Market cap, ratios, CAGR and revenue: company table snapshot as of 6 Nov 2026 (the same figures on every page). Price: snapshot as of 6 Nov 2026. Not investment advice.
Where it fits
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.
Why it matters
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.
Where the value pool sits
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.
Key drivers
Esports recognition and registration under the 2025 Act (in force from 1 May 2026)
Global game acquisitions and IP
Hybrid online-offline learning in smaller cities
Ad-funded casual gaming
Potential bottlenecks
Low spending per user on games in India
Registration rules for esports and social games (Online Gaming Rules 2026)