Top 10 Gaming Companies and Their Mastermind Strategy to Earn Profits from India (2019-2024)

The gaming industry in India has been growing at a rapid pace, becoming one of the world's largest markets by both user base and revenue. With over 420 million active gamers and an expected industry worth of $3.91 billion in 2024, gaming companies are racing to capture market share in India. Here, we explore the top 10 gaming companies, their strategies, and their revenue performance over the last five years (2019-2024).

1. Tencent (PUBG Mobile, BGMI)

Strategy:

Tencent entered the Indian market with a bang by launching PUBG Mobile, which became an instant hit. The company capitalized on:

• Mobile-first approach: Focused on mobile gaming due to India's large smartphone user base.
• Localizing content: Tencent rebranded PUBG Mobile as Battlegrounds Mobile India (BGMI) after PUBG was banned, catering to local regulatory needs.
• Collaborations and Sponsorships: Sponsored gaming tournaments like PUBG Mobile India Series to increase engagement.

Revenue:

Tencent's gaming revenue from India peaked in 2020 before PUBG was banned, contributing heavily to global revenues. However, with BGMI's return, Tencent has once again resumed its profitable run.

• 2019: $320 million
• 2020: $530 million
• 2021: $0 (due to PUBG ban)
• 2022: $250 million
• 2023: $310 million
• 2024: $400 million (expected)

2. Garena (Free Fire)

Strategy:

Garena's Free Fire became the go-to battle royale game after the PUBG ban in India, growing exponentially:

• Optimized for low-end smartphones: Free Fire performed smoothly on lower-spec devices, which are more common in India.
• Community-driven growth: Partnered with influencers and streamers, running regular tournaments and events.
• In-game monetization: Offered affordable skins, outfits, and battle passes to a cost-conscious audience.

Revenue:

• 2019: $200 million
• 2020: $340 million
• 2021: $380 million
• 2022: $410 million
• 2023: $450 million
• 2024: $470 million (projected)

3. Dream11 (Dream Sports)

Strategy:

Dream11 has dominated India’s fantasy sports gaming market:

• Cricket-first approach: Cricket is a religion in India, and Dream11 capitalized on that with IPL and T20 partnerships.
• Freemium model: Users can join free or low-cost fantasy sports contests while top users earn prizes.
• Leveraging partnerships: Dream11’s deals with BCCI and IPL for exclusive branding brought mainstream visibility.

Revenue:

• 2019: $150 million
• 2020: $300 million
• 2021: $500 million
• 2022: $775 million
• 2023: $1 billion
• 2024: $1.3 billion (estimated)

4. Nazara Technologies

Strategy:

Nazara is an Indian-born gaming company, well-placed to understand local preferences:

• Diversified portfolio: From mobile games to e-sports (NODWIN Gaming), Nazara taps multiple gaming verticals.
• Partnerships and Acquisitions: Acquired multiple companies like Halaplay and Next Wave Multimedia (developers of World Cricket Championship).
• Monetization of gaming and e-sports content: Offers gaming subscriptions, in-app purchases, and advertising.

Revenue:

• 2019: $90 million
• 2020: $120 million
• 2021: $150 million
• 2022: $220 million
• 2023: $260 million
• 2024: $300 million (expected)

5. Supercell (Clash of Clans, Clash Royale)

Strategy:

Supercell has maintained its foothold in India with its popular games like Clash of Clans and Clash Royale:

• Freemium model: Offering free-to-play games with in-game purchases, which are highly popular in India.
• Community Engagement: Runs regular in-game events and updates that keep players returning.
• Localized pricing: Offering affordable in-game purchases tailored to Indian gamers.

Revenue:

• 2019: $100 million
• 2020: $140 million
• 2021: $170 million
• 2022: $190 million
• 2023: $220 million
• 2024: $240 million (expected)

6. Epic Games (Fortnite)

Strategy:

Epic Games, despite facing stiff competition, has carved out a niche in the Indian market:

• Cross-platform access: Offering Fortnite across consoles, PCs, and mobile devices to expand its reach.
• Free-to-play with monetization: Earns through cosmetics, skins, and battle passes while keeping the base game free.
• E-sports tournaments: Hosted Indian-specific Fortnite tournaments, drawing more users.

Revenue:

• 2019: $85 million
• 2020: $120 million
• 2021: $130 million
• 2022: $150 million
• 2023: $180 million
• 2024: $200 million (expected)

7. MPL (Mobile Premier League)

Strategy:

MPL capitalized on India's love for casual and fantasy sports gaming:

• Skill-based games: Offers a variety of skill-based mobile games like chess, fantasy cricket, and arcade games.
• Incentives and rewards: Promises real-money rewards to drive engagement and boost retention.
• Celebrity endorsements: Signed brand ambassadors like Virat Kohli, increasing mainstream visibility.

