India's gaming market is growing much faster than in any other region, and has more than tripled in revenue over the past four years, according to General Catalyst. The growth of internet users and the development of e-sports fandoms presents opportunities for India to have its own homegrown hits and platforms.


Editor's note: The below is digested from the original post at General Catalyst by James Swingos, Anand Chandrasekaran, and Niko Bonatsos. Click here to read their full analysis.

Today, gaming companies must rely on community-based marketing techniques to grow reliably. Twitch and other influencer platforms for example have become essential for the growth of mega-games like Fortnite. Legions of eager gamers will play in search of fame and while learning from their favorite pros.

With the rapid growth of internet users in India, the early advent of online community platforms within gaming, and the developing fandoms of esports athletes, there is plenty of room for India to have one or more mega-games of its own.

In India, General Catalyst is currently invested in Fitmint, STAN, and StockGro, but we believe there is still immense value that can be created as Indian internet use grows and existing users demand more from their online experiences.

GC has invested globally in gaming, backing sector-defining companies throughout the firm's history including Discord, CCP Games (makers of EVE), Big Fish Games, and Super Evil Megacorp.

We see a huge 'leapfrog' opportunity in India.

James Swingos, Anand Chandrasekaran, and Niko Bonatsos~quoteblock

We see a huge 'leapfrog' opportunity in India – where new users will want to level up their online experiences via gaming and tight-knit communities.

There is early proof of this: The gaming market is growing much faster in India than in any other region, more than tripling in revenue in the past 4 years.


  • The next-generation Twitch for India. Twitch has not penetrated India as it has in the US. We believe that the power of Twitch-like synchronous community engagement will extend to India too, but that the next platform will go even further – it will level up the quality of the platform to take advantage of technological improvements and accommodate the needs of an increasingly “internet first” generation.
  • Games built specifically for Indian gamers. Battle Royale dominates media content for gaming in India. Nearly all of the top 20 gaming YouTube channels are focused on this genre (see chart, below). Fueled by new Internet users, Fortnite took off as the clear first-place game, and left everything else behind. But, what if players are not interested in a first-person competitive shooter like Fortnite? As this marquis game is slowly replaced in the public zeitgeist, there is room for many new games to take its place.
    • Competitive: We believe that MoBA (Massive Online Battle Arena) games will emerge in India, in addition to other competitive games like strategy games, hero shooters, and more. Each category has their own leading game built specifically for Indian gamers.
    • Cooperative: As networking technology improves and as Gen Z is increasingly accustomed to “hanging out” online in lieu of simply “competing” online, players are looking for social experiences instead of media-based ones. We believe cooperative games in India will grow even larger than those in the US–where they don’t have as strong a hold, historically, in the market.

Sources: General Catalyst, YouTube

  • Communities powered by crypto and commerce-like experiences that enable players to connect and engage with others. GC has invested in Fitmint and STAN. Fitmint leverages move-to-earn technology to encourage fitness, and allow players to earn a little money while they’re at it. STAN allows creators to monetize with NFTs that allow their fandoms special access to special content and experiences. One interesting observation from STAN’s execution is the replacement of cricket and other sports with eSports and how new fandoms are being created with many power users coming online from smaller Indian cities and towns (Tier 2 to 4).
    • We think that great game-fi and social-fi experiences will be built not just to cater to the growing appetites of consumers in India but also with an “India for the World” mindset that combines engagement focused experiences with NFT and commerce like monetization.

We think that great experiences will be built not just to cater to the growing appetites of consumers in India but also with an “India for the World” mindset

James Swingos, Anand Chandrasekaran, and Niko Bonatsos~quoteblock


  • Fitmint: Indian health and wellness start-up where you can earn crypto rewards for achieving fitness goals
  • STAN: Indian sports technology company that is a destination for e-sports fans, providing streaming, tournaments, and other competitive gaming activities
  • StockGro: Indian personal finance and investing platform
  • Discord: Voice and text chat app for gamers
  • CCP Games: Developer of the Massively Multiplayer Online Game EVE Online
  • Big Fish Games: Online game portal offering a variety of casual games
  • Super Evil Megacorp: Developer of the MOBA game Vainglory