India's gaming revenue projected to reach $2.4 billion by 2029: Report

India's mobile gaming market is entering a new phase of growth, with increasing player spending and expanding interest across multiple gaming genres expected to drive industry revenue to $2.4 billion by 2029, according to a new report released by MIXI Global Investments (MGI).

The report, titled India's State of Play, was authored by Naavik, powered by Sensor Tower and supported by AppsFlyer. It estimates that combined in-app purchase (IAP) and advertising revenue reached approximately $1.1 billion in 2025 and is expected to rise to $1.5 billion in 2026 before touching $2.4 billion by 2029.

India continues to rank among the world's largest gaming markets, with around 600 million active players in 2025, reflecting a 9% year-on-year increase. Mobile game downloads remained strong at nearly eight billion during the year, second only to China globally. While doinload volumes have remained relatively stable in recent years, in-app purchase revenue has more than doubled since 2020, indicating improving monetisation of India's gaming audience.

Growth is spreading well beyond shooters

For years, India's revenue was concentrated in a single genre. Shooter titles, led by Free Fire MAX and Battlegrounds Mobile India, still command the largest share of in-app spending, at roughly 43% of the total.

What has changed is where the growth now comes from. Strategy has emerged as a standout, with the 4X subgenre growing 77% year over year, while newer niches expanded even faster.

MOBA revenue more than tripled and card battlers grew over 90%. Geolocation was 2025's fastest-growing genre by revenue, up 75% on the back of localized live operations, and simulation surged on the strength of Roblox's breakout year. Revenue is no longer riding one category; it is broadening across many.

The audience is diversifying

India's gaming population still skews young and male overall, but the composition is beginning to widen.

Puzzle games now draw close to 45% female players, lifestyle titles approach gender parity, and puzzle audiences skew notably older, with more than half of players aged 35 and above.

These shifts point to incremental growth from segments that have historically been underserved, and to a market whose next wave of players will not look like its last.

"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. That combination of scale and diversification is what makes this moment worth watching." said Tomoharu Urabe, Managing Director, Investment at MIXI Global Investments.

Across the data, culturally rooted experiences continue to outperform global franchises on reach.

Ludo King and Cricket League lead the download charts, and Indian studios built five of the ten most-downloaded games of 2025. Global hits succeed through deep local adaptation, India-specific versions optimized for lower-end devices, regional live events, and local esports, while "Made in India" titles such as ScarFall 2.0 are beginning to show higher production values aimed squarely at domestic audiences.

A broader analysis of the MIXI Global Investments’ report also covers India's expanding developer ecosystem, now more than 2,000 companies employing over 130,000 professionals, and adjacent categories such as microdramas, where India has become the world's largest market by download volume.