India is poised to become the largest hub for Web3 developers by 2028, as highlighted in the India Web3 Landscape Report (2024) released on March 11. In 2024 alone, India added over 4.7 million Web3 developers, marking a 28 percent increase. The country accounted for 17 percent of all new Web3 developers globally last year.
Currently, India has the second-largest crypto developer community, representing 11.8 percent of the global total. The report emphasizes the crucial role Indian developers play in advancing technologies such as cryptocurrencies, blockchain, and NFTs. Notably, 45.3 percent of Indian Web3 developers focus on coding, while 29.7 percent address bug fixes, and 22.4 percent work on documentation. Gaming and NFTs make up 30 percent of developer engagement, with DeFi and Real World Assets (RWAs) contributing 26 percent.
The Web3 sector is attracting a younger demographic, with 85 percent of new developers under 27 years old. Hackathons and competitions are becoming popular avenues for emerging talent.
India is also home to the third-largest community of Web3 founders, trailing only the US and UK. There are over 1,200 Web3 startups in the country, which raised $564 million (approximately Rs. 4,923 crore) in investments in 2024—a remarkable 109 percent increase from the previous year. Indian founders are focusing on building new DeFi applications, staking solutions, and tokenization platforms, with significant investment interest in AI and RWAs.
Prominent investors like Coinbase Ventures, Y Combinator, and Animoca Brands are collaborating with local venture capital firms like CoinDCX and Hashed Emergent to support Indian Web3 projects.
The report also highlights a growing interest in blockchain-based gaming, with 60 percent of hybrid gamers now playing Web3 games. Gen Z represents half of all gamers in this space, spending an average of $220 (about Rs. 19,204) per year, nearly double what traditional gamers spend.
Additionally, Indian traders are adopting more advanced trading strategies, with meme coin trading volumes increasing fivefold. Notably, women now make up 10 percent of all futures traders, and 59 percent of Indian crypto traders use stop-loss orders for better risk management.
The adoption of blockchain technology by the Indian government and major enterprises is also on the rise. The Vishvasya Blockchain Stack, supported by the Ministry of Electronics and Information Technology (MeitY), is currently in use by 16 banks and 20 government departments across seven states. Leading companies like Reliance and Tata are integrating Web3 solutions for various applications.
Tak Lee, CEO and Managing Partner at Hashed Emergent, commented on the report, stating that India’s Web3 sector remains vibrant despite global regulatory challenges. He noted that the country’s technological agility and entrepreneurial spirit are driving significant advancements.
The report was released during India Blockchain Week in Bengaluru and was compiled in collaboration with industry partners like CoinDCX and Devfolio.
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