Report: India’s Gaming Market to Generate $2.4B by 2029

India's mobile gaming market is becoming more valuable as player spending increases, according to a new report from MIXI Global Investments (MGI). The study projects the market will generate $2.4B in combined in-app purchase (IAP) and advertising revenue by 2029. The findings were prepared by Naavik using Sensor Tower data with support from AppsFlyer.

The report estimates revenue reached $1.1B in 2025. It is expected to grow to $1.5B in 2026 before continuing its upward trajectory through 2029.

India recorded 600M active players in 2025, up 9% year-over-year (YoY). The country also logged nearly 8B mobile game downloads, second only to China. While download volumes have remained broadly stable since 2020, IAP revenue has more than doubled, signaling a shift toward stronger monetization.

Tomoharu Urabe, managing director, investment, at MIXI Global Investments, stated that "India has been one of the world's largest gaming audiences for some time, but what the data now shows is a market maturing with revenue deepening, growth spreading across genres, and a widening range of players." He also added that a "combination of scale and diversification is what makes this moment worth watching."

India's Gaming Market Revenue Expands Beyond Shooter Games

That shift is also reflected in the types of games driving growth. Shooter games, led by Free Fire MAX (FF Max) and Battlegrounds Mobile India (BGMI), still account for about 43% of IAP revenue.

However, other genres are gaining momentum. Revenue from 4X strategy games rose 77% YoY. MOBA revenue more than tripled, and card battlers grew by over 90%. Geolocation games also posted 75% revenue growth, while simulation games benefited from Roblox's breakout year.

The changing revenue mix mirrors a broader shift in India's player base.

Puzzle games now attract nearly 45% female players, while lifestyle titles have a more balanced mix of male and female users. More than half of puzzle players are aged 35 or older, pointing to a broader audience beyond the country's traditional gaming base.

The report also points to growing opportunities for local developers. Ludo King and Cricket League topped the download charts in 2025, while Indian studios produced five of the country's ten most-downloaded games. At the same time, global publishers continue to localize titles through regional events, esports initiatives, and device optimization. Games such as ScarFall 2.0 also reflect rising production quality among Indian studios.

Beyond publishing, India's gaming ecosystem now includes more than 2K companies employing over 130K professionals, according to the report.

The report also highlights adjacent categories such as microdramas, where India has become the world's largest market by download volume.

Together, these trends suggest India's digital entertainment ecosystem is expanding beyond gaming alone. The findings also align with the broader direction of India's creative technology sector. Recent government initiatives, including the rollout of the Indian Institute of Creative Technologies (IICT), Content Creator Labs announced under the Union Budget 2026-27, and the broader "Create in India" push, reflect growing institutional support for game development and interactive media. West Bengal's proposed INR 50 cr investment in AVGC-XR skilling and content creation infrastructure further reinforces that momentum.

At the same time, ambitious projects such as Unleash the Avatar highlight the increasing confidence of Indian studios in pursuing high-budget, globally competitive game development. Combined with higher player spending, a more diverse audience, stronger local talent, and increasing investment in original Indian intellectual property (IP), these developments point to a broader shift in the industry.

India is now positioned not only as one of the world's largest gaming markets, but also as an emerging hub for game creation and digital entertainment.