India's tech capital, Bengaluru, has solidified its position as the undisputed hub for Ethereum and Web3 innovation in the country. A new industry report has crowned the city the 'Ethereum Capital of India,' highlighting its dense concentration of developers, entrepreneurs, and startups building on the world's second-largest blockchain network.
Bengaluru's Dominance in the Web3 Landscape
The findings come from the 'India Crypto Report 2024' by Hashed Emergent, a venture capital firm focused on emerging markets. The data paints a clear picture of Bengaluru's leadership. The city is home to a staggering 241 of the 658 Web3 startups identified across India. This means nearly 37% of all Indian Web3 companies are based in Bengaluru, far outpacing other major metros.
Following Bengaluru, the National Capital Region (NCR) hosts 144 startups, while Mumbai is home to 113. The report underscores that these three regions together form the core of India's blockchain ecosystem. This concentration is fueled by Bengaluru's established reputation as a technology and startup powerhouse, providing a ready pool of engineering talent, venture capital, and a culture of innovation.
Ethereum: The Foundation of Indian Web3
The report leaves no doubt about which blockchain platform Indian developers prefer. Ethereum is the foundational layer for a majority of Indian Web3 projects. Its security, established network effects, and robust developer community make it the go-to choice for building decentralized applications (dApps).
This preference translates into a significant talent pool. India boasts over 2,000 active Ethereum developers, according to the report. This developer base is crucial for sustaining growth and innovation, ensuring that the ecosystem can build complex and secure applications. Bengaluru, with its vast IT sector, acts as the primary magnet and incubator for this specialized talent.
A Thriving Ecosystem Beyond Startups
Bengaluru's status as the Ethereum capital is not just about the number of companies. The city fosters a complete blockchain innovation ecosystem. It is a hub for blockchain events, meetups, and educational initiatives. Major global and domestic crypto and Web3 firms have established offices or key teams in the city to tap into this vibrant talent network.
The Hashed Emergent report also highlights positive sentiment within the industry, following a period of market downturn known as the 'crypto winter.' With renewed optimism and clearer regulatory discussions, the stage is set for the next wave of growth. Bengaluru, with its head start in Ethereum development, is perfectly positioned to lead this charge and cement India's role on the global Web3 map.
The city's combination of entrepreneurial spirit, deep technical expertise, and a supportive startup environment has created an ideal breeding ground for the future of the decentralized internet. As the Web3 narrative evolves from speculation to real-world utility, Bengaluru's Ethereum-focused builders are at the forefront, developing solutions that could have far-reaching impacts.
