India accounted for nearly 17 percent of new developers entering the Web3 space in 2024. The country is expected to go past the US to emerge as the world’s largest developer community by 2028. Most Indian developers are new to the web3 space, with more than 50 percent joining in the past two years and 85 percent aged under 27. In 2024, funding into Web3 startups grew to $564 million, up 109 percent from 2023, taking the total funding in the space to more than $3 billion, the report said. The report also said India has world’s second largest crypto developer base, with 11.8 percent of the developers based in the country despite the government’s cautious approach towards the sector. It said India boast of over 1,200 startups in the Web 3 space across sectors – making India the third-largest founder base too in this space. Key subsectors that attracted investments were AI, RWAs, and staking solutions led by increased infrastructure spends around centralized AI by big tech.