New Delhi, Oct 20 (KNN) Marking its position as the third largest Web3 talent pool worldwide, India now has more than 450 active startups in the segment with 11 per cent of global talent in it, said Nasscom in its latest report.

Web3 is the name some technologists have given to the idea of a new kind of internet service that is built using decentralized blockchains — the shared ledger systems used by cryptocurrencies like Bitcoin and Ether.

Since 2015 yielding over 50 per cent CAGR growth, India registered over 170 new Web3 startups from 2021 to 2022.

The report has been prepared by Nasscom with VC firm Hashed Emergent, prepared in research partnership with Zinnov Consulting.

The report notes that Indian Web3 and Web 2.5 startups have also soared due to increasing confidence and interest from global investors, investments.

“While we are only scratching the surface when it comes to emerging tech such as Web3, the 'Techade' will be all about the technology making significant advances leading to innovative use-cases and magnified positive impact at a grassroots level,” said Debjani Ghosh, President, Nasscom.

In terms of distribution, over 80 per cent of Indian Web3 startups are in the tier I cities.

However, the tier 2 and 3 ecosystem is growing rapidly with locations such as Jaipur, Vadodara, Ahmedabad, Kolkata, Trivandrum and Coimbatore evolving as emerging hubs for Web3 startups.

According to the report the tech industry in India has employed about 75,000 Blockchain professionals.

It has estimated that this talent pool will grow by over 120 per cent by 2024.  (KNN Bureau)