The Gaming and Interactive Media Opportunity in India

1
The Gaming and
Interactive Media
Opportunity in India
Report | Oct 2025
© 2025 BITKRAFT Ventures Management, LLC | www.bitkraft.vc
Gaming and Interactive Media Opportunity in India | © 2025 BITKRAFT Ventures Management, LLC | www.bitkraft.vc

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The Gaming and Interactive Media Opportunity in India | © 2025 BITKRAFT Ventures Management, LLC | www.bitkraft.vc
Table of
Contents
About This Report
Key Definitions
Executive Summary
Chapter 01: India’s New Digital M&E Opportunity
Chapter 02: State of Gaming in India
Digital Gaming
Esports
Chapter 03: State of Interactive Media in India
Audio Streaming
Micro Drama
SFV, Live Streaming and Social Discovery
Astro and Devotional Tech
AI Companions
Disclosures

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4
5
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11
18
26
29
37
40
43
46
49
51

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The Gaming and Interactive Media Opportunity in India | © 2025 BITKRAFT Ventures Management, LLC | www.bitkraft.vc
About This
Report
The Gaming and Interactive Media Opportunity in India is a collaborative research initiative
between BITKRAFT Ventures, a leading global investment platform for gaming and
interactive media, and Redseer Strategy Consultants, an advisory firm in the Indian digital
and consumer internet sectors. The report combines BITKRAFT’s industry perspective on
interactive entertainment with Redseer’s proprietary data and analysis of India’s digital
economy.
The objective of this report is to map the current state and future potential of India’s gaming
and interactive media landscape in the wake of structural market shifts. By focusing on
the country’s rapidly growing casual gaming, esports, and emerging interactive media
sectors, this study aims to highlight the creative, cultural, and economic dynamics that
are positioning India as one of the world’s emerging hubs for innovation in entertainment
technology.
The analysis draws from Redseer’s blended research methodology combining primary
and secondary research, including surveys, in-depth interviews, and expert consultations
with consumers and industry experts. Quantitative insights and financial data were drawn
from reputable industry sources, public filings, and company websites, supplemented by
Redseer’s own analysis and assumptions. It provides a holistic view of India’s interactive
ecosystem by quantifying growth across multiple sub-segments: casual gaming, mid-core
and hybrid titles, esports, micro dramas, audio streaming, astro and devotional tech, and AI
companion platforms.
This report is intended for investors, founders, and industry stakeholders seeking to
understand how India’s digital entertainment economy is evolving, and where the next
opportunities will emerge. It serves as both a data-driven reference and a forward-
looking framework for decision-makers navigating the intersection of gaming, media, and
technology in the decade ahead.

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The Gaming and Interactive Media Opportunity in India | © 2025 BITKRAFT Ventures Management, LLC | www.bitkraft.vc
ARPU, ARPPU
Average revenue per user / average
revenue per paying user over a period
CTR
Click-through rate
PFCE
Private Final Consumption
Expenditure – Expenditure by
households and non-profit
institutions on final goods and
services
Metro
Delhi, Mumbai, Kolkata, Chennai,
Bengaluru, Hyderabad, Pune
FY
Indian fiscal year (Apr – Mar)
RMG
Real Money Games (Online Money
Games)
Tier – 1
Cities other than metros and with
population above 1 million
CY
Calendar year (Jan – Dec)
SFV
Short-form Video
Tier – 2+
Cities, towns, urban establishments
with population less than 1 million
IAP
In-app Purchase
UAC
User Acquisition costs
BGMI
Battlegrounds Mobile India
IM
Interactive Media
UPI
Unified Payments Interface
Bharat
Tier 2+ cities
MAU
Monthly active users – Number of
unique users who engage with a
product or service at least once
within a 30-day period
Virtual Tipping
A digital monetization model where
users purchase virtual coins or
credits and use them to send digital
gifts to creators
CPM
Cost per Mille (1K impressions)
MPCE
Monthly Per Capita Consumption
Expenditure – Average monthly
spending per person in a household
indicating standard of living
USD/INR
1 US Dollar = 85 Indian Rupee
Key
Definitions

