India’s gaming industry has emerged as one of the most dynamic sectors in global digital entertainment. With the market valued at 5.02 billion dollars in 2026 and projected to reach 9.89 billion dollars by 2031 according to Mordor Intelligence, the industry is experiencing remarkable momentum fueled by smartphone adoption, affordable data plans, and a demographic dividend positioning India as home to the world’s second-largest gamer population. The industry currently engages between 500 and 630 million active gamers, with mobile gaming accounting for 94% of all gaming activity.
The gaming sector has weathered significant regulatory challenges, particularly the Online Gaming Bill of 2025 which fundamentally reshaped the real-money gaming landscape by imposing strict restrictions on betting and wagering formats. Despite these disruptions, the industry’s fundamentals remain robust, supported by expanding 5G networks reaching 270 million subscriptions in 2024 and on track for 980 million by 2030, coupled with frictionless UPI micro-payments converting casual users into paying players. This guide examines the top ten gaming companies shaping India’s gaming ecosystem in 2026.
1. Nazara Technologies: The Publicly Listed Pioneer
Nazara Technologies stands as India’s first and most prominent publicly listed gaming company, making history with its March 2021 IPO that achieved a market capitalization of approximately 1.06 billion dollars as of 2026. Founded in 1999 by Nitish Mittersain, Nazara has evolved from a struggling dotcom-era venture into a diversified gaming and sports media powerhouse with operations across 64 countries. The company’s business model spans mobile gaming with flagship titles like World Cricket Championship, esports through NODWIN Gaming, gamified early learning via Kiddopia, fantasy sports through Halaplay, and digital advertising through Datawrkz.
With trailing twelve-month revenue of 242 million dollars, Nazara demonstrates the scalability potential of Indian gaming companies when successfully balancing domestic growth with international market penetration. After slumping into losses in September 2025 due to regulatory headwinds, Nazara returned to profitability in December 2025 with net profit of 8.8 crore rupees. The company’s aggressive acquisition strategy, raising 855 crore rupees for bolt-on acquisitions in esports and gamified learning, positions it for continued expansion despite regulatory challenges.
2. Dream Sports: The Fantasy Sports Juggernaut
Dream Sports dominates India’s fantasy sports market with an overwhelming 90% market share through Dream11, founded in 2008. The platform revolutionized how Indian sports fans engage with cricket and other sports by allowing virtual team creation based on real player performance. In 2021, Dream Sports secured 840 million dollars in funding valuing the company at 8 billion dollars. With over 100 million registered users and revenue of 6,384 crore rupees in fiscal year 2023, Dream Sports demonstrates exceptional monetization capability despite intense competition.
However, the Online Gaming Bill of 2025 forced Dream Sports to suspend cash-based contests, causing a 40% drop in user engagement. The company’s planned IPO faces potential delays as investors reassess regulatory impacts. Despite challenges, Dream Sports’ dominant market position, established brand recognition, and massive user base position it to adapt by diversifying into compliant game formats while maintaining fantasy sports leadership with modified mechanics aligned with evolving regulations.
3. Mobile Premier League: The Esports Platform
Mobile Premier League, commonly known as MPL, rapidly achieved a valuation of approximately 2.3 billion dollars after its 2018 launch. The Bengaluru-based platform offered over 60 games attracting more than 90 million registered users, holding approximately 14% of the total mobile gaming market share. MPL’s diverse game library, support for multiple languages, and user-friendly interface contributed to rapid user acquisition and high engagement.
MPL emerged as one of the companies most severely impacted by 2025 regulatory changes. In August 2025, the company laid off nearly 60% of its Indian workforce as India revenues collapsed following suspension of cash-based contests. The company pivoted toward free-to-play formats and international markets, attempting to leverage its technology platform in regions with more favorable regulatory environments. This dramatic restructuring demonstrates how regulatory shifts can reshape even well-funded gaming unicorns.
4. Games24x7: The Skilled Gaming Veteran
Games24x7, founded in 2006, established itself as a pioneer through RummyCircle and My11Circle. The company’s focus on skill-based games positioned it successfully, leading to acquisition by Flutter Entertainment in 2021. Flutter indicated its India business was expected to contribute around 200 million dollars in revenue and 50 million dollars in adjusted EBITDA in 2025, demonstrating substantial scale and profitability.
The 2025 regulatory changes significantly disrupted Games24x7’s operations, with Flutter announcing suspension of real-money operations. The company enabled user withdrawals, suspended new deposits, and shifted offerings to free-to-play formats, fundamentally altering its business model. The experience illustrates regulatory uncertainty facing even internationally-backed gaming operators in the Indian market.
5. NODWIN Gaming: The Esports Ecosystem Builder
NODWIN Gaming has established itself as India’s premier esports company, focusing on building sustainable ecosystems for gamers, content creators, and audiences. As a subsidiary of Nazara Technologies, NODWIN organizes high-profile tournaments including the BGMI Masters Series, one of India’s largest esports events with prize pools exceeding 2 crore rupees. The company extends beyond tournament organization into media and entertainment, creating gaming entertainment shows combining competitive gaming with television formats.
NODWIN is actively expanding into emerging markets including Turkey and Africa, replicating its Indian playbook in regions with similar demographics. Esports viewership on YouTube rivals cricket live streams during major competitions, demonstrating the segment’s growth potential. NODWIN’s strategic position as the dominant esports infrastructure provider positions it to capture value through tournament operations, sponsorship revenues, media rights, and advertising.
