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This year, over 18 esports organizations have ceased operations in the country. However, Global Esports (GE) has emerged as the first and only profitable esports organization in India to date. GE’s revenue has grown fourfold, with projections for a threefold increase by 2026.

Recently, Carnival Gaming, an esports organization shut its business within a year. Similarly, many other organizations have not only disbanded their rosters but have also shut down operations. Even Global Esports dismantled its Battlegrounds Mobile India roster due to an unclear roadmap from the game publisher.

Global Esports operates in both India and Korea. Speaking about the company’s recent success, Dr. Rushindra Sinha, Co-founder and CEO of Global Esports, told Storyboard18, “Our profitability is largely due to Riot Games’ VCT Partnership Program. Since joining VCT in 2022, our revenue has increased fourfold. Although our expenses have risen significantly, this has opened up opportunities to monetize and generate revenue on a global scale. We've achieved profitability through various streams, such as digital goods like GE-branded in-game skins and stickers, league stipends, and Riot’s incentive programs.”

Sinha further explained, “Riot works closely with us, assisting at every step to standardize and scale not only our operations but also our ability to generate revenue through multiple avenues.”

Discussing the company’s financial performance despite decline in overall esports industry, Sinha said, “For FY 2024 (April 1, 2023, to March 31, 2024), our cash revenue and account balance stand at around $2 million, with our top-line figures being much higher. We anticipate solid year-over-year growth, particularly with our new VCT roster, which is paving the way for more wins and monetization opportunities.”

He added, “We’ve streamlined our operations and adopted a leaner approach. Our team is now more efficient than ever, and we’re looking forward to a promising FY 2025-26, projecting at least a 2-3x revenue increase by the end of 2026.”

According to a report by AWS and Lumikai, India’s esports sector is expected to grow from $40 million in 2022 to $140 million by 2027, with a Compound Annual Growth Rate (CAGR) of 32%. The report also noted that the number of esports players in India increased from 150,000 in 2021 to 600,000 in 2022 and is projected to reach 1.5 million by 2027.

In India, the esports ecosystem primarily revolves around two major game titles: Krafton’s Battlegrounds Mobile India (BGMI) and Riot Games’ first-person shooter, Valorant. Valve’s Counter-Strike 2 has yet to make a significant impact. Meanwhile, Pokémon Unite recently entered the Indian market with a franchise-based esports model and is still working to establish its presence.

Despite decline in brand sponsorships and game publisher interests, GE's profitability shows green shoots and the revival of esports industry in the country. 

Global Esports defies odds to become India’s first profitable esports organization

Gladiators Esports has officially acquired Bengaluru-based Gods Reign, one of the leading esports team in India. The valuation of Gods Reign and the amount was not disclosed by both the parties. 

As part of this acquisition, Gladiators Esports will integrate the Gods Reign into its operations, with Gods Reign retaining its name for the esports team while all other verticals, including content creation and marketing will be under the banner of Gladiators Esports. This consolidation aims to streamline operations, strengthen brand identity, and leverage the combined resources of both entities.

Speaking on the acquisition, Gladiators Esports stated, “We are thrilled to welcome Gods Reign into the Gladiators Esports family. This acquisition reflects our commitment to elevating Indian esports and driving its growth. By integrating the renowned Gods Reign brand and its talented roster, we are not only broadening our reach and influence but also creating a nurturing space for our players and creators to excel. This marks an exciting new chapter, and we eagerly look forward to shaping a bright future for Indian esports.”

In line with this transition, Gods Reign has onboarded Battlegrounds Mobile India roster. 

“This acquisition by  Gladiators Esports represents a pivotal step for both Gods Reign and the Indian esports ecosystem. By combining our expertise, experience, and shared vision for advancing Indian esports, we are poised to deliver unmatched experiences and achievements. Our new BGMI roster, featuring both seasoned talent and fresh perspectives, embodies the high level of competition we’re committed to bringing. Through this strategic move, we aim to amplify opportunities for our athletes, engage our community in exciting new ways, and elevate Indian esports on the global stage,” said Rohith KR, CEO of Gods Reign.

The newly assembled team, which had a combined prize pool earnings of approximately INR 2.5 crores ($276,703) in FY23.

In addition to its esports rosters in Counter-Strike 2, Pokémon UNITE, and BGMI, Gods Reign is also home to some of India's top gaming creators collectively boasting over 6 million YouTube subscribers and more than 1 million Instagram followers.

