We tend to use these words interchangeably and liberally, like they’re confetti at a tech conference. Let’s be brutally honest: for Indian women navigating the VC landscape, the reality is often a stark contrast to the utopian vision. We’ve heard that Web3 is a brave new world, a great equalizer and all that. But is it, really?
Is Web3 Just Another Boys' Club?
The narrative paints a rosy picture: Indian women are surging into Web3, becoming developers, artists, investors. We commend and salute the work of people like Kavita Gupta of Delta Blockchain Fund, and teenage crypto superhero Harshita Arora. These are inspiring stories, no doubt. Focusing solely on these success stories obscures a much darker truth: the persistent, systemic bias that continues to plague women seeking funding.
I’m not only going by the anecdotal experience. Where's the data? Where's the transparency? Women in Crypto India and ShaktiDAO are amazing initiatives which are working to empower women at the grassroots level. They’re fighting like hell to not let that be the case. Instead of addressing the cause, they’re just desperately trying to treat the symptoms.
Think about it: how many women-led Web3 startups in India receive a meaningful slice of the VC pie? A measly percentage, I bet. This is what we need — hard numbers, not just happy, touchy-feely stories. We need to hold VCs accountable who talk the talk on diversity but continue to fund the usual white male demographic.
And in some ways it reminds me of the early days of the internet itself. You know, that thing that was going to be such this liberating democratizing force. And then it became controlled by a few male-led tech monopolies? Are we fated to make the same mistakes again in Web3?
Regulatory Uncertainty Amplifies Existing Risks
The true elephant in the room is India’s long-standing regulatory ambiguity over crypto. This uncertainty doesn’t affect everyone equally. It disproportionately hurts women. Why? That’s partly because women, typically experiencing more societal pressure to be caretakers and/or money-making pressure as well, are simply more risk averse.
It’s not that they’re fundamentally different—in terms of making decisions, it’s the ecosystem that’s surrounding those decisions being made. A woman bootstrapping a Web3 startup might not be willing to take the plunge into a regulatory grey area. She knows that if something goes wrong, the repercussions would be catastrophic for her and her family. A man from a privileged background might be more willing to take that risk, knowing he has a safety net.
The absence of clear regulations disproportionately affects the underserved. It produces a chilling effect, deterring women from entering the industry or growing their businesses. It would be like constructing a home on quicksand – the soil being used to build upon is unstable by nature.
Where Are The Role Models, Really?
We get a front-row seat to Radhika Gupta bringing the general public up to speed on crypto. That's great. There are only 10 Indian female founders who are at the helm of large Web3 firms or represented high up on the roster of industry publications’ most influential lists. The underrepresentation is glaring.
And it’s a self-perpetuating cycle. If young women don’t see themselves reflected in leadership positions, they’re less likely to believe they can achieve similar success. Representation matters. It’s more than a checkbox, it’s setting the course for future innovation and creating a diverse ecosystem.
This is making me think of efforts to put women into STEM careers. But for many decades, women had been actively discouraged from pursuing careers in science and engineering. The absence of female role models led them to feel unsupported and uncared for. We can’t allow the same to play out in Web3.
So what can we do? What we must do is listen to and elevate the voices of Indian women building in Web3. We must do our part to challenge the unconscious biases that hold them back from receiving funding and leadership opportunities. We should demand regulatory clarity that fosters a level playing field for all.
Web3 promises decentralization and meritocracy. We need to stop letting the industry off the hook. Let’s make sure that promise is real and make sure it’s extended to Indian women as well. Otherwise, it's just another broken dream.
