StartUp - #SectorUpdates
India’s rapid adoption of new-age technologies, its growing startup ecosystem, and the large-scale digitally skilled talent potential are the right building blocks for it to emerge as a key player in the global Web3 landscape, according to a report by IT industry association Nasscom. There were over 450 Web3 startups in India as of the first half of the calendar year, with over $1.3 billion invested in Web3 since 2020. Web3 leverages peer-to-peer connect and decentralized infrastructure to deliver the use cases that have generally been centrally controlled, with opaque execution, in Web2. One-third of these startups have come up in the past year alone, and several of them have a B2B model. A lot of them are also working on areas outside cryptocurrency like DeFi (decentralised finance) and entertainment. Experts feel, most Indian Web3 startups had shifted their headquarters out of the country on account of regulatory uncertainty, and this needed to be addressed to boost the local ecosystem.