India’s mobile gaming revenue set to reach $2.4B by 2029: Report

New Delhi, India Jul 9, 2026 ALN: India's mobile gaming industry is entering a more mature growth phase, with player spending on the rise and industry revenue projected to more than double over the next four years, according to a new report by MIXI Global Investments (MGI).

Titled India's State of Play, the report, authored by Naavik, powered by Sensor Tower, and supported by AppsFlyer, estimates that the country's combined in-app purchase (IAP) and advertising revenue will grow from approximately $1.1 billion in 2025 to $1.5 billion in 2026, before reaching $2.4 billion by 2029. This projection underscores the increasing significance of mobile gaming as a major segment of the broader entertainment industry in India.

The findings suggest that while India has long been one of the world's largest gaming markets by user base, it is now seeing stronger monetization, driven by rising smartphone penetration, wider adoption of digital payments, and deeper consumer engagement. The Indian market has evolved from a primarily casual gaming audience to one that is willing to invest in premium gaming experiences. This shift is indicative of a broader trend seen in emerging markets, where increased access to technology and the internet has transformed consumer behavior.

India currently has around 600 million active gamers, up 9% year-on-year, while mobile game downloads reached nearly 8 billion in 2025—second only to China globally. Although download volumes have largely plateaued in recent years, in-app purchase (IAP) revenue has more than doubled since 2020, indicating that players are increasingly willing to spend on games. This growth in spending is not only a reflection of the expanding user base but also of the increasing quality and variety of games available in the market.

The report also points to a diversification of revenue beyond traditional shooter titles. While games such as Free Fire MAX and Battlegrounds Mobile India still account for about 43% of total in-app spending, several other gaming genres are recording strong growth, signaling a broader shift in player preferences. This diversification is crucial for the sustainability of the industry, as it reduces dependency on a few high-revenue titles and encourages innovation across various gaming genres.

Strategy games, particularly the 4X subgenre, recorded a 77% year-on-year increase in revenue, while multiplayer online battle arena (MOBA) titles more than tripled their earnings. Card battlers saw revenue grow by over 90%, geolocation-based games emerged as the fastest-growing category with a 75% jump, and simulation games received a boost from the rising popularity of Roblox. These trends highlight the dynamic nature of the gaming landscape in India, where players are increasingly seeking new and engaging experiences.

The gaming audience itself is becoming more diverse. Puzzle games now attract nearly 45% female players, lifestyle games are approaching gender parity, and more than half of puzzle gamers are aged 35 years and above. The report says these trends indicate growing participation from demographic groups that have historically been underrepresented in gaming. The increasing involvement of women and older players in gaming is a significant cultural shift, as it challenges traditional stereotypes and opens up new opportunities for game developers to create content that resonates with a broader audience.

“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. His comments reflect the optimism surrounding the future of the Indian gaming industry, as stakeholders recognize the potential for continued growth and innovation.

The report also notes that locally-relevant content continues to outperform global franchises in terms of reach. Games such as Ludo King and Cricket League led download charts in 2025, while Indian developers accounted for five of the ten most-downloaded games during the year. This trend emphasizes the importance of cultural relevance in game design, as players are more likely to engage with content that resonates with their own experiences and cultural backgrounds. The success of locally developed games may encourage further investment in indigenous content, fostering a unique gaming ecosystem that reflects India's diverse culture.

It further highlights the rapid expansion of India’s gaming ecosystem, which now comprises more than 2,000 companies employing over 130,000 professionals, alongside emerging digital entertainment segments such as microdramas, where India has become the world’s largest market by download volume. The growth of the gaming industry is contributing to job creation and economic development, positioning India as a significant player in the global gaming market.

The significance of these findings lies not only in the numbers but also in the broader implications for the Indian economy and the global gaming landscape. As mobile gaming continues to grow, it is likely to create new job opportunities, stimulate technological innovations, and attract foreign investments. The increased revenue from in-app purchases and advertising will also provide developers with the resources needed to create more engaging and high-quality content. This influx of capital can lead to advancements in game development technology, further enhancing the gaming experience for players.

Moreover, the diversification of gaming genres and the increasing participation of different demographic groups indicate a shift in cultural perceptions around gaming. Historically, gaming was often viewed as a pastime for younger males, but the data suggests that the audience is expanding to include a more balanced demographic. This shift could influence how games are developed and marketed in India, leading to more inclusive and varied gaming experiences that cater to a wider audience. The industry's evolution may also inspire educational initiatives aimed at fostering gaming skills among underrepresented groups, promoting diversity and inclusion in the gaming community.

Additionally, the growth of locally-relevant content is particularly noteworthy. The success of games like Ludo King, which draws on traditional Indian games, illustrates the potential for culturally resonant content to thrive in a market dominated by global franchises. This could encourage more local developers to create games that reflect Indian culture, traditions, and stories, further enriching the gaming landscape. The emphasis on local content can also foster a sense of community among players, as they engage with games that resonate with their cultural heritage.

As the industry matures, there are also challenges that need to be addressed. Issues such as data privacy, online security, and the regulation of in-app purchases will become increasingly important as more players engage with mobile games. The government and industry stakeholders will need to work together to create a safe and fair environment for gamers. This collaboration is essential to build trust among players and ensure the long-term sustainability of the industry. Furthermore, as competition intensifies, developers will need to continuously innovate to retain players' interest and loyalty. The pressure to deliver fresh content and engaging gameplay experiences will drive technological advancements and creative storytelling in game development.

In conclusion, India's mobile gaming industry is poised for significant growth in the coming years, driven by a combination of increased spending, a diverse player base, and the success of locally-relevant content. As the market evolves, it will be essential for stakeholders to navigate the challenges while capitalizing on the opportunities presented by this dynamic and rapidly changing landscape. The future of mobile gaming in India appears bright, with the potential to influence not only the domestic economy but also the global gaming community, as more Indian titles gain recognition and popularity on the world stage.