Indian gaming market expected to reach $7.5 billion by FY28: Lumikai

"The Indian gaming market, currently valued at $3.1 billion, is expected to hit the $7.5 billion valuation mark by financial year 2028 (FY28), according to Lumikai’s State of India Gaming FY23 report.

The report added that the industry is projected to grow at a compound annual growth rate of 20 per cent, driven by increasing in-app purchases and advertising revenues in casual and mid-core games.

“Indian gaming has been on the rise because of rapid digitisation, growth in new gamers and new paid gamers, and increasing diversity of gaming content consumed. Even though funding has slowed down this year, the outlook towards the gaming industry is extremely positive. We're particularly excited to see the increasing engagement of gamers from non-metro cities, which demonstrates the massive growth potential and the opportunity in the Indian gaming industry,” said Salone Sehgal, Founding General Partner, Lumikai."