India Poised To Become Largest Web3 Developer Hub By 2028: Report
India has emerged as a global leader in Web3, the report suggests, with the country contributing 17 per cent of all new developers entering the space.
India is on track to become the world's largest Web3 developer hub by 2028, according to the latest edition of the "India Web3 Landscape" report by venture capital firm Hashed Emergent. The report highlights India's rapid growth in Web3 adoption, startup activity, and developer engagement, painting a promising picture of the sector’s future.
India has emerged as a global leader in Web3, with the country contributing 17 per cent of all new developers entering the space. In 2024 alone, developer participation grew by 28 per cent, adding over 4.7 million contributors to GitHub. Currently, 11.8 per cent of the world’s crypto developers are based in India, ranking it second globally. By 2028, India is projected to surpass the United States in developer count.
The report also reveals that more than half of India's Web3 developers have entered the field within the last two years, and a striking 85 per cent are under the age of 27. While hackathons remain the primary entry point, universities in Odisha, Bhubaneswar, Madras, and Kerala are incorporating Web3 programs into their curricula, fostering early exposure and innovation.
Startup Boom and Investor Confidence
India is home to over 1,200 Web3 startups, making it the world’s third-largest hub for Web3 founders. In 2024, Indian startups secured $564 million in funding — an impressive 109 per cent increase from the previous year—bringing the total Web3 investment in India to over $3 billion.
Investor interest has been particularly strong in decentralized finance (DeFi), real-world assets (RWAs), and staking solutions. Several global and domestic venture capital firms, including Coinbase Ventures, Y Combinator, Animoca Brands, and PeakXV, are actively backing Indian projects. Additionally, Layer 1 and Layer 2 ecosystem funds have injected significant capital, signaling strong global confidence in India’s Web3 innovation.
"India's Web3 ecosystem has grown stronger amid global challenges. The country’s unique blend of technological agility, entrepreneurial spirit, and digital adoption are driving progress," said Tak Lee, CEO & Managing Partner at Hashed Emergent. "We now see renewed retail participation, shifting investor trends, and deeper integration of Web3 solutions by enterprises and the Government. Last year, we noted India's global leadership in Web3 adoption, and today, that promise is turning into tangible advancements led by Indian innovators."
Web3 Gaming Gains Momentum
The report highlights the increasing adoption of blockchain-powered games in India. Web3 gamers in the country spend nearly twice as much as traditional gamers, averaging $220 annually compared to $120.
More than 60 per cent of hybrid gamers — who initially played both Web2 and Web3 games — have transitioned entirely to Web3, underscoring a strong preference for decentralised gaming experiences. With nearly half of Web3 gamers under 25, Gen Z is at the forefront of this transition.
Evolving Crypto Trading Patterns
Indian crypto traders are demonstrating a more sophisticated approach to investments. The report notes a fivefold surge in meme coin trading volumes in 2024. Notably, 59 per cent of traders use stop-loss orders, reflecting a more calculated risk management strategy.
Futures trading is also evolving, with 1 in 10 traders being women and two-thirds of all futures traders under 35. The preferred leverage range is 11x-20x, indicating a balanced approach between risk and opportunity.
Government and Enterprise Integration
India’s Web3 adoption is not limited to startups and retail investors — the Government and major enterprises are also integrating blockchain solutions. Under the National Blockchain Framework, the Vishvasya Stack, featuring solutions like Praamaanik and NBFLite, has expanded its reach to 5 million users and 16 banks. Various state and Central Government agencies have deployed blockchain initiatives, managing over 84 million records across 20 divisions and seven states.
Meanwhile, major Indian conglomerates, including Reliance, Bajaj, and Tata, are leveraging private sector blockchain solutions. Reliance Jio, in collaboration with Polygon Labs, is working to bring Web3 services to over 450 million users, optimising digital transactions and loyalty programs.
Despite India’s regulatory evolution from a "ban crypto" stance to a more nuanced Web3 framework, a unified national policy is still lacking. The report suggests that a more progressive regulatory, tax, and policy framework could significantly accelerate Web3 adoption and innovation at scale.
The "India Web3 Landscape" report was compiled with insights from knowledge partners including CoinDCX, Lysto, Pi42, Devfolio, and Trilegal.
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