significant year-over-year growth in developer participation in 2024. The country’s Web3 developer community expanded by over 4.7 million individuals, which constitutes 17% of all new Web3 developers globally. This expansion has made India the second-largest crypto developer base worldwide.
The report also highlighted the key areas of development, noting that 45.3% of Indian Web3 developers contribute to coding, 29.7% focus on fixing bugs, and 22.4% work on documentation. Development efforts are concentrated on areas like gaming, non-fungible tokens (NFTs), decentralized finance (DeFi), and real-world assets (RWAs).
A notable aspect of India’s Web3 development landscape is the influx of new entrants. Over half of the country’s Web3 developers have entered the field in the last two years, with a significant portion under the age of 27. Hackathons continue to be the primary gateway for developers to enter the Web3 space, while Web3 firms are also forming collaborations with universities to introduce blockchain technology to students early on.
“The country’s unique blend of technological agility, entrepreneurial spirit, and digital adoption are driving progress,” said Tak Lee, CEO & Managing Partner at Hashed Emergent.
Lee added that “we now see renewed retail participation, shifting investor trends, and deeper integration of Web3 solutions by enterprises and the government.”
India’s position in the Web3 ecosystem is further strengthened by its high number of Web3 startups. The nation is home to over 1,200 startups, placing it third globally in terms of Web3 startup founders. Investment in the country’s Web3 ecosystem has also seen a dramatic rise, with a 109% increase in funding compared to 2023. In 2024, Indian startups secured $564 million in funding. The total investment in the sector has surpassed $3 billion, according to the report.
DeFi applications, including staking solutions, tokenization platforms, and decentralized exchanges, have been a prime focus for investment. The report identified AI, RWAs, and staking solutions as key areas attracting significant investments. Both global venture capital firms and domestic companies are actively investing in Indian Web3 projects, further solidifying the nation’s standing in the global Web3 arena.