6. JetSynthesys: The Global Content Player
JetSynthesys has emerged as a significant player through its strategy of acquiring proven international intellectual property and developing new gaming content with global appeal. The company’s acquisition of EverMerge, a popular puzzle game, demonstrated Indian gaming companies’ growing confidence in acquiring and operating global game properties. JetSynthesys has invested in building agile development studios incorporating artificial intelligence technology, allowing small development teams to create globally competitive video games.
The company’s diversified portfolio spans multiple gaming categories and includes investments in digital sports properties and celebrity-backed gaming initiatives. By combining international IP acquisition, technology-enabled development, and understanding of both Indian and international market dynamics, JetSynthesys positions itself as a bridge between India’s growing gaming talent pool and global gaming opportunities.
7. WinZO Games: The Vernacular Gaming Pioneer
WinZO Games has differentiated itself through strategic focus on vernacular content and tier-two and tier-three city audiences underserved by mainstream gaming platforms. The company recognizes that two-thirds of Indian gamers now reside in tier-two and tier-three cities, representing a massive addressable market requiring culturally relevant content, regional language support, and locally resonant game designs. WinZO offers diverse games emphasizing accessibility for first-time digital gamers who may lack gaming experience or English proficiency.
The platform’s vernacular approach extends beyond language localization to include culturally appropriate game themes, payment mechanisms suited to regional preferences, and marketing strategies reaching audiences through channels popular in smaller cities. WinZO’s focus on skill-based games positions it favorably relative to platforms dependent on real-money gaming formats significantly impacted by regulatory changes. The diversified revenue approach through tournaments, in-app purchases, and advertising provides resilience against regulatory shifts.
8. Moonfrog Labs: The Casual Gaming Specialist
Moonfrog Labs has established a strong position in India’s casual gaming segment through titles emphasizing social interaction, simple gameplay mechanics, and broad appeal across demographic segments. The company’s focus on casual games aligns with the reality that most Indian gamers prefer accessible experiences playable in short sessions rather than complex games requiring significant time investment. Moonfrog’s games incorporate social features leveraging existing social networks and encouraging viral growth through friend referrals and collaborative gameplay.
The casual gaming segment demonstrates particularly strong engagement among female players and older demographics less represented in hardcore gaming communities. Moonfrog’s design philosophy emphasizes inclusivity and accessibility, creating games welcoming players regardless of gaming background or technical proficiency. The company has successfully monetized its user base through in-app purchases, advertising, and optional premium features that enhance rather than gate gameplay experiences. Moonfrog’s success in casual gaming, a segment less affected by regulatory uncertainty, positions it well for sustained growth.
9. SuperGaming: The Technology-First Developer
SuperGaming has emerged as a technology-focused game development studio emphasizing proprietary game engines, advanced graphics capabilities, and premium gaming experiences challenging assumptions about Indian gaming companies operating primarily in casual and mobile-first segments. The company has invested significantly in building technical infrastructure enabling creation of graphically sophisticated games capable of competing with international titles in production values and gameplay depth.
The company’s commitment to original intellectual property development distinguishes it from studios focused on work-for-hire development or cloning successful international game mechanics. SuperGaming recognizes that owning original IP creates sustainable competitive advantages through higher margins, user loyalty, and independence from platform algorithm changes. SuperGaming’s investments in game engine technology, development tools, and talent development contribute to building India’s gaming infrastructure while creating export opportunities as global publishers increasingly look to Indian studios for development partnerships and original content.
10. Junglee Games: The Acquired Success Story
Junglee Games achieved significant validation when Flutter Entertainment acquired the company in 2021, recognizing its successful portfolio of skill-based games and strong position in India’s competitive gaming market. The acquisition provided Junglee Games with access to Flutter’s global resources, technology platform, and operational expertise while giving Flutter an established presence in the strategically important Indian market. Junglee’s rummy offerings had built substantial user bases and demonstrated effective monetization strategies attracting international acquirer interest.
However, the regulatory changes of 2025 severely impacted Junglee Games along with other real-money gaming platforms. Flutter suspended Junglee’s real-money operations and warned publicly about regulatory uncertainty potentially driving consumers toward unregulated platforms. The experience demonstrates that financial backing and operational expertise from global leaders provides limited protection against domestic regulatory shifts fundamentally altering business model viability.
The Road Ahead for Indian Gaming
India’s gaming industry stands at a pivotal juncture as it navigates regulatory transformation while pursuing ambitious growth targets. The sector is projected to reach 9.1 billion dollars by 2029 and 60 billion dollars by 2034, driven by mobile gaming expansion, increasing monetization sophistication, and growing acceptance of gaming as mainstream entertainment. Realizing this potential requires addressing regulatory uncertainties through constructive dialogue between industry stakeholders and policymakers, developing sustainable business models less dependent on regulatory-sensitive formats, and continuing technological innovation delivering compelling gaming experiences to India’s diverse gaming population.
The consolidation trend accelerated by regulatory changes suggests the emergence of dominant platforms with diversified offerings, international operations, and financial resources to weather market volatility. Smaller studios will increasingly focus on niche categories, original IP development, or providing specialized services to larger platforms. The shift toward skill-based games, casual gaming, and esports reflects the industry’s adaptation to regulatory constraints while identifying growth segments with sustainable economics and regulatory clarity.
As India’s gaming ecosystem matures through 2026 and beyond, the companies that thrive will be those successfully balancing regulatory compliance with user engagement, domestic market leadership with international expansion, and near-term profitability with long-term innovation investments. For Indian consumers, this evolution promises increasingly sophisticated gaming experiences, more diverse content options, and continued democratization of gaming access across geographic, linguistic, and socioeconomic segments.
