India's mobile gaming market to reach $2.4 billion by 2029 as player spending rises

New Delhi: India's mobile gaming industry is entering a new phase of growth, with player spending rising steadily as the market matures, according to a report by MIXI Global Investments (MGI). The report, India's State of Play, authored by Naavik and powered by Sensor Tower with support from AppsFlyer, estimates that the country's combined in-app purchase (IAP) and advertising revenue reached $1.1 billion in 2025. The market is projected to grow to $1.5 billion in 2026 and $2.4 billion by 2029. The study noted that while mobile game downloads have remained largely stable since 2020, in-app purchase revenue has more than doubled during the period, signalling stronger monetisation among India's gaming audience. India continues to be one of the world's largest gaming markets, with 600 million active players, up 9% year-on-year, and nearly 8 billion mobile game downloads in 2025, second only to China. While shooter games such as Free Fire MAX and Battlegrounds Mobile India continue to account for around 43% of total in-app spending, the report highlighted rapid growth across other genres. The 4X strategy segment grew 77% year-on-year, while MOBA game revenue more than tripled. Card battlers recorded over 90% growth, geolocation-based games emerged as the fastest-growing category with 75% revenue growth, and simulation games gained momentum, led by Roblox. The report said India's gaming revenue is no longer dependent on a single genre, with multiple categories contributing to market expansion. The report also pointed to changing player demographics. While India's gaming audience remains predominantly young and male, puzzle games now attract nearly 45% female players, lifestyle games are approaching gender parity, and more than half of puzzle game users are aged 35 years and above. These trends indicate growing adoption among previously underrepresented user segments, the report said. Commenting on the findings, Tomoharu Urabe, Managing Director, Investment, MIXI Global Investments, said, "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." The report also highlighted the growing strength of India's domestic gaming ecosystem. Titles such as Ludo King and Cricket League continue to dominate download charts, while Indian developers created five of the ten most-downloaded mobile games in 2025. According to the study, India's gaming industry now comprises more than 2,000 companies employing over 130,000 professionals, alongside growth in adjacent digital entertainment categories such as microdramas, where India has emerged as the world's largest market by downloads.