MUMBAI: India’s online gaming companies are gearing up for a blockbuster debut on public markets that could unlock a whopping $26bn in investor value, according to a report unveiled yesterday at the Game Developers Conference (GDC) in San Francisco.
The India Gaming Market Report launched by WinZO Games and the Interactive Entertainment and Innovation Council (IEIC) at the India Pavilion, offers a tantalising glimpse into the sector’s meteoric rise. Currently worth $3.7bn, the industry is expected to surge at a 19.6 per cent compound annual growth rate to reach $9.1bn by 2029—and a staggering $60bn by 2034.
“India stands at the cusp of a remarkable transformation in the global gaming ecosystem,” declared San Francisco consul general of India Srikar Reddy at the launch. The report suggests the sector’s public market potential could balloon to $63bn by 2029 if projections hold true.
The document paints a picture of a market primed for explosive growth. With 591 million gamers—roughly 20 per cent of the global total—and approximately 11.2 billion mobile game downloads, India’s digital playground is expanding rapidly. The country now boasts around 1,900 gaming companies employing 130,000 skilled professionals.
Foreign investors are certainly not playing around, having poured $3 billion into the sector. A hefty 85 per cent of this foreign direct investment has flowed into the pay-to-play segment, which has cracked the once-vexing challenge of monetising Indian gaming assets.
Nazara Technologies, India’s lone publicly listed gaming company, currently commands the highest premium among global gaming stocks. Apply similar multiples to the broader sector, and you get the eye-watering $26bn valuation potential cited in the report.
“The online gaming industry in India is on an unprecedented growth path,” said WinZO co-founder Paavan Nanda, who launched the report alongside co-founder Saumya Singh Rathore. The duo’s company is no small player itself, boasting over 250 million registered users across India and Brazil.
The report also highlights how Indian gamers overwhelmingly favour casual and hyper-casual games developed in regional languages, heralding what it calls “the renaissance of Indic content ‘Made in India, for the World’.”
Despite its impressive growth, India’s gaming market currently represents just 1.1 per cent of the $300bn global market—suggesting plenty of room to level up. If projections hold, the user base could swell to 952 million by 2029, creating over two million jobs along the way.
The report’s launch coincided with the second edition of the India Pavilion at GDC, showcasing games from major players and indie developers alike. The pavilion was a joint effort by WinZO, the Ministry of Information & Broadcasting, the Game Developer’s Association of India, and Nazara Technologies.
In the game of global tech dominance, India’s gaming industry is clearly playing to win.
