Game On: 18th Edition

We are thrilled to bring you the 18th edition of Game On! packed with updates from the dynamic world of Indian digital gaming.

We at AIGF wish you a happy and prosperous 2025, and we are excited about the promising developments ahead for the gaming industry in the new year.

The momentum in India's gaming community continues to build impressively. Prime Minister Modi has consistently highlighted India's growing prominence in the global animation and gaming sector. A recent PwC report projects that the Indian gaming market will reach USD 8 billion by FY29, maintaining a robust CAGR of 15%.

On the business front, several exciting developments have emerged: Skillmatics is preparing for its IPO, Nazara Technologies has increased its investment in Nodwin Gaming, and a new game publisher has been launched by the M-League group.

As always, we enjoy hearing from our readers! Share your comments or raise a query on online gaming in India at [email protected].

Game on!

Roland Landers

PM Modi praises made in India animation and gaming titles in radio address

In the October episode of his address ‘Mann Ki Baat’, Prime Minister Narendra Modi highlighted India’s expanding role in the global animation and gaming industry. Highlighting the role of these industries as drivers of growth, Prime Minister Modi emphasised the global popularity of Indian games. These statements are a strong endorsement of India’s potential to become a global gaming powerhouse. Earlier in September this year, the Union Cabinet chaired by the Prime Minister Shri Narendra Modi approved a proposal to set up a National Centre of Excellence (NCoE) for Animation, Visual Effects, Gaming, Comics and Extended Reality (AVGC-XR). Further, in his speech on the occasion of India’s 78th Independence Day in August, the Prime Minister highlighted the ever-growing opportunities in gaming and underlined the need for India to assert its presence on the global stage. The latest affirmation in favour of Indian gaming is a testament to the PM’s steadfast vision for India to be a leading producer of global gaming titles. The full address is available here.

Pay-to-play gaming being driven offshore due to high taxes and uncertain policies

As per a news report, India’s uncertain regulatory environment and a new 28% GST on Real Money Gaming (RMG) platforms, many operators are expanding into the Middle East and Latin America. While pay-to-play or real-money gaming, which generated over 80% of gaming revenue in FY22, remains popular in India and has about 100 million daily users; regulatory unpredictability and high compliance costs are challenging profitability, particularly for smaller operators. Although India’s vast user base is still attractive, companies are increasingly diversifying internationally, with Brazil being a prime target for growth. The report also quotes Roland Landers of AIGF who emphasized the lack of clarity around IT rules, combined with the GST hike, as triggers for further expansion into other regions. However, India remains strategically important and a top priority for most companies.?

SEBI warns investors against unauthorized virtual trading platforms offering stock price-based advice and gaming

On 4 November, the Securities and Exchange Board of India (SEBI) issued a circular cautioning investors against unauthorized virtual trading platforms. According to SEBI, these platforms violate the Securities Contract (Regulation) Act, 1956 and SEBI Act, 1992, which are designed to protect investors. SEBI cautioned that participation in such schemes exposes investors to risks without access to SEBI-approved grievance redressal systems. SEBI advised investors to avoid unregistered platforms and only engage with SEBI-authorised intermediaries for legitimate market activities.

India’s gaming market projected to double to USD 9.8 Bn by FY29

A recently published PwC report, titled ‘From sunrise to sunshine: The contribution of online gaming to the Viksit Bharat journey and India’s cultural power’, projects that the Indian gaming market will reach USD 8 billion by FY29, up from USD 3.7 billion in FY24. This represents a compound annual growth rate 15% CAGR. Key factors driving this expansion include the rise of smartphone usage, increased internet access, and a tech-savvy, young population. With 650 million internet users, India offers a massive consumer base, fueling the gaming sector's growth. This shift is supported by government initiatives like the National Centre of Excellence in Mumbai, which aims to foster innovation in immersive technologies, and the recognition of esports as an official sport. Moreover, investment from both public and private sectors is strengthening the industry's value chain, helping to create a more sustainable gaming ecosystem. As India's gaming industry matures, it is becoming a critical player in the global landscape, offering opportunities for innovation, collaboration, and investment. Strategic initiatives, including improved community engagement and evolving gaming experiences, are vital for long-term success. With strong government backing and rapid technological advancements, the gaming market in India is set to thrive and contribute significantly to the country’s economy.

