Rise of Web3 Startups in India

Disruption!

We used this noun when the internet was set to become a thing. But what now? It is time when the word is the new cool again. Various startups and organizations are "disrupting" the market with unique ideas and innovations. But one of the industries the synergy of disruption aligns with is the Web3.

According to a report by PRNewswire, in 2021, the global crypto market had a value of $1.63 billion. So there is no doubt that the industry is expanding its wings in every sector possible. But what's happening in India?

Although there was uncertainty on the legal and policy fronts, funding for international and Indian startups was at its ATH in 2021. For example, Polygon, an Indian crypto-based platform, solely raised $450 Million. Despite the clarity surrounding crypto regulation in India, enthusiasm drives private equity and venture capital investors' investments in this burgeoning market.

Let us understand India's fondness for her startup and how she births innovation through them.

India and Starting up!

The nation's top talent was only available to large firms in India throughout the 1980s or 1990s. However, as the branches of freelancing and entrepreneurship have begun to permeate into the Indian ecosystem, more and more experts are beginning to distance themselves from significant corporations and take on independent projects.

India had a staggering increase in the number of startups from 471 in 2016 to 72,993 as of June 30, 2022, an increase of 15,400 percent. The Ministry of Commerce and Industry stated that there is a startup across every state, city, town, and rural area of India. The government launched the Startup India mission in 2016, intending to create a solid ecosystem for fostering innovation and entrepreneurship in the country. The initiative has nurtured the growth of startups and enabled the establishment of incubators and accelerators across the country.?

Bangalore, Mumbai, and Pune are cities that are emerging to become the startup hubs of our country. Experts are talking about how to start up on Twitter! Yeah, that's right, it is that easy to get a pool of knowledge about entrepreneurship. Colleges have specialized entrepreneurship cells holding events, hackathons, and business competitions. We have TV shows wherein entrepreneurs seek investments. Starting up is a new success. It has become the talk of the town, or shall we say households? India is talking about starting up now!

Web3.0 finding its feet in India

A September 2021 research from WazirX and the industry association Nasscom states that there are currently 50,000 people working in India's crypto tech sector. In the previous five years, it increased by 39%. The study found that there are already 230 crypto tech startups in India. India is a proud owner of the world's most developed blockchain developer ecosystem.?

A report by Research and Markets estimates that more than 55% of Indian companies are using blockchain technology. These Indian firms are embracing blockchain technology and incorporating it into their core operations. The three main areas where the technology is anticipated to have the most significant influence are digital identity, post-trade settlements, and payment and fund transfer. State governments are conducting trials within various departments. For example, to examine the administrative procedures, the government of Andhra Pradesh worked with several Blockchain startups. In 2019, the Andhra Pradesh state government started assimilating Blockchain technology into its e-program.

In September 2021, the Central Board of Secondary Education (CBSE), the largest education board in India, announced the integration of blockchain technology. In order to store its result certificates in a linked chain structure and allow transparent, tamper-proof, and paperless usage of these certificates, the Board has developed a system called Academic Blockchain Document. CBSE's Academic Blockchain Document has been created to store certificates in a linked chain structure.?

Now this enables us to concur that it is incorrect to say that crypto and web3.0 aren't getting established in the Indian ecosphere. Despite the winter hitting the crypto market and a massive downfall in the market, there is still enthusiasm for the industry. So let's see how the winter has affected the Web3 startups of India.

Did the winter chill reach the Web 3 startups of India?

The markets shuddered when the price of Bitcoin, the largest coin by market cap, dropped to $17,628 over one weekend. This was its lowest since November 2021. All cryptocurrencies, other than Bitcoin, have lost between 50 and 90 percent of their value since late last year. Be it Ethereum, Matic, Cardano, or Dogecoin. The market value of all traded cryptocurrencies has fallen significantly, from a peak of $3.2 trillion in November last year to less than $1 trillion today. Nevertheless, crypto and Web3 firms in India are still gaining funding despite the widespread, fear-induced sell-off in digital assets.