Gladiator Esports acquires Bengaluru based Gods Reign

In a significant move to boost esports in India, the International Esports Federation (IESF) and the Skillhub Online Games Federation (SOGF) met with Dr. Mansukh Mandaviya, Minister of Youth Affairs and Sports (MYAS), to discuss a regulatory policy framework for esports and gaming in the country. Both organizations expressed their willingness to cooperate in establishing a self-regulatory body for the esports and gaming industry.

The IESF, which includes 146 member countries, including India in collaboration with SOGF will host the International Esports Masters in India, scheduled for March 2025.

Boban Totovski, General Secretary of the IESF elaborated on the federation's role in growing the esports industry in India, stating, “India is a huge market for esports and gaming. We believe there is significant potential in India. It’s not yet comparable to markets like the United States, China, or Western Europe, but it has the potential to become one.”

He added, “I believe that by gradually demonstrating the country’s capacity, as well as the strength of its gaming and esports community, publishers will start exploring opportunities to establish a presence in India, such as opening offices or making their games available in the country. It’s important to recognize that it’s not just the publishers’ responsibility; discussions with the government are also essential.”

Regarding the upcoming esports event in India, Totovski noted, “The event will feature clubs from all over the world competing. This event will not only showcase India’s ability to host such esports events but will also send a message to the Indian youth that they have not been overlooked and will have the opportunity to compete internationally on a grand stage.”

Shankar Aggarwal, President of the SOG Federation, commented on the uncertain regulatory framework surrounding the esports and gaming industry, stating, “It’s crucial for the government of India to create a comprehensive policy framework. Without a clear policy, it will be challenging for stakeholders to grow the ecosystem. In the absence of a well-defined regulatory regime, it will be difficult for them to make significant investments.”

Discussing the representation letter submitted to the Ministry of Youth Affairs and Sports, Aggarwal said, “In our letter, we requested collaboration with the government to create a policy framework. We proposed that we be recognized as a self-regulatory body for the industry and expressed our willingness to work with the central government to establish a policy regime.”

Aggarwal said, “We have also asked both central and state governments to support the organization of world championships. Without the backing of both levels of government, it will be difficult. Additionally, we have requested sponsorship opportunities from state governments to help create an international esports structure.”

The IESF will host the World Esports Championship in Riyadh, Saudi Arabia, in November this year. Last year’s 15th edition of the event featured 601 athletes from 111 countries competing across six game titles in Iași, Romania. The event, streamed online, broke the previous live viewership record, with over 700,000 people tuning in to watch the grand final.

According to a report by AWS and Lumikai, India’s esports sector is projected to grow from $40 million in 2022 to $140 million by 2027, with a Compounded Annual Growth Rate (CAGR) of 32 percent. The report also found that the number of esports players in India grew from 150,000 in 2021 to 600,000 in 2022, and is expected to reach 1.5 million by 2027.

IESF, SOGF bet big in India, proposes to establish self-regulatory esports body

The International Esports Federation (IESF), a leading global esports organization, along with members of the Skillhub Online Games Federation (SOGF), met with Dr. Mansukh Mandaviya, Minister of Youth Affairs and Sports, to discuss the roadmap for the growth of esports in India.

Boban Totovski, General Secretary of the IESF, and Shankar Aggarwal, President of the SOG Federation, met with the Minister and submitted a representation letter. Together, SOGF and IESF will host the International Esports Masters in India, scheduled for March 2025.

A source close to the matter said, “Dr. Mandaviya patiently listened to both the IESF and SOGF representatives and gave his approval to support initiatives aimed at expanding esports in India. With government backing, alongside the support of global organizations, the SOG Federation aims to create a robust platform for gamers and publishers. This includes scouting exceptional talent through zonal, national, and international tournaments.”

A source told Storyboard18, “The government will provide full support to grow esports in the country. The IESF and SOG Federation will actively collaborate in India to coordinate with game publishers and organize tournaments. The government is keen to promote esports at the grassroots level, and both organizations will work together to foster growth and expansion in the country.”

A senior industry leader, who chose to remain anonymous, added, “The IESF’s initiative to actively engage in India will certainly benefit the country's esports ecosystem. The IESF’s global role has been commendable, and a similar approach is expected from the organization in India.”

