PANews reported on March 13 that according to a report by Hashed Emergent, the total financing of Indian Web3 startups in 2024 will reach US$564 million, more than double the US$270 million in 2023, with investment in infrastructure increasing by more than 200%, becoming the biggest beneficiary. However, this financing scale is still lower than the peak of US$1.4 billion in 2022.
Web3 infrastructure investment in India is mainly concentrated in AI, middleware and data tools. Representative projects include EigenLayer, Sentient and Avail. In addition, DePIN (decentralized physical infrastructure network) and BaaS (blockchain as a service) also received financial support. Financing in the Web3 financial sector increased by 50% to US$86 million in 2024, reversing the downward trend since 2021. Funds mainly flow to liquidity re-pledge (LRT), real world asset (RWA) tokenization and multi-chain financial instruments.
In terms of developer ecology, India has become the fastest growing Web3 developer community in the world, with open source developers increasing by 28% year-on-year to 4.5 million, exceeding the total of the top four countries. The report predicts that India is expected to surpass the United States in 2028 and become the world's largest developer community.
