The robust foundation of India’s digital economy, along with a booming game developer ecosystem and a conducive regulatory regime will help the online gaming ecosystem in the country become a $60 billion market over the next 10 years, a report launched this week at the Game Developers Conference in San Francisco said.

The report by interactive entertainment platform WinZO Games and the Interactive Entertainment and Innovation Council (IEIC) said India’s $3.7 billion online gaming sector will grow at a coumpound rate of 19.6% to hit the $9.1 billion mark by 2029.

India hosts 591 million gamers (20% of global gamers), 11.2 billion mobile game app downloads, and 1,900 gaming companies employing 130,000 skilled professionals.

The sector got $3 billion in foreign investments, with most going to pay-to-play games, which have now started making more money, solving a big past problem.

The industry, however, faces multiple challenges, including regulatory confusion as different states impose varying regulations on online gaming involving real money, the increase in goods and services tax, talent shortage, mental health addiction concerns for users and funding challenges for startup founders.

Here is a list of online gaming startups that are unlocking new levels as they soar ahead:

Dream11

Founders: Harsh Jain and Bhavit Sheth

Dream11 is a fantasy sports platform that allows users to create their teams and compete for cash prizes across various sports, including cricket, football, and basketball. Founded in 2008, Dream11 has over 150 million registered users, making it one of the largest fantasy sports platforms globally.

The startup has raised significant funding, including a $840 million Series B round led by investors such as Tiger Global Management and Tudor Investment Corp.

The company has plans to expand its offerings into new sports categories to enhance user engagement.

Gameberry Labs

Co-founders: Afsar Ahmad and Govind Agarwal

Established in 2017, it is a Bengaluru-based gaming studio known for multiplayer games like Ludo Star and Parchisi Star. Ahmad and Agarwal, alumni of IIT Kharagpur, commenced their entrepreneurial journey with a vision to create engaging games that foster social connections. Gameberry Labs has achieved over 200 million downloads and over 5 million daily active users across its games. Notably, the company relies on its revenue model driven by in-app purchases and rewarded ads. As of late 2021, Gameberry Labs surpassed the $100 million mark in lifetime revenue. The studio is beta-testing two new titles, Backgammon Friends and Word League, aiming to further diversify its offerings while focusing on interactive multiplayer experiences that resonate with players globally.

Hypernova

Founders: Mayur Bhimjiyani and Huzaifa Arab

Hypernova Interactive is a Bengaluru-based game development studio founded in 2015. It specializes in creating immersive augmented reality (AR) and virtual reality (VR) gaming experiences. Hypernova’s flagship project, “UnderWorld Mayanagari,” aims to establish a unique 3D open-world gangster game that reflects Indian culture and storytelling. With a small team of dedicated professionals, Hypernova has secured approximately $359,000 in funding and is focused on expanding its portfolio of games while enhancing its technological capabilities.

KGeN (Kratos Gaming Network)

Founder: Manish Agarwal

KGeN is a decentralized gamer network focusing on blockchain-integrated micro-games. Founded by Manish Agarwal, former CEO of Nazara Technologies, the startup aims to empower gamers by giving them control over their data.

KGeN has raised $30 million in funding, with its latest round valuing the company at $500 million.

It operates in India, Brazil, Nigeria, Southeast Asia, and the MENA region, with plans to expand further. KGeN offers services like community building, game testing, and tournaments, helping developers acquire and retain players.

Loco

Founders: Anirudh Pandita and Ashwin Suresh

It is one of the top game streaming platforms that allows gamers to showcase their skills while engaging with a community of gamers. Founded in 2018, it has over 50 million downloads and a growing user base of active streamers and viewers. The platform focuses on providing an interactive experience where users can watch live streams of popular games like PUBG Mobile, Free Fire, and Call of Duty while participating in chats and contests.
The startup has secured funding from notable investors, including Krafton, which invested $9 million in 2021 to support the platform’s growth.

Mobile Premier League (MPL)

Founders: Sai Srinivas, Shubham Malhotra, and Joseph Thomas

MPL offers a platform for fantasy sports and skill-based games with cash rewards. MPL has become one of India’s leading gaming platforms. It has raised significant funding from investors like Sequoia Capital and Times Internet. MPL’s expansion plans include entering newer markets and launching more games to increase user engagement.

nCore Games

Founders: Vishal Gondal and Dayanidhi M G

Founded in 2019, this startup is a Bengaluru-based gaming studio that gained recognition with the launch of its flagship title, FAU-G (Fearless and United Guards). The game was developed in response to the Indian government’s push for self-reliance in gaming and aims to reflect Indian culture and values. nCore Games raised $10 million in Series A funding in early 2022, co-led by Galaxy Interactive and Animoca Brands, with participation from several prominent investors, including former Google executive Amit Singhal and Polygon co-founder Sandeep Nailwal. The company plans to utilize this funding to expand its portfolio into the Web3 and play-to-earn gaming spaces, aiming to create a metaverse that enhances player ownership of in-game assets.

NODWIN Gaming

Founders: Akshat Rathee and Gautam Singh Virk

Founded in 2015, the startup has emerged as a leading esports company in India, organizing competitive gaming events and tournaments. Hosting over 100 gaming events and generating over 10,000 hours of gaming content viewed by approximately 100 million people, NODWIN Gaming has received significant funding, including a recent investment of ₹640 million (roughly $7.7 million) from its parent company, Nazara Technologies.

The recent funding has helped it to fuel its expansion into emerging markets across South Asia, the Middle East, and South Africa. The company manages a diverse portfolio of intellectual properties (IPs) across popular games, such as Counter-Strike, Dota 2, and League of Legends, for both casual gamers and professional esports athletes.
The startup also provides services such as talent management for gamers and influencers, further solidifying its position in the rapidly growing gaming industry.

Studio Sirah

Founders: Abhaas Shah and Prateek Shah Studio Sirah

This Bengaluru-based gaming studio that develops mid-core games rooted in Indian mythology. The startup raised $2.6 million in pre-series A funding from Kalaari Capital.
The studio is set to launch its flagship game, “Kurukshetra: Ascension,” globally.
Studio Sirah aims to bring Indian cultural content to the global gaming scene, focusing on mobile and PC platforms.

WinZO Games

Co-founders: Paavan Nanda and Saumya Singh Rathore

It is a social gaming platform that offers a variety of skill-based games, gaining popularity for its regional language support and multiplayer experiences. Co-founded in 2018, WinZO has over 175 million registered users. The platform features more than 100 games across genres like strategy, casual, card, and arcade, and it has over 4 billion microtransactions per month. WinZO has raised $100 million across multiple funding rounds, including a recent $50 million fund to support gaming startups globally.

The company plans to invest at least $10 million in US-based interactive entertainment startups while expanding its user base and footprint worldwide. WinZO’s monetization model allows developers to earn revenue through micro-transactions ranging from ₹1 to 10, enhancing revenue potential compared to traditional app stores.