The IESF will host the World Esports Championship in Riyadh, Saudi Arabia, in November this year. Last year’s 15th edition of the event featured 601 athletes from 111 countries competing across six game titles in Iași, Romania. The event, streamed online, broke the previous live viewership record, with over 700,000 people tuning in to watch the grand final.

According to a report by AWS and Lumikai, India’s esports sector is projected to grow from $40 million in 2022 to $140 million by 2027, with a Compounded Annual Growth Rate (CAGR) of 32 percent. The report also found that the number of esports players in India grew from 150,000 in 2021 to 600,000 in 2022, and is expected to reach 1.5 million by 2027.

Prime Minister Narendra Modi had recently met with top gaming content creators and esports players in India. The entire gaming ecosystem celebrated this recognition from the Indian government and expected a boost to esports and gaming industry. However, the esports industry is currently experiencing a slowdown, causing some organizations to shut down and others to struggle with creating profitable revenue models.

EXCLUSIVE: IESF, SOGF meet Minister of Youth Affairs and Sports, secures green flag

The Kingdom of Saudi Arabia (KSA) is all set to host the inaugural Olympic Esports Games in 2025 and have invested $38 billion, KSA is decentralizing the global esports industry. Traditionally, the West has dominated the esports and game development sector worldwide. Additionally, the esports industry is experiencing stagnant growth globally, and it has struggled significantly in India.

According to a PwC report, global esports revenue is expected to grow to $1.86 billion by 2025, nearly doubling from $996 million in 2020. Kingdom of Saudi Arabia is emerging as a new global player with its Vision 2030 plan, aiming to develop 30 competitive games and establish itself as a global gaming hub by 2030.

With this shift away from Western countries dominating the esports scene, India stands to benefit significantly through increased investments, decreased organizational expenditures, and, more importantly, exposure to global esports talent.

India's homegrown company, NODWIN Gaming has played a crucial role in Saudi Arabia’s expanding esports landscape, managing the production and broadcasting of the PUBG World Championship 2024 in August, with Freaks 4U Gaming serving as the endpoint.

Akshat Rathee, Managing Director and Co-founder of NODWIN Gaming, said, “Saudi Arabia's booming gaming market creates new opportunities for Indian developers, content creators, and tournament organizers to expand their reach. The country also serves as a launchpad for Indian developers to enter the Middle East and beyond.”

Rathee added, “Furthermore, Saudi Arabia's inclusion in BRICS+ presents a unique opportunity for the developing world to establish deeper connections in the esports and gaming sectors, independent of Western narratives. This alignment encourages greater collaboration, innovation, and economic growth among emerging markets.”

He further elaborated, saying, “Saudi Arabia's investments in gaming and esports have the potential to benefit the broader Asian region, including India. With Saudi Arabia investing heavily in gaming facilities and infrastructure, Indian players and teams could gain access to world-class platforms closer to home, potentially fostering cross-border collaborations that elevate India’s status in the global esports arena.”

Jetapult, a gaming investment startup supported by JetSynthesys and Accel, has invested $4.5 million in Saudi Arabia-based game developer UMX Studio, marking its first investment in the Middle East and North Africa (MENA) region.

"We bring a wealth of proven gaming expertise and cutting-edge technology to this partnership with the aim of enhancing gaming experiences across the Middle East’s emerging development ecosystem," said Sharan Tulsiani, CEO of Jetapult.

With a lack of sponsors and declining esports revenue in India, many esports organizations are struggling; recently, 18 esports teams shut down their Battlegrounds Mobile India rosters due to the lack of a future roadmap for the game.

Rohit Jagasia, Founder and CEO of Revenant Esports, stated, “It will be easier for Indian esports athletes to participate in tournaments organized in Saudi Arabia, unlike in the USA, China or Korea, where visa restrictions often create complications.”

He continued, “Additionally, being closer to India, Saudi Arabia will definitely help the Indian esports ecosystem grow, leading to talent exchanges that bridge the global gap. It’s time for India to invest in the esports ecosystem for its growth.”

Discussing how Saudi Arabia's investments will benefit esports organizations in India, Jai Shah, Co-founder of Orangutan Gaming, commented, “I think it’s great for the overall industry worldwide. The scale of events and tournaments is better than ever. I see Saudi Arabia becoming the hub for esports globally.”

Shah added, “India is the future of gaming as it’s at an early stage of growth. Seeing how the West has developed in this sport, there’s no reason why foreign investors wouldn’t invest in India. An industry like esports needs capital to grow, and Saudi Arabia has the resources and has seized the opportunity.”

