India’s gaming industry is poised for exponential growth, with the sector projected to reach a market size of $60 billion by 2034, according to the India Gaming Market Report 2025 (IGMR 2025) by WinZO and the India Emerging Industries Council (IEIC). The report anticipates a surge in investor value, estimating a $26 billion IPO opportunity and the creation of over 2 million jobs.
Nazara, India’s sole publicly listed gaming company, currently commands the highest valuation premium among global gaming firms. Applying similar valuation metrics to the Indian online gaming market—currently valued at $3.7 billion, the report suggests a minimum of $26 billion in potential IPO-driven investor value. As the industry grows to $9.1 billion by 2029, this figure could soar to $63 billion.
The report highlights India’s robust gaming ecosystem, which includes 591 million gamers—about 20% of the global gaming population, over 11.2 billion mobile game downloads, and nearly 1,900 gaming companies employing 130,000 skilled professionals. Foreign Direct Investment (FDI) in the sector has already surpassed $3 billion, with 85% directed toward the Pay-to-Play segment due to its strong monetization potential.
“India stands at the cusp of a remarkable transformation in the global gaming and technology ecosystem,” said Dr. Srikar Reddy, Consul General of India in San Francisco. “Our gaming sector is not just an entertainment powerhouse but a key driver of technological innovation, job creation, and investment. The Hon’ble Prime Minister’s steadfast support for digital infrastructure and emerging technologies has positioned India as a global leader in tech and gaming.”
WinZO’s co-founder, Paavan Nanda, echoed this optimism, stating, “India’s online gaming industry is on an unprecedented growth path, with a projected market size of $9.1 billion by 2029 and up to $63 billion in investor value waiting to be unlocked. As we push boundaries in technology innovation, IP creation, and engagement, WinZO remains committed to shaping India into a global gaming powerhouse.”
IGMR 2025 also underscores India’s mobile-first and youth-driven gaming market, which currently accounts for just 1.1% of the $300 billion global gaming industry. The report highlights a rising demand for casual and hyper-casual games in regional languages, paving the way for the global export of Indian-made gaming IP.
The report was launched at the India Pavilion at GDC, the world’s largest gaming conference, which showcased India’s gaming prowess alongside major players like WinZO and indie developers. The India Pavilion was a collaborative effort by WinZO, the Ministry of Information & Broadcasting, the Government of India, GDAI, and Nazara Technologies.
WinZO’s Bharat Tech Triumph Program, now in its third edition, continues to support emerging game developers by providing mentorship, resources, and exposure at international gaming events. The winning developers will also showcase their games at Startup Mahakumbh (April 2025) and the World Audio Visual & Entertainment Summit (WAVES) (May 2025).
With strong government backing, increasing FDI, and a rapidly expanding user base, India’s gaming sector is on track to become a dominant force in the global industry.