India's Gaming Sector: IPOs To Unlock $63 Bn Investor Value By 2029, Report Predicts $60 Bn Market .

• 24 Mar 2025
• TM Team
• 0 Comments

Indian online gaming companies are gearing up for public market listings. A new report suggests that these IPOs could unlock over USD 26 billion in investor value in the coming years. The report was launched at the Game Developers Conference (GDC) by WinZO Games and the Interactive Entertainment and Innovation Council (IEIC). WinZO is India’s largest interactive entertainment platform.

The 2025 edition of the India Gaming Market Report was released at the second edition of the India Pavilion at GDC, San Francisco. The report provides insights into the rapid growth of India’s USD 3.7 billion online gaming industry.

The sector is expected to grow at a CAGR of 19.6 per cent between FY 2024-29. By 2029, the market is projected to reach USD 9.1 billion. The report was unveiled by Dr Srikar Reddy, Consul General of India in San Francisco, along with WinZO’s Co-founders, Saumya Singh Rathore and Paavan Nanda.

According to the report, Nazara Technologies, India’s only publicly listed gaming company, commands the highest premium among gaming firms globally. Applying similar valuation multiples to India’s current online gaming market size of USD 3.7 billion estimates a minimum of USD 26 billion in investor value. Once the sector reaches USD 9.1 billion by 2029, this figure is expected to rise to USD 63 billion.

The report highlights key strengths of India’s gaming sector. India has 591 million gamers, making up about 20 per cent of global players. The country records 11.2 billion mobile game downloads annually. There are approximately 1,900 gaming companies, employing 130,000 professionals. India has attracted USD 3 billion in FDI, with 85 per cent of investments going into the Pay-to-Play segment. This segment has successfully monetised gaming assets, overcoming past challenges in revenue generation.

India’s strong digital infrastructure, growing developer ecosystem, and supportive regulations will drive further expansion. By 2034, the market size could reach USD 60 billion. The sector is expected to create over 2 million jobs and expand India’s gaming user base to 952 million by 2029. Increased FDI and the export of Indian gaming IP will also contribute to this growth.

"India stands at the cusp of a remarkable transformation in the global gaming and technology ecosystem," said Dr Srikar Reddy. "As one of the fastest-growing digital economies, our gaming sector is a major driver of innovation, job creation, and investment. The India Gaming Market Report highlights the immense opportunities ahead. Our online gaming industry is projected to unlock USD 25-30 billion in investor value. The Hon’ble Prime Minister’s commitment to digital infrastructure and emerging technologies has positioned India as a leader in the global gaming space."

WinZO’s Co-founder, Paavan Nanda, echoed this sentiment. “India’s online gaming industry is on an unprecedented growth path. The market is expected to reach USD 9.1 billion by 2029, unlocking up to USD 63 billion in investor value. The India Gaming Market Report and the India Pavilion at GDC showcase our country’s growing influence in the global gaming landscape. As we continue to push the boundaries of innovation, IP creation, and engagement, WinZO is committed to shaping India into a global gaming powerhouse.”