India's online gaming sector set to unlock $26 bn in investor value via IPOs by 2029

Indian online gaming companies are gearing up for public market listings, which is expected to unlock over $26 billion in investor value in the coming years via initial public offerings, according to a report launched at the Game Developers Conference (GDC) 2025 by gaming player WinZO Games and the Interactive Entertainment and Innovation Council (IEIC).

Released at the second edition of the India Pavilion at GDC, San Francisco, the India Gaming Market Report 2025 outlines the sector’s rapid growth, which is currently valued at $3.7 billion and is projected to reach $9.1 billion by 2029, with a CAGR of 19.6%.

The report, launched by Dr. Srikar Reddy, Consul General of India at San Francisco, alongside WinZO’s Co-founders, Saumya Singh Rathore and Paavan Nanda, highlights that India's only publicly listed gaming company, Nazara, commands the highest valuation premium among global gaming firms.

The report estimates that based on similar valuation metrics, the current online gaming market size of $3.7 billion could translate into a minimum investor value of $26 billion through IPOs, potentially reaching $63 billion as the market expands to $9.1 billion by 2029.

India's gaming ecosystem comprises 591 million gamers, accounting for nearly 20% of the global gaming population. The ecosystem boasts of 11.2 billion mobile game app downloads and around 1,900 gaming companies employing 1,30,000 professionals. The sector has attracted $3 billion in FDI so far, with 85% of investments directed toward the pay-to-play segment.

The Winzo report says that India’s digital economy, coupled with a growing game developer ecosystem and regulatory support, could push the market size to $60 billion by 2034. This growth is expected to create over 2 million jobs, increase foreign investment, and expand India’s gaming user base to 952 million by 2029.

Speaking at the event, Dr. Srikar Reddy said India’s gaming sector is becoming a key driver of technological innovation, job creation, and investment. "The India Gaming Market Report highlights the immense opportunities ahead, with the online gaming industry projected to unlock USD 25-30 billion in investor value," he said.

WinZO’s Co-founder Paavan Nanda talked about the sector’s growth, backed by projections of a $9.1 billion market size by 2029 and the potential to unlock $63 billion in investor value.

The report also explores India's mobile-first, youth-driven online gaming market, which currently holds just a 1.1% share of the $300 billion global market. It indicates the significant growth potential of the segment. "Indian gamers prefer casual and hyper-casual games in regional languages, positioning India as a major exporter of indie gaming IP," says the report.