India’s gaming industry set for multi-billion-dollar IPO boom: Report
India’s online gaming sector is on the brink of an IPO boom, India Gaming Report, 2025 – Consolidating Growth, Driving Innovation, Building Resilience by WinZO Games and Interactive Entertainment and Innovation Council (IEIC) shows that regulatory clarity could unlock $26 billion in investor value through gaming IPOs. By 2029, as the market size reaches $9.1 billion, this value could surge to $63 billion.
Currently valued at $3.7 billion, the industry is projected to grow at a CAGR of 19.6 percent (FY 2024-29). The report was launched at the India Pavilion at GDC, San Francisco, by Dr Srikar Reddy (Consul General of India in San Francisco) and WinZO’s co-founders, Saumya Singh Rathore and Paavan Nanda.
IPOs to unlock massive valuations
The report highlights that India’s only publicly listed gaming company, Nazara Technologies, commands some of the highest valuation premiums among gaming firms globally. Applying similar valuation multiples to India’s gaming sector suggests that at its current size of $3.7 billion, at least $26 billion in investor value is waiting to be unlocked through IPOs.
As the market expands to $9.1 billion by 2029, this figure is expected to jump to $63 billion, making gaming one of India’s most lucrative sectors for public listings.
WinZO’s Paavan Nanda said, “The online gaming industry in India is on an unprecedented growth path, backed by a projected market size of USD 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.”
India’s growing influence in global gaming
With 591 million gamers—almost 20 percent of the world’s total—India is one of the largest gaming markets globally. The country saw 11.2 billion mobile game app downloads, driven by a mobile-first, youth-dominated market. More than 1,900 gaming companies operate in India, employing 130,000 skilled professionals.
“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 nation’s gaming sector is not just an entertainment powerhouse but a significant driver of technological innovation, job creation, and investment.”
The sector has attracted $3 billion in FDI, with 85 percent of investments flowing into the Pay-to-Play segment, which has successfully monetised gaming assets. The emergence of alternative app distribution platforms beyond Google Play Store is also accelerating growth.
Future outlook: $60 billion market by 2034
The report predicts that India’s gaming industry will reach $60 billion by 2034, driven by increased job creation, rising foreign investment. The gaming user base is also set to grow to 952 million by 2029, making it one of the world’s largest.
Indian gamers prefer casual and hyper-casual games, particularly those in regional languages, signalling a rising demand for Indic content. The report emphasises that ‘Made in India, for the World’ gaming products will play a key role in shaping the country’s export-driven gaming economy.
