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

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.

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 monetisation, driven by rising smartphone penetration, wider adoption of digital payments, and deeper consumer engagement.

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.

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, signalling a broader shift in player preferences.

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.

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.

“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.

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.

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.