To call India the “world’s IT kitchen” would be the understatement of the century. Since the late eighties, the subcontinent has witnessed an imperial rise of digital transformation within the ranks of a highly productive national workforce. Amidst the dot-com & silicon booms that engulfed western civilization, India quickly rose to the occasion as a crucible of excellence in manufacturing and software development, contributing towards the rapid proliferation of the world wide web with an almost unfair advantage.
Fast forward to 2022 - with 692 million internet users (expected to inch closer to a billion by 2025), the country is on the brink of yet another paradigm shift in the internet’s status quo. A quick scan of the numbers surrounding global crypto adoption, for starters, reveals the insane head-start that India enjoys over its western and middle eastern counterparts.
Furthermore, in the last two years, the Indian web3 ecosystem has demonstrated its potential for untapped growth through the emergence of homegrown brands such as Polygon, Biconomy, Instadapp, Coinswitch Kuber, and WazirX (which recorded a 17x jump in trading volumes in 2021).
Nearly 18,500 monthly active developers currently power the growth of web3 technologies around the world. In contrast, there are 5.8 million qualified developers in India, a vast majority of whom are overwhelmingly driven by a shift of trade interest from web2 to web3.
While regulatory uncertainties have historically inhibited developers from making the jump, a novel tax framework for digital assets is chipping away at that wall, hinting at the much-needed course correction that the industry was waiting for. Additionally, the Union Government of India has disclosed plans to launch the “digital rupee”—a CBDC (central bank digital currency)—during the current fiscal year. According to the latest reports, a pilot run is already underway.
Most notably, a 2022 report by FICCY-EY estimates that by 2032, web 3.0 & blockchain technologies will likely contribute $1.1 Trillion to India’s GDP. This, in turn, will lead to the creation of more than 800,000 jobs in a fast-paced, growth environment. This is precisely the kind of potential that makes web3 the rallying point for India’s future unicorns.
The global climate for web3 expansion is clearly more than conducive. Venture capitalists around the world pumped about $30.5Bn into crypto products in 2021, and in the past two years, the funding received by Indian web3 businesses has crossed $1.5Bn. The same report indicates that while 80% of this money has gone to startups based out of Indian metros, India-2 and India-3 are not too far behind! Cities such as Jaipur, Vadodara, Ahmedabad, Kolkata, Trivandrum, and Coimbatore are rapidly emerging as hubs for Web3 startups.
Coindesk has famously called India’s developers the “sleeping giants” of web3, pointing out the nascent potential of an accelerated shift from web2 to web3 that could (at least in theory) put the country on track toward becoming the most prominent global developer ecosystem, as early as 2024.
Ecosystems such as Ethereum, Solana, and Polygon are already testing the waters with hackathons of unmatched scale. The rate at which Indian developers are rising to the occasion of a glorious web3 moment is a promising indicator of the glory days ahead.
This is quite literally the best time for dynamic entrepreneurs to test their mettle on the battlefield, bringing their best attempts to decentralize utilitarian consumer & enterprise pathways into the public eye.
Many of the significant mistakes (that will turn into stellar learnings for the industry) are yet to be made. Most of the powerful risks that must precede the downpour of fabulous rewards are yet to be taken. It’s just a question of combining the right ideas and talent and empowering them with expert navigation and growth infrastructure.
This is where Graviton comes in.
We’re about to launch the most powerful enabling ecosystem for Indian web3 buildooors.
Powered by the economic, technological & strategic armory of some of the world’s leading web3 venture capitalists, platforms and blockchain ecosystems, this is a uniquely imagined program that ties the future successes of its cohort graduates into a transparent and sustainable circular economy.
While the linear functioning of the web2 world (and its capital) has largely prohibited such a structure from ever materializing, today, we stand at the cusp of an evolved world order. Circular economies can potentially even change the way teaching works around the world. This is the “X” factor in our formula, and we believe it will help speed up the impact created on the Indian web3 landscape.
In the coming weeks, we will continue to release information that will help you plan your pitch, interact with your future mentors, and dissolve any doubts that you may have about the process.
The program is designed to help early-stage founders solve practical problems they commonly face when finding product market fit, building a core team, or raising capital. We are chain agnostic and committed to fostering web3 growth in India.
If you're building for web3 out of India, we're committed to making it happen for you. Apply now!
Application deadline: Jan 25, 2023
Spring cohort: Feb - Jun 2023
Demo day: Jun 2023 (last week)
A sneak peek into Graviton's upcoming cohort in March 2023 - Curriculum, mentors, and assisted institutional fundraising.