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The Gaming and Interactive Media Opportunity in India | © 2025 BITKRAFT Ventures Management, LLC | www.bitkraft.vc
1. The Digital Media & Entertainment market in India stands
at $9.3Bn in FY25 and is rapidly expanding, fueled by strong
macroeconomic tailwinds including a >60% PFCE-to-GDP
ratio and a significant rise in discretionary spending.
2. Growth is accelerated by a massive, young user base of
835M internet users with a median age of 29, who exhibit
one of the highest daily smartphone engagement rates
globally.
3. Gaming and Interactive Media are the key growth engines,
accounting for $2.4Bn of the market in FY25 and projected
to triple to $7.8Bn by FY30P on the back of innovation and
Tier 2/Tier 3 adoption.
Gaming and Interactive Media are the fastest growing segments in India’s $9.3Bn
Digital Media and Entertainment space, growing 1.5X faster than the overall market 01
1. Gaming in India is at an inflection point: With recent
regulatory intervention banning online money gaming,
the focus has entirely shifted to digital games & esports,
a market projected to grow at 18% CAGR from FY25 to
FY30P.
2. Digital gaming market is expected to grow at 18%
CAGR to $4.3Bn by FY30P with socializing features,
vernacularization, and AI-led game development shaping
the next phase of ecosystem maturity.
→ Hybrid casual titles are driving userbase growth and
battle royale games driving monetization.
→ In-app purchases are expected to overtake ad revenue by
FY30P as core games becoming more mainstream.
→ Indian game development space is growing as 500+
gaming focused startups have launched in last 5 years.
3. Esports is scaling rapidly, projected to grow at 26% CAGR
to $120Mn by FY30P backed by sponsorship-led revenues.
Within Gaming, the digital gaming market is projected to double to $4.3Bn,
while esports triples to $120Mn from FY25 to FY30P 02
1. Interactive Media in India is expected to grow from $440Mn
to $3.2Bn from FY25 to FY30P on the back of emerging
content and connect platforms developed with Bharat’s
evolving needs in mind.
2. ‘Content’ platforms are expected to 2x from 18% to 36%
in their share of the Interactive Media market in India from
FY25 to FY30P.
→ Audio streaming is set to quadruple from $72Mn
to $300Mn from FY25 to FY30P, driven by high user
engagement (95 mins/day) and UPI AutoPay model with
players such as Pocket FM and Kuku FM at its helm.
→ Micro dramas, a nascent segment in India, is expected
to mirror China’s story for explosive growth and is
projected to reach $1.1Bn by FY30P, capitalizing on the
demand for short, serialized mobile-first content.
3. ‘Connect’ platforms are rapidly scaling on the back of need
for social interaction among mobile-first youth in T2/T3
cities, and make 82% of the total Interactive Media market
in India in FY25.
→ India SFV & Social Discovery is a $202Mn market set
to triple by FY30P, monetizing a largely Tier 2+ user base
through virtual tipping and 1:1 private calling.
→ Astro & Devotional Tech is digitizing a massive $40Bn
offline market; the tech segment is projected to grow
8x from $165Mn in FY25 to $1.3Bn by FY30P, led by 1:1
consultations.
→ AI Companions represent the next frontier, with
global funding already at $400Mn and Indian startups
developing localized solutions for companionship and
tutoring.
Interactive Media market in India is expected to grow to $3.2Bn by FY30P;
Astro and devotional tech, and micro dramas are expected to grow the fastest 03
Executive
Summary

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The Gaming and Interactive Media Opportunity in India | © 2025 BITKRAFT Ventures Management, LLC | www.bitkraft.vc
Chapters
India’s New Digital
M&E Opportunity 01
02
03
State of Gaming
in India
State of Interactive Media
in India

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Notes: 1. Based on IMF definitions of “Emerging Market & Developing Economies” & “Advanced Economies”. 2. World Bank reports FY & CY data contingent upon country’s reporting standards. 3. Numbers for MPCE are for Aug-Jul period. Non-imputation data from NSSO survey. Sources: IMF, UN, MoSPI, World Bank, Redseer Research & AnalysisThe Gaming and Interactive Media Opportunity in India | © 2025 BITKRAFT Ventures Management, LLC | www.bitkraft.vc
India’s real GDP growth
surpassed the average
emerging and advanced
economies…
…with the majority
being driven by private
consumption…
…and discretionary spend as
a % of monthly expenditure
is up by 5 percentage points
over the last decade.
Real GDP Growth 1
PFCE as a % of GDP at
current prices
Discretionary spend as a %
of MPCE 2
2018-25, in %
India
2023–24
Developing economies
2011–12
Advanced economies
2023, 2024, in %
In %, India, 2011-12, 2023-24
India’s strong economic momentum, driven by increasing
consumption and discretionary spend, makes it one of the
standout performers compared to its global counterparts
India’s New Digital M&E Opportunity
01/
% population 2025 37%
$82
63%
$48 MPCE 3 2023-24
Urban Rural

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Note: 1. iOS & Android CombinedSources: United Nations, Sensor Tower, Redseer IP, Redseer Research & Analysis The Gaming and Interactive Media Opportunity in India | © 2025 BITKRAFT Ventures Management, LLC | www.bitkraft.vc
India’s digital savvy youth are driving
new content adoption with a high
appetite for experimentation…
…and with internet already
reaching 835Mn Indians…
Population split by age # of Internet Users in India
CY2025, age in years, population in billions, in % CY2020, 25, FY30P, in Mn
…average time spent on
smartphones is among the
highest globally.
Top 5 countries based on avg. hours
spent on smartphones per day 1
# hours, CY2024
Additionally, a bottom-heavy demographic architecture, top
quartile smartphone usage and high internet penetration
position India as a digital heavyweight globally
India’s New Digital M&E Opportunity
01/

