Gaming
From ‘go play outside’ to gaming glory: India levels up
MUMBAI: Once dismissed as a frivolous pastime that couldn’t put food on the table, gaming in India has hit the ultimate power-up.
What was once the bane of parental lectures has become a billion-dollar behemoth.
The gaming and esports industry is set to score big in 2025, with global tournaments and homegrown innovations fueling a feverish growth spurt.
As per the India Market Model Report by Niko Partners, the country’s gaming market will hit the $1 billion jackpot in 2025, leveling up to $1.4 billion by 2028, riding on an 11.1 per cent five-year CAGR.
Gaming fever is here, and it’s contagious!
The spotlight will shine on the Olympic Esports Games in Saudi Arabia, marking a milestone in global recognition for esports. Following India’s stellar performance at the 2024 Paris Olympics, Indian gamers will aim to contribute to the country’s medal tally in this rapidly growing competitive arena.
The Esports World Cup, featuring chess as a title with a prize pool of $1.5 million, will provide another platform for Indian excellence. Chess prodigy Gukesh Dommaraju’s historic world championship win adds anticipation for India’s participation in this event, scheduled from 31 July to 3 August 2025 in Saudi Arabia.
Domestically, the Waves Esports Championships (WESC), supported by the Ministry of Information and Broadcasting, will kick off the year with finals for titles like Battlegrounds Mobile India (BGMI), World Cricket Championship (WCC), and eFootball at the inaugural Waves Summit in February 2025. Government-backed initiatives like these will further shape India’s esports landscape.
The convergence of cricket and esports continues to expand, with partnerships such as Mumbai Indians collaborating with BGMI, Gujarat Titans organising esports tournaments, and Kolkata Knight Riders teaming up with S8UL Esports. This growing synergy will solidify esports’ appeal in India’s sports ecosystem.
NODWIN Gaming co-founder & MD, Akshat Rathee predicts deeper ties between esports and entertainment in 2025, “Cricket will integrate more with esports through collaborations with IPL teams and cricket esports titles. Bollywood stars and musicians will also engage actively, merging gaming with music, anime, and youth-centric entertainment. This trend was evident in NODWIN Gaming’s hosting of DreamHack India alongside Hyderabad Comic Con, and it will only grow stronger.”
The rise of gamification across sectors will also redefine how users interact with platforms. Social media giants like Facebook and Netflix have integrated gaming features, with others like Amazon and LinkedIn following suit. This trend will intensify in 2025, reshaping user engagement.
The surge in brand collaborations highlights gaming’s mainstream appeal. 8Bit Creatives secured a landmark sponsorship with iQOO, reflecting non-endemic brands’ interest in the gaming sector.
8Bit Creatives founder & CEO, Animesh Agarwal emphasises the expanding scope of esports, “Esports will grow into new titles, attracting diverse players and audiences. South Asia and MENA regions will play vital roles in global esports, with content creators shaping fan engagement and brands leveraging gaming as a primary connection channel.”
Prime minister Narendra Modi’s call for India to lead in video game development has accelerated the launch of Made-in-India games. Companies like 88 Games plan to launch major titles in 2025, representing India’s capabilities on the global stage.
88 Games founder & CEO, Milind D. Shinde highlights technological advancements, “Generative AI and extended reality (XR) will redefine game development in 2025. For us, it will be pivotal as we launch our first PC and console game, contributing to gaming’s cultural and economic significance.”
PC gaming also continues to gain traction, with a 150 per cent increase in new Indian users on Steam since 2019. High-profile investments in gaming setups and content creation systems, led by companies like CyberPowerPC India, underline the industry’s bright future.
With major events, government support, and innovation shaping the landscape, 2025 promises to be a transformative year for India’s gaming and esports industry.
Gaming
MTG gaming chief Benninghoff joins NODWIN board as esports firm primes for IPO
The Gurugram-based esports firm is pursuing a public listing, has returned to profitability and is growing revenues by 42 per cent
GURUGRAM: NODWIN Gaming is moving fast. The Gurugram-based gaming and esports company has launched a pre-IPO fundraising round, appointed UBS as lead adviser for both the round and a subsequent public listing, and landed a heavyweight board director, all in one go.
The new board member is Arnd Benninghoff, executive vice president of gaming at Stockholm-listed Modern Times Group (MTG), who has overseen the group’s strategic investments and portfolio growth since 2014. He is no stranger to building things: Benninghoff has founded and built fifteen companies, served as chief digital officer at ProSiebenSat.1 Media AG, managing director of SevenVentures, and chief executive of Holtzbrinck eLAB. He began his career as a journalist at Deutsche Presse Agentur and various TV networks, holds a Diplom-Kaufmann in business and administration from the University of Münster, and previously sat on the board of Edgeware AB.
The numbers back the ambition
NODWIN is not pitching a story without substance. The company has returned to EBITDA profitability and posted a 42 per cent year-on-year revenue surge, reaching $58.5m in the first nine months of FY2026. The pre-IPO round will combine a primary issuance to fund global expansion through organic growth and acquisitions, alongside a secondary sale to give existing shareholders some liquidity.
Akshat Rathee, co-founder and managing director of NODWIN Gaming, said Benninghoff understands “the entire lifecycle of the gaming and media ecosystem, from the boots-on-the-ground reality of building startups to the strategic complexity of managing multi-billion dollar global portfolios.”
Benninghoff, for his part, said the company “sits at the intersection of sports, entertainment, and technology, making it one of the most exciting players in the global gaming landscape today.”
A portfolio built for the global south
Founded in 2014 by Rathee and Gautam Virk, NODWIN has quietly assembled one of the more compelling esports portfolios outside the Western hemisphere. Its properties include DreamHack India and Comic Con India, and it recently acquired StarLadder, the Ukraine-based tournament organiser behind premier events in CS:GO and Dota 2. The company also serves as a long-term strategic marketing partner for the Evolution Championship Series (EVO), the world’s most prominent fighting game tournament, helping push it into new geographies.
Its geographic focus spans South Asia, Central Asia, Southeast Asia, the Middle East and Africa. Backers include Nazara Technologies, KRAFTON, Sony Group Corporation, JetSynthesys, and the founders’ investment vehicle Good Game Investments.
What comes next
With UBS running the books, a board freshly reinforced with European media and gaming expertise, and revenue heading in the right direction, NODWIN is laying the groundwork deliberately. The esports industry has burned investors before with big promises and thin margins. NODWIN’s return to profitability, combined with a real portfolio of owned intellectual properties across gaming, music and youth culture, gives it a more credible runway than most. The IPO clock is now ticking.
