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VARIETY The funding activity for Web3 startups in India too is on a declining trend. The total funding in 2022 stood at $717.5 million. In contrast, half way through 2023, the total funding YTD stands at a mere $104.5 million, according to Tracxn
Even though the Indian Web3 space exhibits all the apparent and basic pre-requisites for a vibrant start-up ecosystem, only 95 start-ups were founded last year, latest data from Tracxn show.
This is a 63.6 per cent drop from 2021, which saw 261 start-ups being founded in the region, according to Tracxn data. The declining trend still continues, as only 12 start-ups have been founded through the first half of 2023.
To be sure, the...