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Notes: The Digital Media and Entertainment (M&E) market comprises of video and audio streaming, digital gaming, social media, while excluding advertising revenue from non-entertainment sector (e.g., Google), AdTech, MarTech, online money gaming Source: Redseer Research & AnalysisThe Gaming and Interactive Media Opportunity in India | © 2025 BITKRAFT Ventures Management, LLC | www.bitkraft.vc
01/
The Digital Media & Entertainment sector encompasses
multiple segments; our focus in this report is on gaming and
disruptor segments in interactive media
India’s New Digital M&E Opportunity
Digital Media & Entertainment Segments
Key Trends
Artificial intelligence features, vernacularization,
community features, creator/agentic infrastructure etc.
Ecosystem Enablers
Creator economy, cloud providers, payment gateways,
telecom operators, app stores, ticketing platforms etc.
Mobile
Content Connect Hyper Casual/
Casual
Micro Drama India SFV
+ Social
Discovery
Astro and
Devotional
Tech
AI
Companions
Audio
Streaming
Mid-core/
Core
PC/Console
Esports
Heavily
anchored in
core and mid-
core games
Long-form
Video
Music
Streaming
Podcasts/
Audiobooks
Social Media
(Instagram,
Facebook,
etc.)
Traditional
Media*
*Not in focus for this report
Gaming
Digital Media
Digital M&b
Digital
Gaming
Interactive
Media

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Notes: 1.The Digital Media and Entertainment (M&E) market comprises video and audio streaming, digital gaming, social media, while excluding advertising revenue from non-entertainment sector (e.g., Google), AdTech, MarTech, online money gaming *Contribution of ‘Micro drama’ sub-segment in ‘Content’ segment in FY25 is low as it launched in last quarter of FY24Source: Redseer IP, Redseer Research & AnalysisThe Gaming and Interactive Media Opportunity in India | © 2025 BITKRAFT Ventures Management, LLC | www.bitkraft.vc
Gaming and Interactive Media make up 1/4th of the Digital
M&E market in India and is expected to grow at 26% CAGR
from FY25 to FY30P
India’s New Digital M&E Opportunity
01/
India M&E Landscape
(excl. online money gaming)
India Gaming &
Interactive Media Market
FY25 FY22-25, FY30P
Digital Media &
Entertainment 1
(Gaming, Video OTT,
Music streaming, etc.)
$9.3Bn
Gaming &
Interactive Media
(High growth
segments)
$2.4Bn

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The Gaming and Interactive Media Opportunity in India | © 2025 BITKRAFT Ventures Management, LLC | www.bitkraft.vc
Chapters
India’s New Digital
M&E Opportunity 01
02
03
State of Gaming
in India
State of Interactive Media
in India

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Sources: DOT, Ericsson Report, Redseer Research & AnalysisThe Gaming and Interactive Media Opportunity in India | © 2025 BITKRAFT Ventures Management, LLC | www.bitkraft.vc
With a strong population
base that has access to
affordable smartphones and
low-cost data compared to
other countries…
…India has one of the
highest internet and
smartphone user base at
almost 700Mn, out of which
roughly 500Mn play at least
one game.
Relative Avg.
Smartphone Cost,
Data Cost per GB (USD)
Gaming
User Funnel
In USD, FY25
In Mn, FY21, FY25, FY30P
Affordable smartphones and lower data tariffs are enabling a
gaming revolution in India, leading to strong growth in number
of gamers in India
Gaming In India
02/
Average smartphone cost relative to India Cost of data per GB
2021 2025 2030

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Note: The trend in India gaming reflects the inflection points in customer behaviors; Source: Redseer Research & AnalysisThe Gaming and Interactive Media Opportunity in India | © 2025 BITKRAFT Ventures Management, LLC | www.bitkraft.vc
02L
2005-201M 2011-201R
Emergence of Digital Gaming
The Indian gaming market has accelerated post-Jio, with
COVID lockdowns boosting experimentation and social
gaming along with a rise on spending through RMG
Gaming In India
Indian Gaming Sector Timeline
• Improved hardware allowed evolution of complex
games like Bounce & Prince of Persia on mobile, etc.
• Pre-installed games like Snake were popular on
mobile phones
• PC & console games were considered aspirational
Snake(mobile), Mario, Dave, Brian Lara Cricket
Experimentation Phase
Monetization Phase
Regulation & Responsible Growth Phase
Adoption & Crystallization Phase
• Early adoption of
downloading games on
phones; especially with
popularity of Android
Access to affordable data
encouraged gamers to explore,
download and play more
games on their mobile phones
COVID-19 lockdowns & social
distancing encouraged the growth of
users exploring social & multiplayer
games including RMG
Central Government prohibits real-money skill games and
encouraging social, casual games and esports, recognizing
them as legitimate games
Angry Birds, Temple Run, Candy Crush
Boom in gaming content
creation on YouTube.
Popular channelsW
Ludo King2016. 1st Indian game to cross 100Mn downloads
Among Us2018
PUBG2017 BGMI2021 Free Fire2017
Age of Empire, FIFA, Counter Strike, etc.
(Online) Rummy, 3 Patti, MPL
CarryMinati Total Gaming
2016-201V
2016: Entry of Jio, leading to democratized internet access 2020-202Q 2020: COVID Lockdown
2025
Major Milestones
Launch
of Jio
Led to growth in game downloads and online gaming.
As Indians longed for social
interactions during COVID,
social gaming took off.
• Ludo king became the first
Indian game to cross 100Mn
downloads, with other games
such as Among us becoming
popular
Social
Gaming
Revolution • Prohibition of online money gaming
• Promotion of online social games and
recognition of Esports as a legitimate
sport, with government support
Promotion and
regulation of
online gaming
bill, Aug 2025
2025: Regulatory intervention
• PC & Console games
like Age of Empires,
and FIFA became
popular

