India has emerged as a global leader in the Web3 ecosystem, showcasing impressive growth and innovation. With over 1,000 startups across finance, infrastructure, and entertainment, the sector has secured $3B+ in funding, positioning India as a key player in the global decentralized technology space. Notable projects like Sentient AGI and Avail Project highlight Indian founders’ contributions to AI, DePIN, and scaling solutions, according to Hashed Emergent.
In 2024, fundraising surged significantly, with Indian Web3 startups raising $462M in just 9 months, marking an 82% increase over 2023. This growth was driven by strong global Web3 funds and accelerators, though access to capital remains a challenge, particularly at the growth stage.
On the investor front, centralized exchanges saw a resurgence, especially in North East India. Blue-chip cryptocurrencies dominated retail portfolios, accounting for 45% of investments, while memecoins grew 5x faster than the industry average. The 27-40 age group emerged as dominant investors, leveraging higher financial awareness and incomes, while mature investors in their 40s exhibited 3x higher investment values.
India has solidified its position as a leading contributor to the global cryptocurrency development landscape, accounting for ~12% of open-source crypto developers worldwide. This significant growth has positioned India as the second-largest contributor, following the United States, which holds 19%.
The expansion of India’s developer base reflects the country’s increasing engagement with blockchain technologies and decentralized finance (DeFi) solutions. This growth is part of a broader global trend where regions like Asia, Africa, and Latin America are enhancing their presence in the crypto development arena. Notably, Asia now encompasses 32% of global crypto developers, indicating a shift towards a more geographically diverse developer community, per Electric Capital.