India Added 4.7 Million Web3 Developers in 2024, Set to Surpass US: Hashed Emergent

India is on track to surpass the US as the largest hub of Web3 developers by 2028, according to the India Web3 Landscape Report (2024), released on March 11. In 2024, India’s Web3 developer community grew by 28 percent, adding over 4.7 million developers to GitHub. The report also noted that India accounted for 17 percent of all new Web3 developers globally last year.

About Indian Web3 Developers

India currently hosts the world’s second-largest crypto developer base, making up 11.8 percent of the global community. The report highlights Indian developers’ significant contributions to Web3, driving advancements in cryptocurrencies, blockchain, and NFTs.

“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. Gaming and NFTs account for 30 percent of developer engagement, while DeFi and RWAs contribute 26 percent,” the report reviewed by Gadgets 360 claimed. This is the third edition of the report.

The Web3 sector is drawing a younger wave of developers, with 85 percent of those entering in the past two years being under 27, according to the report. Hackathons and competitions have become key entry points for promising talent in the field.

Community of Web3 Founders Also Expands in India

Over the last few years, the Web3 sector has managed to carve a niche for itself in India’s thriving startup ecosystem. Presently, India hosts the third largest community of Web3 founders, just behind the US and the UK.

Hashed Emergent’s report stated that India is home to over 1,200 Web3 startups. In 2024, investments in Indian Web3 startups fetched $564 million (roughly Rs. 4,923 crore) in funding. This marked a 109 percent surge in investments compared to 2023.

“In 2024, Indian founders focused on building new DeFi applications, including staking, liquid staking, and re-staking products across ecosystems as well as perpetual DEXs, Real World Assets (RWAs), and tokenisation platforms. Key subsectors that attracted investments were AI, RWAs, and staking solutions led by increased infrastructure spends around centralised AI by big tech,” the report noted.

Coinbase Ventures, Y Combinator, Animoca Brands, IOSG, and LD Capital joined homegrown VC firms such as Hashed Emergent, CoinDCX, PeakXV, Borderless, and Alpha Wave to fund Web3 projects from India.

Other Key Highlights from the Report

The report highlights India’s growing adoption of blockchain-based gaming, with 60 percent of hybrid gamers now exclusively playing Web3 games. Gen Z dominates the space, accounting for half of all gamers. Additionally, Web3 gamers in India spend an average of $220 (roughly Rs. 19,204) annually—nearly double the $120 (roughly Rs. 10,475) spent by traditional gamers.

Indian investors have also adopted more sophisticated trading strategies between 2022 and 2024. Meme coin trading volumes surged fivefold last year, with Gen Z comprising 35 percent of investors. Notably, women make up 10 percent of all futures traders.

“What’s impressive is that 59 percent of the Indian crypto traders are using stop-loss orders, showing sophisticated risk management. According to Hashed Emergent’s survey, the preferred leverage is 11x-20x, which is calculated risk-taking and not reckless trading,” the report highlighted.

The report highlights a surge in blockchain adoption by the Indian government and major enterprises over the past year. The MeitY-backed Vishvasya Blockchain Stack is now used by 16 banks and 20 government divisions across seven states. Leading firms like Reliance, Bajaj, and Tata are also integrating Web3 solutions for digital transactions, data management, and loyalty programs.

Commenting on the report’s findings, Tak Lee, CEO and Managing Partner at Hashed Emergent, noted that India’s Web3 sector has remained strong and resilient despite global regulatory 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. Last year, we noted India’s global leadership in Web3 adoption and today, that promise is turning into tangible advancements led by Indian innovators,” Lee noted.

Hashed Emergent released the report during India Blockchain Week in Bengaluru last December. The venture capital firm collaborated with CoinDCX, Lysto, Pi42, Devfolio, and Trilegal to analyze industry trends and compile the findings.