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Source: Redseer Research & AnalysisThe Gaming and Interactive Media Opportunity in India | © 2025 BITKRAFT Ventures Management, LLC | www.bitkraft.vc
Gaming in India is at an inflection point: With the ban on online
money games, focus has shifted to digital games & esports,
expected to grow to 4.4Bn by 2030
Gaming In India
02/
Market Size
(Digital Games, Esports)
Key Insights
Structural reset
in 2026
01
Gaming industry revenue is set
to entirely come from Digital
Gaming and esports reflecting
a complete structural pivot
away from Online money
gaming
Strong growth outlook
for digital gaming
despite regulation
02
The market is expected to
grow at 18% CAGR. Growth
continues even after online
money games were banned,
showing resilience in digital
and esports segments
Modest outlook for
Esports
03
Esports is projected to grow
from $22Mn in FY to $120Mn
by FY30P. This growth is driven
by government recognition
of the sport and competitive
gaming adoption as gamers
mature
In USD Bn, FY23-26P, FY30P
41%
31%
CAGR (FY23-25)
Esports
Digital Gaming
Game segment
27%
18%
CAGR (FY26P-30P)

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Note: 1. List is non-exhaustiveSource: Redseer Research & AnalysisThe Gaming and Interactive Media Opportunity in India | © 2025 BITKRAFT Ventures Management, LLC | www.bitkraft.vc
Key Trends (1/2): Multiple high impact trends such as AR/VR
gaming, experiential gaming and cross platform play are yet
to realize their full potential…
Gaming In India
02/
Key Themes
in Gaming
in India 1
Key Insights
High impact, low maturity
trends in focus
01
Several high impact and low maturity
trends such as innovations in monetization,
AI based content creation and vernacular
& culturally relevant content, are gaining
traction and could define the next 4-5
years of gaming in India
Disruptive trends are
changing arenas of Gaming
02
With experiential zones, gaming cafés, and esports arenas
gaining traction, consumers are engaging in hybrid formats –
blending online gaming with physical presence. In addition,
augmented and virtual reality are breaking into the
mainstream with more accessible headsets and mobile
integration. India’s mobile-first market is adopting AR titles that
are emerging in leagues like MGL

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Sources: Krafton press release, vidIQ, CMR, Redseer Research and AnalysisThe Gaming and Interactive Media Opportunity in India | © 2025 BITKRAFT Ventures Management, LLC | www.bitkraft.vc
Key Trends (2/2): Social gaming, vernacular content and
AI-driven development are high-impact themes touching
medium-high maturity in the gaming ecosystem
Gaming In India
02/
Key Themes deep dive
Gaming as Social Identity
& Community
01
In-game
Team/clan chatrooms, in-
game chat window, voice chat
etc. enable improved in-game
experience and likely off-game
connects
Regional language in app
Options like Hindi packs in BGMI
and vernacular UI in Ludo King
enhance accessibility and player
engagement
By developers
Generative AI accelerates
game design – assets,
characters, and storylines
while AI-powered NPCs
enhance engagement through
personalized, immersive
interactions
“More than 50% of our
development processes are
likely to be positively impacted
by advances in generative AI.”
-Andrew Wilson- CEO,
Electronic Arts
Outside the game
As engagement on discord
groups, YouTube live streams,
and creator-led tournaments
increases, new gamers aspire to
become content creators
in future
Cultural storylines &
characters
Regional and indie India-first
themes in FAU-G, Ram Mandir
Simulator, and animal-rescue
games resonate with local
audiences
By users/gamers
In-app AI tools empower
players to create user-
generated content, driving
stickiness and opening new
monetization streams
Vernacular & Culturally
Relevant Content
02
AI-adoption by
developers and gamers
03
Brian Byunghyeon Lim of Krafton India team says that voice chat in BGMI is used more in India than in any other country
Gamezop claims a significant boost in user engagement by localizing its platform in Hindi, Telugu, other languages
Techno Gamerz, an Indian gaming streamer has 48Mn subscribers on his YouTube channel
Players in FAU-G playtests identified Indian-themed environments and themes as a standout feature
One of the top Indian Valorant streamers recorded 8.7× subscriber growth, rising from 8M to 70M (Apr’24- Apr’25)
Ludo King has 1B+ downloads leveraging its India-originated design and culturally familiar themes Electronic ArtAI user generated content
40-50% of smartphone gamers in India cite socializing as a primary motivation for playing games
WinZO, a homegrown gaming platform with 50Mn+ downloads is available in 12 languages to enhance pan-India engagement

