Indian online gaming companies are readying themselves for public market listing and will unlock a staggering investor value of over $26 billion in the coming years, according to a report by WinZO Games (WinZO), India’s largest interactive entertainment platform, and the Interactive Entertainment and Innovation Council (IEIC).

Launched at the second edition of the India Pavilion at GDC, San Francisco, the 2025 edition of the India Gaming Market Report provides an in-depth overview of the factors spurring the robust growth of India’s $3.7 billion (€3.3bn) online gaming sector. The sector is expected to grow at a CAGR of 19.6 per cent (FY 2024-29) and is set to touch a $9.1 billion market size by 2029E. The report was launched by D. Srikar Reddy (Consul General of India at San Francisco) and WinZO’s Co-founders, Saumya Singh Rathore and Paavan Nanda.

As per the report, India’s only publicly listed gaming company, Nazara, commands the highest premium among the globally listed gaming companies. Similar multiples applied to the current online gaming sector’s market size of $3.7 billion conservatively estimate a minimum of $26 billion in investor value waiting to be unlocked through IPOs. Once the market reaches its projections of $9.1 billion by 2029E, it will unleash $63 billion of investor value.

The report cited the strong fundamentals of the Indian gaming sector. India is home to 591 million gamers (~20 per cent of global gamers), around 11.2 billion mobile game app downloads with strong emerging alternatives to Google Playstore, and ~1,900 gaming companies, employing 130,000 highly skilled professionals. The sector has received $3 billion in FDI, out of which 85 per cent of the FDI was channeled to the Pay-to-Play segment, given its ability to successfully monetize Indian gaming assets, which was once a protracted issue for the Indian gaming sector. The robust foundation of India’s digital economy, coupled with the booming game developer ecosystem and conducive regulatory regime, will help the sector achieve a $60 billion market size by 2034, with second-order effects including the creation of over 2 million jobs, increased FDI, and export of Indian IP. They will also expand India’s current gaming user base to one of the largest in the world, to 952 million by 2029E.

“India stands at the cusp of a remarkable transformation in the global gaming and technology ecosystem,” said Reddy (Consul General of India at San Francisco). “As one of the fastest-growing digital economies, our nation’s gaming sector is not just an entertainment powerhouse but a significant driver of technological innovation, job creation, and investment. The India Gaming Market Report highlights the immense opportunities ahead, with our online gaming industry projected to unlock $25-30 billion in investor value. The Hon’ble Prime Minister’s steadfast support for digital infrastructure and emerging technologies has positioned India as a global leader in the tech and gaming markets.”

“The online gaming industry in India is on an unprecedented growth path, backed by a projected market size of $9.1 billion by 2029 and the potential to unlock up to $63 billion in investor value by 2029. Both the India Gaming Market Report, and the India Pavilion at GDC highlight our country’s expanding influence in the global gaming landscape, demonstrating the innovation and scale of homegrown gaming companies. As we continue to push boundaries in technology innovation, IP creation, and engagement, WinZO remains committed to shaping India into a global gaming powerhouse,” said WinZO’s Paavan Nanda.

IGMR 2025 also explores India’s dynamic mobile-first and youth-driven online gaming market, which currently accounts for just 1.1 per cent of the USD 300 billion global market, offering huge upside potential. Indian gamers overwhelmingly prefer casual and hyper casual games developed in regional languages, heralding the renaissance of Indic content ‘Made in India, for the World’. The export of Indian indie gaming IP will play a critical role in this growth. The India Pavillion and showcase of Indian talent at the Pavillion in GDC has now become a WinZO-led tradition connecting Indian game developers to the global gaming community.

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