A new report estimates that $1.1 trillion in Web3 economic value will be added to India's GDP by 2032.
India has emerged as a leading global player in the Web3 market, a new report by Nasscom states. Web3 investments in the country grew 37 times from the start of 2020 to Q1 2022 andIndia Emerges a Leading Global Player in Web3 Markettitled “The India Web3 Startup Landscape: An Emerging Technology Leadership Frontier” Wednesday. Established in 1988, Nasscom is a non-profit industry association for the technology sector in India.
The total number of Web3 startups in India as of the first half of this year was more than 450; they have raised more than $1.3 billion since 2020. The average deal size in 2021 was about $10 million and there were more than 70 active institutional investors in the Indian Web3 space in 2021. “Web3 focus grew rapidly in India in 2015-17 with the launch of Ethereum, in line with global growth, but grew phenomenally in 2020-21 after the national cryptocurrency ban was lifted,” the report further details, elaborating:In addition, the report estimates that $1.1 trillion in Web3 economic value will be added to India’s GDP by 2032.
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