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Source: Redseer Research & AnalysisThe Gaming and Interactive Media Opportunity in India | © 2025 BITKRAFT Ventures Management, LLC | www.bitkraft.vc
Regulatory landscape
With the recent Gaming Bill banning online money games in
India, the digital and esports gaming space have received
recognition and push from govternment
Gaming In India
02/
Esports
2018 – 20
2021 – 22
2023 – 24
2025
Overall
Pulse
Recognized as skill-based
competitive sports by
government and judiciary
PUBG Mobile banned
citing data/privacy
concerns
Supreme Court rules
fantasy sports are skill
games, exempting them
from gambling bans
States like Tamil Nadu
began licensing esports
events and imposed
player protections
Relaunch as Battlegrounds
Mobile India (BGMI)
with enforced age
restriction 18+
Telangana and Andhra
Pradesh ban all online
money including fantasy
sports and rummy
Officially classified as skill
sports under the National
Sports Governance Act,
exempt from RMG bans
Ministry of Electronics and
IT issues “Digital Gaming
Guidelines 2023,” capping
monthly spending at $125
(INR 10,000)for under 18
users
Tamil Nadu and
Maharashtra enforce
stricter licensing, KYC,
and AML for online
money operators
National Online Gaming
Commission is set up for
licensing and regulation
of esports
The Online Gaming Act
exempts skill-based
digital games from
bans but mandates strict
consumer protection
Parliament passes
Promotion and Regulation
of Online Gaming Act
banning online
money nationwide
Esports has strong
regulatory backing but
awaits clarifications around
implications of the ban on
online money games
Digital gaming has little to
no regulatory risk. Received
support for educational
and cultural content
Online money gaming has
been banned in India, with
no relief soon in sight
Digital Games Online Money Games

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Source: Redseer Research & AnalysisThe Gaming and Interactive Media Opportunity in India | © 2025 BITKRAFT Ventures Management, LLC | www.bitkraft.vc
Digital gaming in India received a significant boost post-
COVID, and is expected to continue growing at a strong 18%
CAGR over the next 5 years
Gaming In India / Digital Gaming
02/
Market Size
(Digital Gaming)
Key Insights
High growth in Post-
COVID period
01
Digital gaming got a boost in
during and Post-COVID period,
with higher average time
spent on smartphones and
rise of social gaming to stay
connected with others
Maturing community of
gamers are key drivers
of monetization
02
As the average revenue per
paying user increases from $2-
$5 to $25-$30 over the last 5
years, the maturing community
of gamers is repositioning
monetization capacity of Indian
market
Familiarity and ability
to socialize is driving
game success
03
Gamers look for familiarity and
social aspect when deciding
which games to play. Case
in point: Simulators are most
downloaded genre in India due
to their relatability; BGMI and
Free Fire games are market
leaders by revenue driven by
social features
In USD Bn, FY23-25, FY30P

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Note: The ranking is based on Play Store global downloads for mobile games; core game downloads are based on Steam dataSource: Redseer Research & AnalysisThe Gaming and Interactive Media Opportunity in India | © 2025 BITKRAFT Ventures Management, LLC | www.bitkraft.vc
Hyper-
Casual
Casual
Hybrid
Casual
Mid-
Core
Core
Gaming Market Structure
Mobile-based Games
Segment Key
Characteristics
Examples
(Number of downloads on Play Store)
PC & Console Games Esports
India’s gaming market is segmented into three major
categories: mobile games, PC & console, and esports
Gaming In India / Digital Gaming
02/
• Extremely simple mechanics
• Low session time
( 30 sec -2 min)
• Easy- to-learn , slightly more
complex than hyper-casual
• Session time ( 5-15 min)
• New Emerging Format
• Easy hypercasual/casual
format like gameplay
• Mid core like progression with
deeper meta systems
• Deeper gameplay loop
with strategy
• Session time
( 15-30 min)
• Complex gameplay with
high skill curve
• Session time
( 1-3+ hours)
Subway Surfers(1B) Hunter Assassin(500M) Knife Hit(100M) Helix Jump(100M) Coin Master(100M)
Candy Crush(1B) Ludo King(1B) 8 Ball Pool(1B) Temple Run(500M) Angry Birds(100M)
Gardenscapes(500M) Pizza Ready(200M) Race master 3D (200M) Mob Control(200M) Archero(20M)
Free Fire(500M) Clash of Clans(500M) BGMI(100M) Brawl Stars(100m) Boom Beach(100M)
Counter Strike(232.2M) DOTA 2(28M) Elden Ring(21.4M) Overwatch(7.3M) Path of Exile(5.7M)

