India’s Digital Gaming Market to Double to US$ 7.5 Billion by 2028

The Indian digital gaming industry is expected to more than double in value, reaching US$ 7.5 billion by FY28, as per a report by Lumikai, a gaming venture capital firm. According to the annual State of India Gaming report produced in collaboration with Google, the industry generated US$ 3.1 billion in revenue in FY 23.
The report projects that future growth will be driven by in-app purchases and ad revenues in casual and mid-core games. However, it anticipates challenges for the real money gaming (RMG) segment due to recent taxation policies and industry consolidation, despite RMG revenue growing by US$ 500 million in FY23.
Lumikai’s report is based on a combination of third-party data, secondary research, proprietary data, primary surveys, and expert interviews. It involved surveying over 2,000 users across India to gain insights into gamers’ behavior.
The report reveals that India had 568 million gamers in FY23, with 25 percent of them being paying users. Lumikai’s findings indicate that over 50 percent of all Indian internet users are part of the gaming population in the country.