Among the top states, Karnataka has emerged as the nation’s most dynamic Web3 hub, home to 97 startups that comprise a substantial 33 per cent of India’s Web3 ecosystem, as per a Bharat Web3 Association report. Maharashtra follows with 47 firms, or 16 per cent of the sector, confirming these states’ appeal to tech innovators in the blockchain, DeFi and metaverse spaces.
Telangana, Haryana and Uttar Pradesh round out the top five regions, with 20, 19, and 16 Web3 companies, respectively. This geographic spread points to how various states are building unique tech ecosystems that cater to the rapidly expanding Web3 sector. Notably, these regions collectively account for a portion of the nearly 70 per cent of Web3 companies headquartered in India.
According to the report, the concentration of Web3 startups in Karnataka shows the state’s standing as a major innovation center, fostering a culture that draws companies focused on advanced blockchain solutions.
Maharashtra, with its strong financial and technological infrastructure, has also become a natural home for Web3 firms, particularly in sectors such as decentralised finance and digital asset exchanges.
Telangana’s presence in the top ranks also points to its government’s proactive approach to promoting blockchain, while Haryana and Uttar Pradesh showcase growing interest in fostering digital innovation.
The report also mentioned identifying Blockchain Services and Solutions as the most prevalent area for Web3 companies, with 79 startups, or nearly 19 per cent of the industry, focused on developing blockchain-based solutions for a range of applications. This is followed by virtual digital asset (VDA) exchanges and trading platforms, which include 42 companies, and blockchain infrastructure firms with 36 companies, both of which are instrumental in supporting India’s Web3 ecosystem. DeFi companies and those specialising in gaming and entertainment also play a significant role, rounding out the top five verticals.
