India’s Web3 Revolution by 2028: to account for 17% of world’s developers entering Web3 space

India is emerging as a global Web3 leader, with 17% of new developers entering the space in 2024. A Hashed Emergent report predicts India will surpass the U.S. as the largest developer community by 2028. The country, home to the second-largest crypto developer base, is driven by youthful talent and over 1,200 startups. In 2024, Indian Web3 startups raised $564 million, doubling from 2023. Backed by global and local investors, India’s innovative ecosystem is shaping the future of decentralized technology.

India is rapidly emerging as a powerhouse in the Web3 ecosystem, accounting for nearly 17% of new developers entering the space in 2024. A recent report from Web3-focused venture capital firm Hashed Emergent predicts that India will surpass the United States to become the largest developer community in the world by 2028.

According to the report, India already boasts the second-largest crypto developer base globally, with 11.8% of Web3 developers residing in the country. This growth comes despite the Indian government’s cautious stance toward cryptocurrencies. The report highlights that Indian developers are diversely skilled: “Data shows that 45.3 percent of Indian Web3 developers contribute code, 29.7 percent address bug fixes, and 22.4 percent focus on documentation.” Key areas of focus include gaming and NFTs, which account for 30% of developer activity, followed by decentralized finance (DeFi) and Real World Assets (RWAs) at 26%.

The majority of Indian developers are relatively new to Web3, with over half joining in the past two years. Notably, 85% of these developers are under the age of 27, reflecting a vibrant and youthful community. India is also home to more than 1,200 Web3 startups across various sectors, making it the third-largest founder base in the world.

Investor confidence in India’s Web3 ecosystem has surged remarkably. In 2024, Indian startups raised 564million,markinga109564 million, marking a 109% increase compared to 2023. This brought the cumulative funding in the space to over 564million,markinga1093 billion. “With investor confidence surging, Indian startups raised $564M in 2024, up 109 percent from 2023,” the report noted.

Web3 represents the next phase of the internet, built on decentralized blockchain technology and token-based economics. To encourage more developers to join the field, ecosystem players have been actively organizing hackathons and partnering with universities in states such as Odisha, Tamil Nadu, and Kerala. These initiatives aim to familiarize students with Web3 technologies and opportunities.

Indian founders are channeling their efforts into creating innovative DeFi applications, including staking, liquid staking, and re-staking products. Other areas of focus include perpetual decentralized exchanges (DEXs), tokenization platforms, and RWAs. Key subsectors attracting investments include artificial intelligence (AI), RWAs, and staking solutions, driven by increased infrastructure spending by major tech firms on centralized AI.

Well-known global venture capital players like Coinbase Ventures, Y Combinator, Animoca Brands, and IOSG have shown a strong interest in backing Indian projects. Homegrown firms like Hashed Emergent, CoinDCX, PeakXV, Borderless, and Alpha Wave are also actively investing in the space.

Tak Lee, CEO and managing partner of Hashed Emergent, expressed optimism about India’s Web3 growth: "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. We now see renewed retail participation, shifting investor trends, and deeper integration of Web3 solutions by enterprises and the government.”

Ryan Sungho Kim, co-founder and partner at Hashed, echoed this sentiment in an earlier interview, noting that while India’s blockchain and Web3 sector remains in its early stages, the nation is poised to thrive as major economies like the US, Europe, and Japan embrace pro-crypto policies.

With its dynamic developer base, thriving startup ecosystem, and growing investor confidence, India is positioning itself as a global leader in the Web3 revolution. The country’s innovative spirit and adaptability are paving the way for an exciting future in decentralized technology.