India’s mobile gaming market is transitioning from a period of pure scale to one of deepening player spending and broadening genre appeal, according to a new report titled “India’s State of Play.” Released by MIXI Global Investments (MGI), a prominent global investor in digital entertainment, the report was authored by Naavik, powered by Sensor Tower data, and supported by AppsFlyer.
The study indicates that between 2020 and 2025, in-app purchase (IAP) revenue in India more than doubled, even as download volumes remained largely consistent. This trend signals a significant shift, demonstrating that one of the world’s largest gaming audiences is beginning to monetize more effectively. Combined in-app and advertising revenue reached approximately $1.1 billion in 2025, is projected to climb to $1.5 billion in 2026, and is on track to hit $2.4 billion by 2029.
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India currently boasts 600 million active players, marking a 9% year-over-year increase, and recorded nearly 8 billion mobile game installs in 2025, placing it second only to China in downloads. The report emphasizes a qualitative shift beyond mere volume, with spending per user growing as smartphone adoption deepens, digital payments expand, and the player base ages.
India’s Gaming Market: Genre Diversification Drives New Growth
For an extended period, India’s gaming revenue was heavily concentrated within a single genre. Shooter titles, notably Free Fire MAX and Battlegrounds Mobile India, continue to command the largest share of in-app spending, accounting for approximately 43% of the total. However, the report highlights a significant shift in growth drivers.
Strategy games have emerged as a standout category, with the 4X subgenre experiencing a 77% year-over-year growth. Newer niches are also expanding rapidly, with MOBA revenue more than tripling and card battlers growing over 90%. Geolocation games saw the fastest revenue growth in 2025, up 75% due to localized live operations, while simulation titles surged, propelled by the performance of platforms like Roblox. This diversification suggests that revenue growth is no longer dependent on a single category but is broadening across multiple segments.
Shifting Audience Demographics
While India’s gaming population traditionally skews young and male, its composition is beginning to diversify. Puzzle games now attract nearly 45% female players, and lifestyle titles are approaching gender parity. The puzzle audience also skews older, with over half of players aged 35 and above. These demographic shifts point to incremental growth from historically underserved segments, indicating that the next wave of players will not mirror past trends.
Tomoharu Urabe, Managing Director, Investment at MIXI Global Investments (https://mixiglobalinv.com/), commented on the findings, stating, “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 observes that culturally rooted experiences continue to outperform global franchises in terms of reach. Titles like Ludo King and Cricket League lead download charts, and Indian studios developed five of the ten most-downloaded games of 2025. Global hits achieve success through deep local adaptation, including India-specific versions optimized for lower-end devices, regional live events, and local esports. Concurrently, “Made in India” titles, such as ScarFall 2.0, are exhibiting higher production values aimed squarely at domestic audiences.
Further analysis in the report covers India’s expanding developer ecosystem, which now comprises over 2,000 companies employing more than 130,000 professionals. It also touches upon adjacent categories like microdramas, where India has become the world’s largest market by download volume. For more details on these and other industry developments, stay tuned to our coverage at https://technosports.co.in/](https://technosports.co.in/). The full report can be accessed directly here (https://mixiglobalinv.com/report/upload/indias-state-of-play-260708.pdf).