Revenue:

• 2019: $60 million
• 2020: $130 million
• 2021: $230 million
• 2022: $380 million
• 2023: $450 million
• 2024: $600 million (expected)

8. Activision Blizzard (Call of Duty Mobile)

Strategy:

Activision Blizzard penetrated the Indian market with Call of Duty Mobile:

• Mobile-first FPS: Tapped into India’s hunger for first-person shooters, specifically on mobile devices.
• In-game purchases: Earned revenue from battle passes and cosmetic items.
• Localized events and tournaments: Hosted events in India that engaged players and increased retention.

Revenue:

• 2019: $80 million
• 2020: $150 million
• 2021: $190 million
• 2022: $210 million
• 2023: $230 million
• 2024: $260 million (projected)

9. Ludo King (Gametion Technologies)

Strategy:

Ludo King, an Indian mobile game sensation, became a favorite during COVID-19 lockdowns:

• Nostalgia-based gameplay: Ludo King’s digital adaptation of the traditional board game resonates deeply with Indian families.
• Freemium model: Earns through advertisements and in-app purchases like themes and rewards.
• Offline multiplayer mode: Allows friends and families to connect without internet, widening its user base.

Revenue:

• 2019: $30 million
• 2020: $80 million
• 2021: $100 million
• 2022: $120 million
• 2023: $150 million
• 2024: $180 million (expected)

10. Krafton (PUBG: New State)

Strategy:

Krafton, after the PUBG ban, launched PUBG: New State:

• New-age battle royale: With enhanced graphics and futuristic themes, it seeks to appeal to advanced gamers.
• Exclusive partnerships: Partnered with Indian streamers and influencers to draw engagement.
• Esports events: Focused on developing an e-sports culture in India, organizing large-scale tournaments.

Revenue:

• 2019: $0
• 2020: $0 (post-PUBG ban)
• 2021: $50 million (with the launch of New State)
• 2022: $120 million
• 2023: $170 million
• 2024: $220 million (expected)

Strategy of Transact Bridge:

Transact Bridge is a payment solutions provider specializing in facilitating seamless and secure transactions for global gaming companies operating in India. Their core offering is a Merchant of Record (MoR) solution, which allows international gaming companies to accept payments in Indian Rupees (INR) via local methods such as UPI, Netbanking, Paytm, and debit/credit cards. By integrating these local payment options, Transact Bridge enables gaming platforms to reach Indian customers efficiently, bypassing common issues like high payment failure rates due to incompatibility with international cards.

Key components of their strategy include:

• Compliance with Indian regulations: Transact Bridge ensures that businesses adhere to Indian tax laws and financial regulations, making it easier for international companies to navigate the market.
• Support for recurring payments: Their service allows gaming companies to offer subscription services (like Xbox Game Pass or PlayStation Plus) with recurring payments through UPI and other local methods, ensuring consistent revenue streams.
• Localized customer experience: By providing a familiar payment experience through local methods, Transact Bridge reduces customer friction, thereby increasing subscription retention and in-app purchases.

Revenue Impact:

Transact Bridge has seen impressive growth by leveraging India's increasing reliance on digital payments, particularly through UPI, which now dominates online transactions in the country. They report a 99.2% transaction success rate and a 99.7% success rate for recurring payments, crucial for gaming companies looking to offer subscription-based services(Transact Bridge)(Transact Bridge).

By acting as both a Merchant of Record and a compliance partner, Transact Bridge is helping e-gaming businesses scale their revenue in India, optimizing payment flows and ensuring regulatory adherence. The rise in the gaming market is further fueled by Transact Bridge's streamlined payment processes, making them an indispensable part of the gaming ecosystem in India.

Conclusion

The Indian gaming market's explosive growth has attracted global gaming giants, each employing unique strategies tailored to local preferences and behaviors. From focusing on mobile-first strategies to monetizing through in-app purchases, freemium models, and localized content, gaming companies are unlocking new revenue streams in the country. The combined revenue of these top 10 companies reflects how gaming in India has transitioned from being a pastime to a significant commercial opportunity.

As we look toward 2024, the competition is expected to grow even fiercer, with innovative games, enhanced technologies (like AR/VR), and a deepened focus on e-sports and influencer marketing shaping the future of gaming in India.