Reliance, Airtel Among Nifty 50 Firms Experimenting with Web3, Testifies to Sector Growth: Mudrex

Several Nifty 50 firms are exploring Web3 technologies like cryptocurrencies and blockchain, according to a report by crypto firm Mudrex, exclusively shared with Gadgets 360. The report reveals that 16 companies, including Reliance, Airtel, ITC, and TCS, are leveraging Web3 for digital marketing, supply chain management, CBDCs, and cross-border trading. Mudrex noted that institutional adoption of Web3 in India is steadily growing.

32 percent of India's top-most firms have shown readiness to explore emerging technologies like Web3, the report added.

“Through the data collected from various sources, the findings come out to be that more than 32 percent i.e. 16 of Nifty 50 companies by number are already leveraging blockchain solutions. Along the same lines, over 61.6 percent of the top Nifty companies by weightage have some exposure to blockchain,” the report noted.

Key Highlights from Mudrex's Findings

Last month, Reliance Jio quietly integrated JioCoins into its Jio Browser service to incentivise users. Around 35 percent of Web3-friendly Nifty 50 firms are exploring blockchain and crypto tokens in financial services. Companies like HDFC, ICICI, SBI, and Axis Bank are actively researching and testing crypto wallets and India's eRupee CBDC.

Beyond finance, Web3 adoption is expanding across IT, oil and gas, FMCG, and automotive sectors, with firms like Infosys, TCS, Tata Motors, and Wipro leading trials. Industries such as healthcare, telecom, construction, mining, power, and consumer services are also evaluating blockchain solutions.

Despite regulatory uncertainty, the report predicts that major firms will continue deepening their engagement with blockchain and crypto tokens.

“Based on the available data, we predict that by 2028, one in two Nifty 50 companies will be using Web3 technologies, indicating around an 18 percent YoY increase in adoption of the web3 ecosystem by the country's top companies,” Mudrex added.

In 2024, Bharti Airtel announced its investment in blockchain start-up Aqilliz – that specialises in providing Blockchain as a Service (BaaS) solutions for digital marketing. In 2021, Tata Steel became the first Indian steel company to have executed blockchain-enabled trade between India and Bangladesh.

According to Mudrex, the transparency and security of blockchain, compared to traditional web servers, will drive further exploration of this technology in digital marketing, manufacturing, and supply chain management.

“India's leading firms are leveraging Web3 innovations to redefine their core operations, signalling the nation's emergence as a key player in the global blockchain revolution. This analysis provides an in-depth look at the strategic moves of top Indian companies, setting the stage for understanding how these developments will drive India's emergence in Web3 and digital transformation,” the report noted.

India is still in the process of defining regulations for the Web3 sector, with no clear timeline for finalisation. While the government supports blockchain adoption at national and state levels, it remains cautious about cryptocurrencies. Despite the RBI's repeated calls for a crypto ban, it has pushed ahead with advanced trials of the eRupee CBDC.