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The Bharat Web3 Association, India’s leading Web3 association, released a report today titled “India’s Web3 Revolution: A Compendium of Web3 Firms Led by Indian Innovators," a groundbreaking report that sheds light on the transformative impact of Web3 technologies in India. This comprehensive compendium showcases over 400 pioneering companies at the forefront of the Web3 sector, highlighting the remarkable diversity and innovation driving India's digital economy.
Top 5 states in Web3 innovation (out of 292):
|
State |
Number of web3 startups |
Ranking |
% share |
|
Karnataka |
97 |
1 |
33% |
|
Maharashtra |
47 |
2 |
16% |
|
Telangana |
20 |
3 |
6.85% |
|
Haryana |
19 |
3 |
6.50% |
|
Uttar Pradesh |
16 |
4 |
5.48% |
As per the report, out of the 422 companies covered in the Compendium, nearly 70%, or 290, are headquartered in India. Within the country, Karnataka stands out as a hub for Web3, with 97 companies based in the state, making it the leading region, followed by Maharashtra as the second most popular destination for Web3 start-ups with 47 companies headquartered in the state. Telangana with 20, Haryana with 19 and Uttar Pradesh with 16 companies rounding up the top 5 states for Web3 start-ups in the country.
Top 5 Web3 verticals:
|
Web3 vertical |
Number of web3 startups |
Ranking |
% share |
|
Blockchain Services/Solutions |
79 |
1 |
18.7% |
|
VDA Exchanges |
42 |
2 |
9.95% |
|
Blockchain infrastructure companies |
36 |
3 |
8.53 % |
|
Decentralised Finance |
28 |
4 |
6.63% |
|
Gaming & Entertainment |
25 |
5 |
5.92% |
Further, blockchain services solutions have emerged as the Web3 vertical with the highest concentration of companies operating within it, with 79 companies engaged in developing blockchain-related solutions for various industries. This is followed by VDA Exchanges and Trading Platforms and blockchain infrastructure companies, which occupy the second and third positions with 42 and 36, respectively. Decentralised Finance and Gaming & Entertainment complete the top 5 verticals within the Web3 sector, with 28 and 25 companies, respectively.
Commenting on the report launch, Mr. Dilip Chenoy, Chairperson, Bharat Web3 Association, said, “Recognizing the rich diversity within the Web3 sector and its potential impact on India's digital future, our report aims to provide a comprehensive overview of the hundreds of start-ups operating in this burgeoning space, working in segments such as DeFi, Blockchain Solutions and Infrastructure, Asset Tokenization, Metaverse, Gaming, Media, and Web3 Advisory Services, among others”.
“Through this report, we hope to quantify and bring attention to the start-ups contributing to the silent Web3 revolution in India, while also serving as a valuable resource for investors, entrepreneurs, and policymakers wanting to know more about the potential of Web3 in India.” he added
As per the report, India boasts a diverse and thriving Web3 ecosystem, comprising more than 400 companies specialising in blockchain development, Non-Fungible Token (NFTs), the metaverse, gaming and Decentralised Finance (DeFi). This dynamic landscape underscores India's growing presence and innovation in the Web3 sector.