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Note: 1. The ranking is based on Play Store downloads for mobile games; core games downloads are based on Steam data Sources: Expert inputs, Redseer Research & AnalysisThe Gaming and Interactive Media Opportunity in India | © 2025 BITKRAFT Ventures Management, LLC | www.bitkraft.vc
Mobile gaming accounts for 80% of the market with strong
growth expected in mid-core and core segments by 2030; the
Battle Royale genre is set to account for nearly half the market
Gaming In India / Digital Gaming
02/
Market Size by Device Type
Mobile leads, but PC is gaining
popularity
Battle Royale dominates monetization
among gaming genres
Hybrid casual is a fast-growing segment;
mid-core and core games are expected to
overtake casual games 1. Improved affordability of gaming laptops and
equipment: Drop in price of gaming laptops and
zero cost EMI options at retailers allow for easy
access to the segment
2. Rise in avg. broadband download speed: This
allows for multiplayer experiences creating more
immersive gameplay
1. Strong network effects: It’s inherently multiplayer and social,
making it more appealing than single-player or puzzle genres
2. Spectator and aspirational value: Easy to stream,
competitive, and linked to esports, so players see it as status/
skill, unlike casual or card games
1. Maturing community of gamers: As gamers of
India mature, their ability and willingness to play
and spend on games with higher complexity and
time requirements increase
2. Availability on mobile: Mid core and core games
are increasingly available on mobile, which is the
dominant device to play a game
Market Size by game theme
Market size by segment
In %, FY25
In %, FY25
Mobile
Console
PC
In %, FY25, FY30P

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Note: 1. The data is based on Play Store & IOS downloads (2024-2025)Sources: Secondary research, SensorTower, Redseer Research & AnalysisThe Gaming and Interactive Media Opportunity in India | © 2025 BITKRAFT Ventures Management, LLC | www.bitkraft.vc
• Young players still
dominate digital
gaming
• Share of female gamers
is on the rise, making
up 1/4th of total gamers
• Mobile continues to dominate as the go-to
device to play games
• Simulation is the most-downloaded genre
owing to its high familiarity, which keeps the
cognitive load of the game at the minimum
Share of gamers by device Gender
Age
Mobile downloads by genre 1
While gaming is a male-dominated segment, the share of
female gamers has risen; the Simulation genre is the most
downloaded due to its familiarity
Gaming In India / Digital Gaming
02/
Gaming Userbase Demographics and Psychographics
Demographics Psychographics
FY25
26B 74B
80% of Indian game developers’
revenue comes from overseas markets
500+ Indian gaming
companies have
been founded over
the last 5 years
Making in India for India,
and for the world, is
becoming the norm.
This is reflected in both
supply and demand.
Increase in
ARPPU from
2020-2025
5.5x
Top games by downloads Top Games by revenue 2 (HQ in India)
Ludo King Ludo Star
Crossword Jam: Fun Word Search
Coloring Games for Kids 2-6!
Ludo Club
SplashLearn
Teen Patti Octro 3 Patti Rummy
American Dad! Apocalypse Soon
Downtown Mafia: Gang Wars RPG
Ludo King
CATS: Crash Arena Turbo Stars
01 01
02 02
03 03
04 04
05 05
06 06
07 07
08 08
09 09
10 10
Gametion Gameberry Labs
Garena Playsimple Games
Zupee Internet Design Zone
Dream1 Moonfrog
Rohit G.S. StudyPad, Inc.
Miniclip Octro, Inc.
Tictok Skill Game Reliance Games
IvyMob DYNAMICNEXT
Miniclip.com Gametion
Supercent Nazara
India Saudi Arabia, US,UAE
Singapore US,UK , Australia
India US,UK , Australia
India UK, Germany, US
India US, Canada, Australia
Switzerland India, Pakistan, US
India US,UK, Germany
China US, UK,Australia
Switzerland India, Indonesia, UK
South Korea US, Germany,China
Free Fire
Zupee Ludo
Dream11
Indian BikesDriving 3D
Cricket League
WinZO Ludo
Subway Princess Runner
Carrom Pool
Pizza Ready!
Publisher Publisher Origin Origin
India’s Positioning (2/2): …however, multiple domestic gaming
studios are now building games for India, and the world,
signalling a major change in the gaming landscape
Gaming In India / Digital Gaming
02/
Ludo King (1B+ downloads)Highlights appetite for India-produced games
An Indian themed battle royale being launched by XSQUADS with their previous BR reaching 5M+ downloads
of Indian
gamers were
paying gamers
in FY24
30%
of gamers in India
preferred local games with
regional content in FY24
50%

