India on Track to Lead Web3 Development Globally by 2028
India is rapidly solidifying its position as a global frontrunner in the Web3 landscape, with projections indicating it will become the world’s largest Web3 developer hub by 2028. A recent report, the ‘India Web3 Landscape’ by Hashed Emergent, highlights this burgeoning growth, revealing a substantial increase in developer participation and investment within the country.
In 2024, India witnessed the highest year-over-year growth in developer participation, adding over 4.7 million developers to GitHub. This surge accounts for 17% of all new Web3 developers globally making India the second-largest crypto developer base worldwide.
The report details the active contributions of Indian Web3 developers, with 45.3% involved in coding, 29.7% focusing on bug fixes, and 22.4% dedicated to documentation. Popular areas of development include:
- Gaming
- Non-fungible tokens (NFTs)
- Decentralized finance (DeFi)
- Real-world assets (RWAs)
A significant portion of India’s Web3 developers are relatively new to the scene; over half have entered the field within the last two years, with most being under the age of 27.
Hackathons, where programmers collaborate on new creations, remain a key entry point for developers. Furthermore, Web3 companies are actively collaborating with universities across India to introduce students to blockchain technology early in their academic careers.
“The country’s unique blend of technological agility, entrepreneurial spirit, and digital adoption are driving progress,” stated Tak Lee, CEO & Managing Partner at Hashed Emergent. He added that “we now see renewed retail participation, shifting investor trends, and deeper integration of Web3 solutions by enterprises and the government.”
India also holds the third-highest number of Web3 startup founders globally, with more than 1,200 startups currently operating in the sector. Investor confidence in the country’s Web3 ecosystem has seen a marked increase, resulting in a 109% rise in funding compared to 2023. Indian startups raised $564 million in 2024, bringing the total investment in the sector to over $3 billion, the report stated. The primary focus of investment has been in DeFi applications, staking solutions, tokenization platforms, and decentralized exchanges. The report also highlights AI, RWAs, and staking solutions as key sectors attracting considerable investment.
Several global venture capital firms, as well as homegrown companies, are making substantial investments in Indian Web3 projects. Moreover, ecosystem funds from Layer 1 and Layer 2 blockchain networks have made significant investments, reinforcing India’s standing in the global Web3 arena.
