Blockchain technology is witnessing rapid expansion in India, cementing the country’s position as a key player in Web3 infrastructure and the fastest-growing market in the Asia-Pacific region.
Data from Analytics Insight shows that 56% of Indian businesses are planning to integrate blockchain into their core operations.
The sector already counts more than 2,100 companies, of which 329 are funded, collectively raising $1.95 billion through venture capital and private equity.
India, alongside the United States, is also at the forefront of global crypto adoption and is a major driver of grassroots crypto activity across the Asia Pacific, according to blockchain analytics firm Chainalysis.
Seeking to capture this momentum, Ava Labs — the developer of Avalanche, an open-source Layer 1 blockchain platform — has been stepping up its presence in India, and in 2023, made two strategic hires for its Indian operations, appointing Devika Mittal as regional head to oversee the expansion.
“When I took on the role in 2023, Avalanche had a minimal presence in the region,” Mittal tells Invezz in an interview.
“What’s changed since is that we’ve tackled the market both top down and bottom up; the former by working with state and central governments and enterprises like IEEE, and bottom up by firmly establishing Avalanche as a chain of choice for startups and developers looking to scale their products, especially in DeFi, gaming, infrastructure and AI,” she adds.
Mittal also shares applications where the adoption of Avalanche in seeing an uptick, including in the public sector, why competition with Ethereum and Solana does not bother her, and how India can shape its regulatory framework to make it easier for the blockchain ecosystem to thrive.
Excerpts:
Devika Mittal, regional head, Ava Labs
Growth of Avalanche in India
Invezz: You joined Ava Labs as its South Asia regional head in 2023. How would you describe the growth and adoption of Avalanche in the country since then, especially when it comes to institutional and government interest?
When I took on the role in 2023, Avalanche had a minimal presence in the region.
What’s changed since is that we’ve tackled the market both top down and bottom up; the former by working with state and central governments and enterprises like IEEE, and bottom up by firmly establishing Avalanche as a chain of choice for startups and developers looking to scale their products, especially in DeFi, gaming, infrastructure and AI.
Educational Institutions and startups now see Avalanche L1s as a way to build scalable, regulatory-compliant solutions.
On the public sector side, we’ve started real conversations around land records, identity, and supply chain systems – areas where India is already a global leader in digital infrastructure.
And at the same time, developer activity here has exploded, from hackathons to startups using Avalanche for tokenization, gaming, and DeFi.
So, the shift has been from curiosity to pilots, and now into serious adoption.
RWA tokenisation, gaming, land record-keeping in public infra seeing increasing adoption of Avalanche
Invezz: Upon joining Ava Labs, you had said the company will target ticketing, certification, supply chain and other sectors. What new sectors are you seeing opening up for partnerships?
We identified ticketing, certification, and supply chain as clear use cases for Avalanche. Those areas are still active, but what’s exciting is the new sectors opening up.
We’re seeing strong momentum in real-world asset tokenization—everything from gold and real estate to carbon credits.
Gaming has also taken off, with Indian studios turning to Avalanche for scalable, low-cost infrastructure.
And then there’s the public sector: governments are exploring Avalanche for digital public infrastructure, like land records and digital identity.
So the scope has definitely widened from enterprise pilots to whole new categories of adoption.
On the public sector side, blockchain is increasingly being considered for digital public infrastructure, land registries, identity verification, and supply chain traceability—aligned with India’s vision of scalable, citizen-first digital platforms.
In short, the pipeline of partnerships has expanded from sector-specific pilots to large-scale opportunities in finance, gaming, and digital governance, making India a key frontier for Avalanche’s growth.
India likely to be one of the top regions globally in on-chain activity
Invezz: The Avalanche Foundation in June announced that the network has surpassed 3 billion transactions. How much has India contributed to the milestone, and do you have a year-end target for the number of transactions you want to hit in the country?
India has been one of the fastest-growing contributors to Avalanche’s global activity.
While I can’t share a specific breakdown, I can say that a significant portion of transaction growth has come from Indian projects—whether that’s startups building DeFi protocols, gaming platforms, or enterprise pilots running on Avalanche L1.
Our focus isn’t on chasing a vanity number but on driving meaningful adoption.
That said, given the pace of developer activity here, we expect India’s contribution to grow substantially by year-end, and we’re confident it will be one of the top regions globally in terms of on-chain activity.
Not concerned about Avalanche versus Ethereum, Solana in India; focussed on building partnerships
Invezz: Avalanche has always faced tough competition from established platforms like Ethereum and Solana despite a higher transaction output, which has posed challenges in gaining market share and adoption. How are you tackling this challenge in South Asia?
Competition is real, but in India we don’t see it as Avalanche versus Ethereum or Solana, it’s about solving real problems.
Avalanche’s L1 architecture gives us an edge here. Enterprises and governments want scalability, customization, and regulatory compliance, which
Avalanche L1s deliver better than general-purpose chains.
At the same time, developers appreciate Avalanche C-Chain’s speed and low fees, which make it ideal for consumer-scale apps like gaming and DeFi.
So rather than chasing market share for its own sake, we’re focused on building partnerships and use cases that stick. That’s what’s driving adoption here.
Invezz: AVAX has been seeing a bearish momentum of late. What is the bullish case for the coin that you would like to tell potential holders, and positive developments to look forward to for existing holders?
Market cycles are natural; every major asset in crypto has gone through bullish and bearish phases.
However, as Ava Labs, we do not promote the AVAX token, which is governed by many factors including market dynamics.
I would recommend that everyone do their own research, as we cannot provide financial advice.
DeFi plus real world, at scale: vision for India
Invezz: Is Ava Labs long-term vision in India still primarily DeFi-led, or are you shifting more toward real-world asset tokenization and enterprise applications?
Our vision in India has always been broad, and never focused exclusively on DeFi.
DeFi remains an important pillar, but the real momentum now is in gaming, real-world asset tokenization and AI applications.
India has a massive opportunity in digitizing assets—everything from real estate and gold to carbon credits, and Avalanche’s L1 architecture is a perfect fit.
At the same time, enterprises and even public sector bodies are exploring the public blockchain for use cases like supply chain, certification, and digital public goods.
So it’s no longer DeFi alone, it’s DeFi plus real-world, at scale.
On regulatory changes taking place globally and expectations from South Asia
Invezz: What is your commentary on the regulatory changes taking place the world over, ranging from the GENIUS Act in the US as well as the MiCA regulations in Europe, and how, as a player in the country, would you like India to advance in this front?
Globally, we’re seeing a shift from uncertainty to clarity.
The GENIUS Act in the US and MiCA in Europe are signs that regulators want to create frameworks where innovation can thrive while protecting consumers.
For countries in South Asia too, that balance will be critical. Countries like India have already shown leadership with UPI and ONDC, and blockchain can be part of the next digital layer.
What we’d like to see is a framework that encourages responsible innovation—clear guidelines around tokenization, taxation, and compliance—so builders have confidence while regulators have oversight.
That’s how countries in South Asia can take global leadership roles in the next phase of technological innovation.
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