Polygon's $450-mn funding: Is it Flipkart moment for blockchain in India?

The Indian blockchain start-up's massive funding round has many implications for Web3 companies and VCs in the crypto arena

Indian blockchain start-up Polygon does not earn any revenues — and says it does not have any such plans for the future, too. Yet, it has amassed a funding round of $450 million led by Sequoia, SoftBank and Tiger Global at a valuation of around $10 billion.

Founders and VCs alike say it may turn out to be the Flipkart moment for India’s blockchain ecosystem. While Indian crypto exchanges have attracted large funding rounds earlier at unicorn valuations, Polygon’s funding is closer to the ethos of decentralisation of Web3, an idea for a new iteration of the World Wide Web