In the first half of 2022, crypto and Web3 startups closed 43 agreements totaling more than $1 billion in funding. In addition, according to data source Venture Intelligence, the sector attracted $536 million across 39 acquisitions in 2021.?

Indian Web 3 Startups you should know about

EPNS

The indigenous company Ethereum Push Notification Service (EPNS) aims to address the issue of push notification technology integration into web 3. Using EPNS, any Decentralized Application, smart contract, and decentralized service can send out notifications to their users in a conventional manner, i.e., on mobile, web, etc. Most projects have used discord or Twitter to connect to their community. ENPS will enable the projects to connect to the users through push notifications. One of the most significant early-stage web3 firms in the world at the moment, the company launched its mainnet in January 2022. Web3 angels like Balaji Srinivasan, Scott Moore, and Mariano Conti have invested close to 1 and half million dollars in the company. Sandeep Nailwal, another Web3 angel, has also shown interest in the company.

Polygon

Polygon is one of the Indian startups that has made a mark worldwide. The organization is working in alignment with the core of decentralization. Its core mission is to make Web3 accessible for all. Polygon, formerly known as MATIC network, was developed to overcome numerous restrictions on the Ethereum Network like transaction speed, throughput, and gas prices. Polygon was initially intended to be a scaling solution, but it quickly became a multifunctional ecosystem that has drawn much interest. Amid the Initial Exchange Offerings (IEO) boom in 2019, MATIC, its native token, made its Binance Launchpad debut. Early this year, Polygon raised $450 million in funding in a round led by Sequoia Capital India.

Huddle

Huddle's goal is to make video calling seamless while safeguarding users' online identities, protecting their online personas, and enabling them to express themselves freely. Huddle is a free-to-use video conferencing platform wherein no registration is required and no information is collected. Additionally, it offers several Web3-enhanced features, like token-gating, NFTs as profile images, decentralized meeting recording storage, decentralized live streaming, and more. Over 4,000 users have had over 10,000 meetings hosted so far. Additionally, it received a $2 million seed round in 2021 from investors, including Protocol Labs and Web3 angels Sandeep Nailwal and Preethi Kasireddy.

Shardeum?

Shardeum is an EVM-based linearly scalable smart contract platform that ensures decentralization and security for everyone while maintaining a minimal gas fee through dynamic state sharing. It is the first linearly scalable smart contract platform that boosts the number of nodes to enhance the number of transactions per second. The platform enables 'infinite' scalability, high decentralization, and increased security.

Tegro

Web3 games are becoming the next big asset class, and Tegro is developing a marketplace where players and investors can buy and sell these assets. It is an ecosystem that empowers users, game developers, and investors to fully realize Web3's promise in the most ethical, transparent, and sustainable way possible. On May 17 this year, Tegro announced a $1 million grant for Web3 game developers as the market gained traction in the wake of the increasing use of cryptocurrencies and blockchain-based apps.

WazirX and the Web 3.0 Startup Ecosystem of India

To tap into our potential, all we require today is a stable climate. That is why, WazirX, in association with Atal Incubation Center GIM and Buidlers Tribe, has introduced to all Web 3.0 enthusiasts; India's first Blockchain park in Goa.?

The Blockchain Park in Goa aims to use existing possibilities and talent while providing deep-tech blockchain firms with technical know-how, accreditation, and government policy assistance.?

The Web3 revolution is only getting started!

Conclusion

The economy will grow, and more employment and opportunities will be made possible via Web 3. India is ideally positioned to gain from Web3 as it has one of the largest marketplaces for internet users in the world, enthusiastic youth, a large pool of startups, and talented developers. Overall, India is like a giant that has just opened its eyes in the age of unicorns. It's time that we show the world that we can not be left behind.

It's time to BUIDL for all ??