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Game on: Non-RMG takes the winning shot in India
MUMBAI: When the chips are down, India’s gamers are levelling up with play without pay. A new report by Mumbai-based VC fund Lightbox says the country could soon shift from being a volume-heavy market to a value-driven gaming powerhouse, as the spotlight moves from real-money games (RMG) to non-real money titles.
India already has a formidable player base, with nearly 420 million gamers logging in regularly, second only to China. Yet while downloads surge, monetisation lags, with India’s average revenue per user at just 3.03 dollars compared to 68 dollars in China and a hefty 215 dollars in the US. That gap, however, signals massive untapped potential.
According to Lightbox’s India’s gaming inflection: Non-RMG at scale, the future lies in casual, mid-core and esports titles, fuelled by in-app purchases, ads, and subscriptions. A poll with Rooter revealed that three-quarters of gamers already spend on non-RMG add-ons, with 31 per cent shelling out more than Rs 1,000 each month on battle passes, cosmetics and unlockable content.
“The question is no longer about scale,” said Lightbox managing partner Sandeep Murthy. “India can leap from a volume-driven market to a value-driven giant. If given the right content and community, gamers will pay.”
The shift comes on the heels of the Promotion and regulation of online gaming act, 2025, which banned RMG and its advertising. While the crackdown clipped one wing of the industry, it has given non-RMG games legitimacy and fresh tailwinds.
Advertising and esports are also scoring big. Casual and hyper-casual titles are becoming brand playgrounds, while India’s esports revenue touched 100 million dollars in 2024, with sponsorships making up over half the pie.
Regional language content and hyper-localisation are further fuelling the boom. Nearly 75 per cent of gamers prefer Hindi or other vernacular titles, while AI-powered storytelling and cloud gaming are tipped to supercharge the next phase of growth.
Globally, gaming is a 177.9 billion dollars industry set to hit 198 billion dollars by 2027. With its young, mobile-first players, India’s paradox of high play but low pay might just be its superpower, turning the world’s second-largest gamer base into one of its most lucrative.
Brands
Jubilant FoodWorks faces Rs 47.5 crore GST demand, plans appeal
Tax authorities flag alleged misclassification of restaurant services
MUMBAI: Jubilant FoodWorks Limited has landed in a tax tussle after receiving a GST demand of Rs 47.5 crore from the office of the additional commissioner of CGST and central excise in Thane, Maharashtra.
The order, issued under the provisions of the Central Goods and Services Tax Act, 2017, relates to an alleged incorrect classification of certain services under the category of restaurant services. According to the tax authorities, this classification resulted in a short payment of goods and services tax for the period between the financial years 2019-20 and 2021-22.
The demand includes Rs 47.5 crore in GST along with an equal amount as penalty, in addition to applicable interest. The order was received by the company on March 13, 2026.
In a regulatory filing to the BSE Limited and the National Stock Exchange of India Limited, the company said it disagrees with the order and believes its arguments were not adequately considered.
The company is preparing to challenge the decision and plans to file an appeal. It added that once the redressal process is complete, the demand is likely to be dropped.
Despite the sizeable figure attached to the notice, the company said it does not expect any material impact on its financials, operations or other activities.
The disclosure was signed by Suman Hegde, EVP and chief financial officer, who confirmed that the company received the order at 19:06 IST on March 13 and has already initiated steps to contest it.
The development places the quick service restaurant major in the middle of a tax debate that could hinge on how certain restaurant-linked services are classified under GST rules. For now, the company appears ready to take the matter from the tax office to the appeals desk.