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Tamil Nadu state gaming chief calls for data-driven regulations

Speaking on a panel at the India Gaming Convention 2024, Md. Nasimuddin, Chair of Tamil Nadu’s Online Gaming Authority (TNOGA), highlighted the TNOGA's goal to protect minors amid India’s online gaming boom. He advocated for data-driven regulations and urged gaming companies to share empirical data to help shape policies that prioritise young users' safety, without stifling industry growth. He also addressed challenges with unregulated offshore platforms, suggesting Central Government support and industry collaboration to limit unauthorised access. Emphasizing adherence to a voluntary gaming ‘Code of Ethics’, he encouraged industry cooperation for responsible gaming and outlined TNOGA’s commitment to balancing growth with social responsibility in online gaming.?

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M-League’s Launch of Blast+ M-League, parent company of Mobile Premier League, has unveiled Blast+, a new platform designed to introduce global gaming titles to the Indian market. This initiative marks a significant milestone for M-League, enhancing its portfolio and catering to diverse gaming preferences. By bridging the gap between international gaming experiences and Indian players, Blast+ aims to capitalize on the booming gaming sector, attracting a wider audience and increasing user engagement through innovative features and localized content.

Krafton’s Casual Gaming Entry Krafton, the company behind the popular game Battlegrounds Mobile India (BGMI), is making strides into the casual gaming segment by launching CookieRun in India. This move aims to diversify its portfolio and attract a broader audience, especially among casual gamers. With its engaging gameplay and vibrant graphics, CookieRun is poised to tap into the growing demand for light-hearted gaming experiences, thereby expanding Krafton's footprint in the competitive Indian gaming market.

Skillmatics IPO Plans Skillmatics, a leader in educational toys and games, is preparing for an initial public offering (IPO) as it seeks to expand its reach within the gaming industry. According to CEO Dhvanil Seth, the company aims to merge fun with education, targeting both children and adults. The anticipated IPO will help fund new product development and enhance its market position, reflecting the growing demand for engaging educational tools in a playful format. With a strategic focus on digital learning applications alongside traditional games, Skillmatics is positioned to tap into various educational sectors.

Nodwin Gaming Investment Nodwin Gaming has secured an INR 64 crore investment from Nazara Technologies, elevating its valuation to INR 3,441 crore. This investment will be utilized to expand Nodwin's presence in the esports landscape, facilitating further tournament organization and content creation. As India witnesses a surge in esports popularity, this funding positions Nodwin favorably to capitalize on emerging opportunities and enhance viewer engagement.

Zupee at StanFest 2024 Indian gaming platform, Zupee, is set to sponsor StanFest 2024, featuring the highly popular Ludo Supreme tournament. The sponsorship aligns with Zupee's strategy to promote competitive casual gaming and enhance brand visibility. By engaging with a community of gamers, Zupee aims to strengthen its position in the Indian online gaming ecosystem, encouraging more players to participate in skill-based games that offer both entertainment and rewards.

Digital Works ESOP Buyback Digital Works has successfully completed a USD 3 million employee stock ownership plan (ESOP) buyback, enhancing its commitment to employee involvement and satisfaction. The initiative, led by CEO Deepak Gullapalli, is aimed at rewarding employee loyalty and incentivizing performance. This strategic financial move highlights the company's focus on retaining talent in an increasingly competitive digital landscape, reinforcing employee trust, and engagement while promoting long-term organizational stability.

New Gaming Division by Emmy-Winning Studio An Indian Emmy award-winning animation studio has announced the launch of its 88 Games division, focusing on developing immersive gaming experiences. This division aims to leverage narrative-driven content, combining storytelling with interactive gameplay. With a mission to enhance user engagement, the studio plans to create games that resonate with global audiences while reflecting Indian storytelling aesthetics, potentially reshaping the landscape of narrative games in India and beyond.

EsportsXO MENA Expansion EsportsXO has announced a partnership with Abu Dhabi Gaming to expand its footprint in the MENA region. This collaboration aims to leverage the growing interest in esports in the Middle East, facilitating new tournament formats and engaging local audiences. By tapping into this burgeoning market, EsportsXO is well-positioned to become a significant player in the regional esports ecosystem and foster a vibrant gaming community.