Dr Ravi Chamria, CEO and Co-founder of Zeeve recently participated in the Web3 in India – Current and Shaping Trends | Tech Talks with NASSCOM INSIGHTS. The event saw participation from industry experts such as the likes of Samrat Kishor – Regional Head at Ethereum Enterprise Alliance and Senior director at EC-Council Global Services, Vikalp Sharma – Engagement Lead at Zinnov and Rashi Sharma – Senior Analyst at NASSCOM. Ravi Kikan – Director – Marketing, Online Sales & Growth at Zing HR and Advisory Board Member at NASSCOM Insights was the moderator of the session.

The moderator started the session by providing a background about the recent NASSCOM release – a study which was titled India web3 startup landscape and emerging technology leadership Frontier. This is one of the first kinds of study that is aimed at promoting a broader understanding of a diverse possibilities with web3 and the landscape of web free startups in the country transitioning from web 2 to 3.0. The moderator highlighted how this has been a decisive Journey where a lot of people are interested about what the journey is all about and how it is going to transform the future.

The amazing line up of experts shared their thought-provoking discussion on web 3 opportunities for India. Talking about the kind of volume that the country is registering in terms of the number of startups in web 3 in India, the moderator mentioned that there are about 450 web3 startups in India currently and the last two years have been really great in terms of how the ecosystem has grown. Digging deep, he revealed that the duration from 2021 and 2022 showed about the foundation of 160+ startups. He further talked of the high cumulative growth rate in terms of demonstrating how this ecosystem has grown stupendously. The experts agreed that most of the startups are solving enterprise problems and based on B2B business models and hence there are a variety of use cases that have come up in the web 3 space.

An important part of the study to show how much skill set and web3 talent there is in India and also investments in web3 space is growing by the day. The study figures show that the cumulative investments in this space have been around on the tune of 1.3 billion dollars as of Q1 2022.

During the session, Dr Ravi was asked about how fast will adoption of web3 take place in the country. In response to this, he stated that he would not be able to put in numbers as far as years but it’s going to be a considerable period of time because we are living in a scenario where not everyone is even web 2 compatible today. There is still a large chunk of people who don’t know how to even handle Digital Data so they are not even web one at this point of time so it’s going to take time as people get more comfortable using metamask and wallets. He further emphasized how the whole concept of web3 is a philosophy and every concept once it has been accepted requires an ecosystem to be built so right now we are at a stage where different ecosystem components are being built and greater adoption of the web 3 among enterprises and in general can happen over a period of time.

While summarizing the key insights from the report, moderator, speakers and NASSCOM analysts shared their view that India has the promising economic and demographic elements talent pool and investment prospects to become a high growth web free market to lead this base and to keep up the growth momentum. They also shared valuable insights and recommendations that have been included in the report to foster India’s web free ecosystem development.