India's mobile gaming industry is entering a more mature growth phase, with player spending on the rise and industry revenue projected to more than double over the next four years, according to a new report by MIXI Global Investments (MGI).
Titled India's State of Play, the report, authored by Naavik, powered by Sensor Tower, and supported by AppsFlyer, estimates that the country's combined in-app purchase (IAP) and advertising revenue will grow from approximately $1.1 billion in 2025 to $1.5 billion in 2026, before reaching $2.4 billion by 2029.
The findings suggest that while India has long been one of the world's largest gaming markets by user base, it is now seeing stronger monetisation, driven by rising smartphone penetration, wider adoption of digital payments, and deeper consumer engagement.
India currently has around 600 million active gamers, up 9% year-on-year, while mobile game downloads reached nearly 8 billion in 2025—second only to China globally.
Although download volumes have largely plateaued in recent years, in-app purchase (IAP) revenue has more than doubled since 2020, indicating that players are increasingly willing to spend on games.
