The Business of Toys and Games
Making Games in India
How India's game development industry grew from outsourcing to original games, its large player base, and the challenges of monetisation.
India has one of the world’s largest gamer populations, with hundreds of millions of mobile gamers.
From outsourcing to original games
- Early Indian studios did outsourced work: art, testing and porting for global publishers.
- Now more studios create original games.
Notable examples
- Ludo King by Gametion: one of India’s most downloaded games.
- Nazara Technologies: a listed gaming company.
- Indian-themed games drawing on mythology and history.
Monetisation challenge
- Indian players spend less per player than in the US, China or Japan.
- Advertising revenue per user is lower.
Regulation
- The Promotion and Regulation of Online Gaming Act, 2025 banned real-money online games, while promoting esports and social games. This reshaped the industry, pushing firms towards non-money games.
Talent and support
- Engineering and animation talent.
- Government’s AVGC (animation, visual effects, gaming and comics) promotion, including a national centre of excellence.
Opportunity
Global publishers set up studios in India for cost and talent.
The small studio
A Pune studio of 20 developers makes a mobile puzzle game inspired by Indian festivals. It earns from ads and small purchases, and a global publisher offers to distribute it.
Thinking India only plays games made abroad
Indian studios increasingly create original games.
Key takeaways
- India has hundreds of millions of mobile gamers.
- Studios moved from outsourcing to original games.
- Low spending per player makes monetisation hard.
- A 2025 law banned real-money games while promoting others.
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