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Online Gaming In India: The Next Level

By Milan Ashar

Online gaming is set to hit the mainstream in India this year, via a landmark Rs10 bil./US$154 mil. IPO from homegrown mobile games leader Nazara.

Over the next five years, the online gaming industry is poised for a soaring 32% CAGR in India, lifted up by increasingly robust broadband and payment infrastructure.

Casual games are luring more advertisers through scale and richer ad formats, while the more tightly regulated real money gaming sector remains profitable. Emerging segments such as fantasy gaming and e-sports are also showing early promise.

It’s a time of investment and innovation where small startups and deep-pocketed new entrants compete with incumbents for a share of a fast-growing pie.

Chinese internet majors Alibaba and Tencent are ramping up on-ground activity, while institutional investors have already started to place some early-stage bets.

The latest issue of MPA’s India Intelligence & Insights takes a deep-dive into India’s dynamic online gaming market, exploring key consumption trends, business models and market opportunities in this rapidly emerging segment.


  • Online gaming revenue projected to reach US$1.2 bil. in India by 2022
  • India is now the world’s third-biggest market for mobile game installs
  • Investment volumes picking up from domestic and international backers
  • Consumer payments contribute most revenue, buts ads are growing share


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