Report Predicts $26 Billion IPO Boom in Indian Gaming

India’s online gaming industry is on a rapid growth path, with projections indicating a market size of $9.1 billion by 2029, up from $3.7 billion in 2024. The latest report from the Interactive Entertainment and Innovation Council (IEIC), launched at the Game Developers Conference (GDC) by WinZO Games, outlines how regulatory clarity could drive massive investments, unlock $26 billion in IPOs, and generate over two million jobs in the coming decade.

The report was presented at the India Pavilion at GDC, San Francisco, with support from the Ministry of Information & Broadcasting, the Game Developer’s Association of India (GDAI), and Nazara Technologies. Indian online gaming companies are preparing for public listings, with investor value estimated to exceed $26 billion. If the market reaches its projected $9.1 billion valuation by 2029, total investor value could surge to $63 billion.

Currently, India is home to 591 million gamers, which makes up nearly 20% of global players. The country saw 11.2 billion mobile game app downloads in 2024 and has around 1,900 gaming companies, employing 130,000 professionals. The sector has attracted $3 billion in foreign direct investment (FDI), with 85% directed toward the Pay-to-Play segment, highlighting the industry’s ability to monetize gaming assets successfully.

The report highlights that India’s digital economy, along with its growing game development ecosystem and regulatory advancements, could push the gaming industry to $60 billion by 2034. As a result, India’s gaming user base is expected to grow to 952 million by 2029, further strengthening the sector’s global footprint.

Some key figures from the report include:

• India’s gaming market: $3.7 billion (2024) → $9.1 billion (2029) at a 19.6% CAGR.
• Internet users: 936 million (2024) → 1.3 billion (2029).
• Smartphone users: 883 million (2024) → 1.24 billion (2029).
• Online gamers: 591 million (2024) → 952 million (2029).
• Paying gamers: 148 million (2024) → 292 million (2029).
• India’s gaming market share: 1.1% of the global market, but 20% of total gamers worldwide.
• Mobile game app downloads: 11.2 billion in 2024.
• Gaming companies in India: 1,888.
• Investor value potential: $26 billion currently, could reach $63 billion by 2029.
• Mobile data cost: $0.12 per GB, the most affordable globally.
• Per capita data consumption: 31.9 GB per month (2024) → 60.3 GB (2029).
• India remains a mobile-first market, with mobile gaming accounting for 90% of the industry.
• The share of real-money gaming (RMG) is expected to decline from 85.7% to 80%, while non-RMG games could rise to 20% by 2029.

Dr. Srikar Reddy, Consul General of India in San Francisco, emphasized the industry’s potential, stating, “India is at a turning point in the global gaming ecosystem. With strong digital infrastructure and government backing, the online gaming industry could unlock $25-30 billion in investor value. India’s rise in the gaming sector is a reflection of its broader leadership in technology and innovation.”

WinZO’s co-founder Paavan Nanda also highlighted the industry’s upward trajectory, saying, “The online gaming sector in India is set for rapid growth, with a projected $9.1 billion market size by 2029. The industry’s expansion, combined with technological advancements and intellectual property development, will further establish India as a global gaming powerhouse.”

With increasing smartphone penetration, affordable data, and regulatory developments, India’s gaming sector is poised for major growth. The next decade could see the industry not just expand in value but also create millions of jobs and further integrate India into the global gaming economy.