The Indian online gaming industry is about to experience an IPO boom. According to the "2025 India Gaming Report - Consolidating Growth, Driving Innovation, Enhancing Resilience" jointly released by WinZO Games and the Interactive Entertainment and Innovation Committee (IEIC), gaming IPOs could unlock $26 billion in investor value. By 2029, as the market size reaches $9.1 billion, this value could soar to $63 billion.
Currently, the industry is valued at $3.7 billion, with an expected annual compound growth rate of 19.6% (FY 2024-29). The report was released by Dr. Srikar Reddy, Consul General of India in San Francisco, and WinZO co-founders Saumya Singh Rathore and Paavan Nanda at the India Pavilion at GDC in San Francisco.
Initial Public Offerings Unlock Massive Valuations
The report highlights that Nazara Technologies, the only listed gaming company in India, ranks among the top globally in terms of valuation premium. Applying similar valuation multiples to the Indian gaming industry indicates that at least $26 billion in investor value is waiting to be unlocked through IPOs.
As the market size expands to $9.1 billion by 2029, this figure is expected to jump to $63 billion, making gaming one of the most profitable listed industries in India.
Paavan Nanda of WinZO stated: "India's online gaming industry is on an unprecedented growth path, expected to reach a market size of $9.1 billion by 2029, unlocking up to $63 billion in investor value. The Indian gaming market report and the India Pavilion at GDC both highlight our country's growing influence in the global gaming arena, showcasing the innovation and scale of local gaming companies."
India's Growing Influence in the Global Gaming Arena
India has 591 million gamers, nearly 20% of the global total, making it one of the largest gaming markets in the world. India's mobile game app downloads have reached 11.2 billion, thanks to a mobile-first, youth-led market. India has over 1,900 gaming companies, employing 130,000 skilled professionals.
Dr. Srikar Reddy stated: "India is at the forefront of a major transformation in the global gaming and technology ecosystem. As one of the fastest-growing digital economies, our country's gaming industry is not only a powerful engine for the entertainment sector but also a significant driver of technological innovation, job creation, and investment."
The industry has attracted $3 billion in foreign direct investment, with 85% of the investment flowing into the paid gaming sector, which has successfully monetized gaming assets. The emergence of alternative app distribution platforms outside of the Google Play Store has also accelerated growth.
Future Outlook: Market Size to Reach $60 Billion by 2034
The report predicts that driven by increased job opportunities and foreign investment, the Indian gaming industry will reach a market size of $60 billion by 2034. By 2029, the Indian gamer base will also grow to 952 million, becoming one of the largest in the world.
Indian gamers prefer casual and hyper-casual games, especially those in local languages, indicating a growing demand for Indian content. The report emphasizes that "Made in India, for the World" gaming products will play a key role in shaping the country's export-oriented gaming economy.