26
Note: *Fast-moving Consumer GoodsSource: Redseer Research & AnalysisThe Gaming and Interactive Media Opportunity in India | © 2025 BITKRAFT Ventures Management, LLC | www.bitkraft.vc
Indian Esports Ecosystem
2025
Indian esports market is dominated by Nodwin gaming,
followed by Upthrust and Skyesports with only a handful of
mid-core/core titles including BGMI and Call of Duty
Gaming In India / Esports
02/
Growth Drivers
Mobile users of BGMI and
Free Fire form the majority
of the esport viewers. The
rise of 5G promises to
expand this user base even
further.
For younger users, esports
pros are celebrities. They
aspire to reach similar
levels in the future.
Brands treat esports as
new-age cricket with
sponsorships, ads, and
campus events surging.
Pages like Krafton India
Esports, Free Fire MAX
Esports Official, Clash
Royale Esports, etc.
have millions of YouTube
subscribers.
Massive
Mobile-First
Userbase
Young Gamers’
Aspirational
Identity
Brand &
Platforms
Investment
Rise of Esport
Communities &
Streamers
Esports Organizers
Top Titles Top Tournaments Top Streaming
Platforms
Across verticals such as Consumer Tech and
Electronics, FMCG*, Automotive, FinTech, etc.
Skyesports
(802K YT subscribers)
Nodwin Gaming
(751K)
Upthrust Gaming
(496K)
Esports Club
(178K)
Sponsors &
Advertisers

27
Note: 1. Average number of people who viewed a program for each minute of its durationThe Gaming and Interactive Media Opportunity in India | © 2025 BITKRAFT Ventures Management, LLC | www.bitkraft.vc
Esports market in India Esports Viewers
75%
In USD Mn, FY23-25, FY30P
The esports market in India is only $40Mn in 2025 but is
expected to grow at 26% over the next 5 years, with rising
viewership and count of professional esports teams
Gaming In India / Esports
02/
Esports Teams/
Players
Gender Motivation
to watch
Motivation
to compete
Count of
Esports teams
28% 72%
of Esport viewers are
under 25 years of age
Male Female Community
01
Relaxation
01
Knowledge
02
Leisure Activity
02
Relaxation
03
Earning Money
03
Entertainment
04
Socialising
04

28
Sources: Nodwin Gamin, Redseer Research & AnalysisThe Gaming and Interactive Media Opportunity in India | © 2025 BITKRAFT Ventures Management, LLC | www.bitkraft.vc
Esports Monetization Levers
18%
13%
59%
10%
Esports in India is largely brand-funded and platform-
subsidized, but as engagement grows, ads, media rights, and
ticket sales are expected to rise
Gaming In India / Esports
02/
Advertising and Media
Tournament Entry Fee
Sponsorship
Merchandise
Media Rights refer to the
licensing of broadcast
and streaming rights for
tournaments
Revenues generated from
player entry fees, prize pool
contributions, and ticket sales
for live events
Includes team sponsorships,
tournament branding, and digital/
physical ad placements, offering
brands high engagement
Sales of physical ( jerseys, caps,
collectibles) and digital (NFTs, in-
game skins) merchandise
Star Sports acquired right for Esports World Cup (2024)
Ticketing partners for top games like BGMI, Garena Free fire
Kit sponsor for revenant Esports
Apparel sponsor for MOGO Esports
Acts as a platform for entry + fee collection
Hardware Manufacturers/Mobile Manufacturers sponsoring esport events
YouTube holds the highest share
of revenue
of revenue
of revenue
of revenue
Key streaming platforms
Key Ticketing Partners Key Merchandise
Partners
# of brands
investing in Esports

29
The Gaming and Interactive Media Opportunity in India | © 2025 BITKRAFT Ventures Management, LLC | www.bitkraft.vc
Chapters
India’s New Digital
M&E Opportunity 01
02
03
State of Gaming
in India
State of Interactive Media
in India

30
Note: *User Generated ContentSource: Redseer Research & Analysis, Redseer IPThe Gaming and Interactive Media Opportunity in India | © 2025 BITKRAFT Ventures Management, LLC | www.bitkraft.vc
India has 500Mn social
media users and 455Mn
digital transactors
More than 70% of such social media
users and digital transactors belong
to Tier 2+ cities
India Internet Funnel
India Internet Funnel
Split by Tier
FY25, in Mn
FY25, InMn
India’s digital native and mobile-first population is no stranger
to online transactions with every 2 in 3 users consuming
social media from Tier 2+ cities
Interactive Media
03/
Tier 2H Tier 1 Metro

31
Note: 1. Total timeshare does not add up to 100 as multiple categories can be used concurrently.Sources: A meta study of secondary data reports, Redseer Research & AnalysisThe Gaming and Interactive Media Opportunity in India | © 2025 BITKRAFT Ventures Management, LLC | www.bitkraft.vc
Audio, video streaming and social media are gaining time
share from Indians, especially as new types and duration of
content are emerging
Interactive Media
03/
% time spent by Indians on
audio, video streaming and
social media is dominant
Media formats are
evolving from passive
long-form to interactive
short-form as consumer
preferences shift
Time spent on internet
split by categories 1
Digital Media &
Entertainment Formats
FY25, in %
Content Type vs. Typical Content
Duration

