The first ever India Pavilion was inaugurated at the Game Developer Conference today. The pavilion is set up by WinZO, a gaming platform, in partnership with the India Game Developer Conference (IGDC) and gaming and sports media platform Nazara.
The Pavillion showcased a wide array of games inspired by Indian culture, stories, and epics, such as Ramayana, Mahabharata, Bollywood-based action-adventure games, a temple construction simulation, and a virtual reality cricket experience, to name a few. These games were the winners of WinZO’s flagship 'Bharat Tech Triumph' initiative, aimed at promoting the export of Indian-made technology worldwide, according to a company statement.
The event also saw the release of the "India Gaming Opportunity: Robust Fundamentals to Power Continued Growth" report, co-authored by the India-based body Interactive Entertainment and Innovation Council (IEIC) and WinZO.
The comprehensive report, launched at the prestigious Game Developer Conference, highlights the Indian gaming industry’s remarkable growth trajectory, underscored by a robust influx of $2.8 billion from investors since 2017, signaling strong confidence in the sector’s dynamic future. Prominent contributors to this investment surge include names of global repute such as Tiger Global Management, Texas Pacific Group (TPG), Peak XV Partners (formerly Sequoia), Technology Crossover Ventures (TCV), Accel Partners, and Light Speed Ventures.
“The inauguration of the India Pavilion here today marks a significant milestone in the Indo-US relationship. The online gaming sector in India is burgeoning, and initiatives such as these would go a long way toward fostering collaboration between the two nations, including investment, innovation, and content," said US-India Strategic Partnership Forum (USISPF) President and CEO Dr. Mukesh Aghi.
From a global perspective, India stands out as the largest gaming market, boasting an impressive user base of 568 million and 9.5 billion gaming app downloads in 2023. This dominance is demonstrated by India contributing approximately 20 percent of the world’s total mobile game downloads, surpassing even the combined downloads of the next two largest markets, the US and Brazil.
The IEIC and WinZO report projects market expansion of India’s online skill gaming from US$3.1 billion in 2023 to US$6 billion by 2028. The report also highlights that early investments by international studios are translating into talent proliferation now. India boasts over 1,168 universities and 45,473 colleges, ensuring the continued fulfillment of human resource needs across various industries, including online gaming. Indian gaming professionals have garnered global acclaim for their exceptional technical expertise, contributing significantly to the success of gaming platforms and companies in India. However, the recent GST increase is expected to slow down job creation potential in the online gaming industry, although India’s strong talent pool and thriving ecosystem position the country as a global gaming powerhouse.
The number of Indian gaming companies has surged from 25 in 2015 to over 1400 in 2023, highlighting the sector’s robust growth fundamentals. The Indian gaming market is set to witness as many as 10 unicorns and 5 decacorns by 2028.
Despite recent tax policy changes and an anticipated slowdown in user base monetization, investors continue to scout investment opportunities and shape the online gaming space in India through early-stage investments, as many online gaming companies build for global audiences, according to a company statement.
