Mobile and PC games, esports and paid digital learning - after the 2025 ban on real-money games.
Unlisted former fantasy-sports leader; shut its real-money contests after the 2025 Act
Compiled from public reporting — not exchange-listed.
Makes or publishes games and digital courses and earns from in-app purchases, ads, subscriptions and fees. Until August 2025 real-money fantasy, rummy and poker apps were the largest revenue pool; the Promotion and Regulation of Online Gaming Act, 2025 banned them, leaving casual, mid-core and esports games and paid learning.
The ban removed most of the listed and unlisted money in Indian gaming at a stroke - Dream11 and PokerBaazi shut their cash games - so what is left is a smaller, global, ad- and purchase-funded games market. Digital learning (PhysicsWallah) is the larger paid-content business left in the zone.
Casual and mid-core games earn 10-20% EBITDA margins at best and are global businesses priced in dollars. India's own games spending is small per user. Paid test-prep learning is larger but cyclical and competitive, with offline centres raising both revenue and costs.