32
Note: The trend in Interactive media reflects the inflection points in customer behavioursSources: Redseer Research & Analysis, Redseer IPThe Gaming and Interactive Media Opportunity in India | © 2025 BITKRAFT Ventures Management, LLC | www.bitkraft.vc
03/
Over the last decade, Indians have moved to new innovative
formats of media nearly every 3-5 years…
Interactive Media
Radio & Satellite TV
DVD player & Walkman
Digital Media & DTH players
Pre-1990s 1990-2000s
Emergence of Broadcast Media
Interactive Media Sector Timeline: Major Developments
• Linear TV, Radio,
Print, VCR
• Cable & Satellite TV expansion
• Gaming: Nintendo Lauch ,Arcade Boom
• Vernacular apps emerge: ShareChat,
Chingari (2018)
• SFV Boom – Tiktok, Moj & reels drove short
video as a mainstream format
• Dating Apps – Tinder, Bumble, and Hinge
popularized online dating in India
Early Digital & Social Seeds
Classic Digital Media (Consumption First)
Post- Covid Acceleration (Community Media)
New- Age Interactive Media (Jio era)
• Launch of World Wide Web
• Rise of DVDs, CD players, Sony Walkman
• Mobile phones & SMS adoption (early mobile content)
• Early social networking
adoption at scale
(Facebook, Instagram,
WhatsApp)
• OTT in India: Hotstar
launch, Netflix & Prime
Video India
• Audio Streaming: Saavn,
Gaana, Apple Music
• India: DTH (Tata Sky,
Dish TV) disrupting TV
consumption
• Interactive media with
niche focus on T2/
T3 cities in India and
evolving customer
behaviour gains traction
in India
• Rise of India SFV,
audio streaming apps,
Social discovery apps,
Astro & devotional
tech, Fandom apps, AI
Companions
• Micro drama apps gain
traction in 2025
2000-2016s
ABCD – Astrology, Bollywood, Cricket, Devotional
++DEFG – Dating, EdTech, Fandom/Friends, Gaming 2017-2020s
2020- 2025H
Major Milestones
Jio’s launch slashed data costs bringing hundreds of millions of Tier-2/3 users online. UPI’s rollout the same year simplified digital payments, together creating the rails for interactive media consumption
Launch of
Jio & UPI
Post-TikTok ban, Reels
mainstreamed SFV across metros
while Moj and Josh cemented its
vernacular adoption in Bharat
Tiktok +
Instagram
Reels
During Covid, social isolation
pushed users toward community-
first apps (Clubhouse, FRND,
AstroTalk, devotional live-streams)
Post-COVID
shift to digital
community
media

33
Note: 1. List of players is non-exhaustive Sources: Google Play Store, Redseer Research & Analysis, Redseer IPThe Gaming and Interactive Media Opportunity in India | © 2025 BITKRAFT Ventures Management, LLC | www.bitkraft.vc
…with Interactive Media emerging as the next wave; India’s
short-form video, audio streaming and micro drama segments
have reached 100Mn+ downloads on the Play Store
Interactive Media
03/
Interactive Media: Key Segments
2020
2025H
India SFV Astro and Devotional Tech
Gamified learning
Audio Streaming Fandom Social Discovery
Micro Drama AI companions
Platforms offering India
focused snackable, 60%
Regional content drives engagement for T2/
T3 audiences, and that’s exactly the core
strategy for Interactive Media apps…
Nanotransaction models help ease users into
the mindset to pay for media – something that
is uncommon in T2/T3 cities of India
…which they implement by localizing their
content through strategic partnerships
The UPI-AutoPay mechanism, as opposed
to annual subscriptions, is a go-to to drive
stickiness on Interactive Media apps…
…but due to low
UPI AutoPay
mechanism
awareness in
T2/T3, multiple
users report loss
of trust in app
SFV app Josh has
partnered with
Saregama to bring
region-specific tracks
to provide better
regional coverage
A major audio streaming
platform quoted a
significant jump in UPI
AutoPay penetration
within a year of launch
Kuku FM has teamed up
with Penguin Random
house to launch exclusive
Hindi audiobooks to provide
content to users in their
language
Indians find content
in regional languages
more relatable
of users from T2/T3
cities have paid for a
media service vs.
40% in metro/T1
cities
Interactive media
apps ask for
regional language
to personalize user
experience
Majority of IM apps
monetize through
nanotransactions (USD
0.01-0.1 or INR 1:10) to
ease users into spending
reviews on Google Play
Store for interactive
media apps supporting
UPI AutoPay highlight
negative experiences
As demand for regional content increases, platforms strike
partnerships to get a headstart, with nanotransactions and
UPI AutoPay at the forefront driving stickiness
Interactive Media
03/

37
Sources: Redseer IP, Redseer Research & Analysis, Consumer Surveys, Consumer IDsThe Gaming and Interactive Media Opportunity in India | © 2025 BITKRAFT Ventures Management, LLC | www.bitkraft.vc
Audio Streaming
Market in India
In USD Mn, FY22-25, FY30P
Audio streaming has come out of its infancy and is at a
growing stage for operators in India looking to expand into
adjacencies including micro dramas
Interactive Media / Audio Streaming
03/
• 14Mn users are on audio streaming platforms
monthly, with power users listening on average 95
minutes per day
• Hook for users are “immersive storylines” ,
“captivating narration,” and “vernacular and
relatable content”
• As users mature on the platform, their engagement
with the content format has been found to
increase
• G