India’s online gaming industry is poised for significant expansion, with market size expected to more than double to $9.1 billion by 2029, according to a joint report by WinZO Games and the Interactive Entertainment and Innovation Council (IEIC). The sector, currently valued at $3.7 billion in 2024, is largely driven by real money gaming, which accounts for 86% of the total revenue.
The report was released at the Game Developers Conference (GDC) in San Francisco and highlights the rapid growth of India’s gaming ecosystem. Paavan Nanda, co-founder of WinZO Games, stated that India’s gaming industry is on an unprecedented trajectory, with the potential to unlock $63 billion in investor value by 2029. He emphasised the role of technological advancements and innovation in positioning India as a global gaming hub.
India currently has 591 million gamers, making up 20% of the global gaming population. The country has seen 11.2 billion mobile game app downloads and is home to around 1,900 gaming companies, employing 1.3 lakh professionals. The sector has also attracted $3 billion in foreign direct investment, with 85% directed toward the Pay-to-Play segment.
The market is expected to see a shift in its revenue composition over the next five years. Real money gaming’s dominance is projected to decline slightly from 85.7% in 2024 to 80% in 2029, while non-RMG gaming will increase its share from 14.3% to 20%.
The report estimates that India’s online gaming sector has the potential to unlock $63 billion in investor value. Nazara Technologies, India’s only publicly listed gaming company, commands the highest premium among globally listed gaming firms. The report suggests that applying similar valuation multiples to India’s current market size of $3.7 billion indicates at least $26 billion in potential investor value through IPOs. If the industry meets its projected $9.1 billion valuation by 2029, it could generate an estimated $63 billion in investor returns.
India’s digital economy, a growing developer ecosystem, and a favourable regulatory environment are expected to drive the sector toward a $60 billion market size by 2034. This growth is anticipated to create over two million jobs, boost foreign investment, and increase the export of Indian gaming intellectual property.