According to NASSCOM, India accounts approximately 11 per cent of the global Web3 talent making India one of the world’s largest Web3 workforce contributor, employing approximately 75,000 blockchain professionals. Shrikant Bhalerao, Co-founder, Seracle shares insights on how Web3 industry will evolve in 2023
2022 has been touted as a tough year for startups. What were some of the challenges your company faced and how did you tackle these?
One of the biggest challenges Seracle faced in 2022 was the fast-paced changing spectrum of the industry. What was relevant in the current month had become obsolete by the next. This kept our developers on their toes throughout the year to meet the ever-changing demand for new technologies. In such a scenario, our only goal was to deliver well-rounded products to our clients quickly.
What are your expectations from 2023? Will some of the growth drivers kick in again or will it continue to be a cautious year as well?
We are expecting 2023 to be a year full of growth and expansions. We are looking to add many more talents to our team due to the increased demand for our current Whitelabel products and upcoming new product PaaS, i.e., Platform as a Service. Growing our client base and helping more businesses achieve their online goals while we continue to innovate is also in our product pipeline.
Please share more on how 2022 panned out for your company?
Our team grew to 50+ employees, and we were able to attract the best talents in the market. Further, we partner with ByteX – a Noncustodial CeDeFi Exchange, to deliver an international crypto exchange, with Shemaroo to build an exciting web3 project that will be launched very soon, with Chingari enabling crypto-to-fiat transactions for its consumers.
What are some of your plans for 2023 and the areas of interest in the year ahead?
This year, we will see more innovative blockchain applications and companies implementing the technology. We are excited to be part of this industry and to help our clients grow their businesses with blockchain. Seracle will be focused on enabling Web3 transformations for startups & developers via Web3 as a Service. We aim to help 5000+ developers by 2023 and onboard enterprise clients for NFT & Metaverse.
How does Web 3.0 assist in reducing the role of middlemen?
Web 3.0 will increase transparency between the business and users. Smart contracts take up the role of intermediaries. Thus, all tasks make the entire process faster and transparent and help with regulatory compliance and improved user security.
As a leader, what were some of the things you had to do differently in 2022 especially given some of the external challenges in the year that ranged from founder troubles to restrained investment and large-scale layoffs?
This year has been a challenging one for startups. Still, with our SaaS for Web3 platform, we’ve taken it as an opportunity to pivot to remain competitive and innovate how we do business. In this bear market, we remained focused on building in stealth mode and ensuring our security measures were up-to-date. All these changes allowed us to keep our business running smoothly during a turbulent year and keep up with the changing market needs.
Given the sudden shift toward the right-sizing of business models in startups across industries, do you anticipate changes in the fundraising segment?
While the crypto space is in correction, the industry has shifted focus to building projects that can sustain the market heat and serve better. The industry has shifted its narrative from being a quick-money-making scheme to focusing on technologies that will help them scale. The projects focused on building a sustainable web3.0 alternative for web2.0 will be at the forefront of fundraising. Speaking of which, Seracle is helping such projects to build better.