India ready to launch global gaming blockbuster despite GST hit: Baazi Games Co-founder

Despite regulatory hurdles and a 28% GST hit, Indian gaming companies are poised for growth, and it’s only a matter of time before a global blockbuster game is released from India, says Varun Ganjoo, Co-founder & Chief Marketing Officer at Baazi Games, the parent company of PokerBaazi, one of India’s largest online poker platforms.

Talking about the growth of the real-money gaming (RMG) or pay-to-play industry in India, Ganjoo, in a conversation with Fortune India, said India no longer needs to rely on global audiences. “Ten years ago, we had maybe 20 to 50 studios; now it’s 500 to 1,000. India already has large audiences, so we don’t have to rely only on global ones. With the quality of development improving and a push from the government and regulators, we’ll see some very big IPs coming out of India in the next one to two years.”

Ganjoo says that despite the 28% GST blow, PokerBaazi has recovered, with overall growth of 60-70% CAGR in recent years, and remains Baazi Games' flagship product.

PokerBaazi has around 5 million users, with Baazi Games’ overall real-money gaming (RMG) user base at around 13-14 million. Poker alone contributes 85% to the group’s revenue, says Ganjoo.

Baazi Games’ growth aligns with the rising popularity of the larger pay-to-play gaming segment in India, which contributes 86% of the online gaming sector’s revenue and is the primary growth driver, according to the India Gaming Report 2025 by the gaming platform Winzo. Despite the GST hike and illegal offshore sports betting platforms, the sector outperformed the FY24 growth estimate of 14.1%, clocking 19.3%, it adds.

Talking about the growth since PokerBaazi's launch in 2014, Ganjoo says that initially, 80-90% of players came from metros, but that has changed. “Today, a majority come from Tier 1 and Tier 2 cities. That’s where the next wave of growth will come from. Gaming will grow at 20 to 22% annually over the next four to five years, and most of that will be driven by Bharat.”

Baazi Games is now working on ‘Upgrade 2025’, which includes a Unity-powered desktop app, an AI coaching tool called Baazi Sensei, and a membership club. Ganjoo says the overhaul will cover all touchpoints.

“We have launched a completely revamped desktop app, with a front-end technology based on Unity, significantly enhancing performance. The game engine, Kingmaker, developed in-house, will now also support tournaments. We have upgraded our content hub, Poker TV, to offer better content organisation, and Poker Shots has also been improved. Players can now tag specific hands, group them for analysis, and even access our AI-powered coach, Baazi Sensei,” says Ganjoo.

The company is also launching a membership club called the "All-In Club" to enhance player engagement and loyalty. PokerBaazi's parent recorded operating revenue of ₹415 crore in FY24, a 55% growth from ₹268 crore in FY23.

The global RMG market is estimated at $120-150 billion, with the online poker market contributing $5-7 billion as a niche but high-engagement segment. Ganjoo claims PokerBaazi is ranked sixth or seventh globally and leads in users in India. He says poker is similar to sports like football or cricket, with core pillars: playing, practising, analysing, and competing. “Our app includes Poker Shots, an in-app analysis tool that helps players assess their game and improve.”

Baazi Games has now expanded into other card games like Rummy and Call Break, though PokerBaazi still accounts for "over 80% of our revenues” of the group company, says Ganjoo.

In September last year, listed gaming firm Nazara Technologies invested ₹982 crore in Moonshine Technology, PokerBaazi’s parent. Ganjoo says PokerBaazi’s strength lies in product quality, ecosystem, and user trust. “Our platform covers everything, from onboarding to gameplay, withdrawals, and KYC. As a peer-to-peer game, liquidity is crucial. Our marquee IP, the National Poker Series India, has seen entries rise from 80,000 in its first edition to 600,000 this year. The prize pool this year was ₹100 crore.”

RMG platforms have often faced criticism for addictive features that can lead to monetary losses for users. Ganjoo differs, saying Baazi Games was the first platform to bring a fully automated responsible gaming system while ensuring the ecosystem remains safe and sustainable. “Users can set staking, deposit, and time limits. We even have 24/7 surveillance that proactively flags unhealthy behaviour. Yes, it affects revenue, but long-term sustainability matters more.”