Investments multiplied by 37 – The latest figures on the startups web 3 en Inde bear witness to dynamism players in the sector, and provide a better understanding of the economic issues relating to this new digital economy for the country.
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India’s booming web 3 ecosystem
According to the report published on October 19 by Nasscom, the non-profit organization that brings together more than 3,000 companies in the technology industry in India, the country now has more than 450 startups evolving in the web 3dont 4 unicorns. More than 160 new startups were registered in the sector in 2021 and 2022.
In addition, the amounts injected recently into the Indian web 3 ecosystem have exploded. Startups in the sector have raised $1.3 billion over the past two years, until last April. During this period, the investments in these young companies have been multiplied by 37. A figure that aligns with the growth in the adoption of cryptocurrencies.
The study also highlights the good performance of Indian startups, as well as the importance of their contribution to the country’s economy by 2032. These young shoots have registered a rate of growth cumulative of approximately 57 %from 2015 to 2021. On a macro scale, the United States-India Strategic Partnership Forum (USISPF) believes that web 3 could add $1.1 trillion to India’s GDP over the next 10 years.
India is in the list of leading countries cryptocurrencies and the web 3. The Nasscom report revealed that the country today concentrates more than 11% of talent in the sectorwith a growth estimated at 120% for this pool of skills over the next two years.
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