KSA's investment in esports will create a ripple effect benefitting neighbouring countries. It will be interesting to see Indian esports ecosystem to be proactive in harnessing this momentum and strategically aligning with Saudi Arabia’s growing influence and rising alongside KSA's bold 20230 vision.

Indian Esports industry to piggyback on Saudi Arabia’s billion dollar gaming investments

Nazara Technologies has signed a Memorandum of Understanding (MoU) with the Telangana government to establish an AI Center of Excellence (AI CoE) focusing on gaming and digital entertainment on Thursday.

According to the gaming and esports company, "The Nazara AI CoE will drive research, development, and innovation in areas such as gaming, interactive media, gamified learning, and other digital content," and added that it would leverage on technologies like AI, VR/AR, blockchain, and Web 3.0.

"Telangana’s proactive approach in fostering industry growth through public-private partnerships and policy development has created the ideal ecosystem for this initiative. This collaboration will enable Nazara to further our mission of integrating AI and emerging technologies across our diverse portfolio, positioning us as a leader in AI-driven innovations in gaming and digital entertainment," Nitish Mittersain, Jt MD & CEO, Nazara Technologies, said.

"The Nazara AI CoE will empower startups, enhance skills, and attract cutting-edge technology investments, creating a diverse and dynamic ecosystem. By joining forces with Nazara, we are committed to driving economic growth and setting new standards in responsible AI applications in gaming and beyond," Telangana IT minister D Sridhar Babu said.


Nazara Technologies partners with Telangana govt to launch AI Center of Excellence

Amid discussions of paid PR awards, S8UL won the Content Group of the Year at the Esports Awards 2024, considered one of the most recognized awards in international circuits. Game of the Year was awarded to Valorant, published by Riot Games. The Lifetime Achievement Award was granted to ESL Chief Jens Hilger, a well-respected figure in the industry who also initiated esports development in India.

Surprisingly, Naman Mathur, also known as Mortal from India, lost to several international talents like Tarik and Nadeshot. From 2022 to 2024, S8UL has won the Esports Content Group of the Year award. However, despite being nominated for Esports Personality of the Year again this time, Mathur failed to make a mark.

Interestingly, Riot was named Game Publisher of the Year, and Mobile Legends was awarded Mobile Esports Title of the Year. Valorant, being the Game of the Year, competed against titles such as Counter-Strike 2, League of Legends, and Dota 2.

An industry leader from a prominent esports team commented, “We received an invitation for the same esports award, but they asked for money, and we declined. This has been the trend for the past two years now. We do not believe in paid PR and awards. We believe in the performance of our esports teams rather than this kind of paid spectacle.”

It is interesting to watch if esports events are turning into  paid opportunities for influencers and agencies like it did during Oscars. 

Esports awards 2024: S8UL wins content group award, Mortal loses

In a significant shift in global cricket governance, Jay Shah, the Secretary of the Board of Control for Cricket in India (BCCI), is set to assume the role of Chairman of the International Cricket Council (ICC) this December. Shah, who enjoys substantial support from key cricketing boards, including those of England and Australia, will replace the current chairman, Greg Barclay, whose tenure concludes in November.

Barclay, who was first appointed as ICC Chairman in November 2020 and re-elected in 2022, informed ICC directors, including Cricket Australia's chair Mike Baird, during a recent video conference that he would not seek a third term. This decision aligns with Shah's intentions to take over the position, a move that has been met with widespread backing within the cricket community.

Shah's appointment marks a historic moment as he will become the third Indian to hold this prestigious position, following in the footsteps of Jagmohan Dalmiya (1997-2000) and Sharad Pawar (2010-2012). At just 35, Shah will also become the youngest chairman in the history of the ICC.

"Current directors are now required to put forward nominations for the next chair by 27 August 2024, and if there is more than one candidate, an election will be held with the term of the new chair commencing on 1 December 2024," stated a media report.

The election process involves 16 votes from ICC members, with a simple majority of nine votes required to win, as per the revised rules. Shah's broad support base among the voting members puts him in a strong position to secure the role.

Shah's tenure as BCCI Secretary is set to continue for another year before he must enter a mandatory three-year cooling off period, as dictated by the BCCI constitution. However, his move to the ICC would provide him with an additional four years of influence within the BCCI, even after assuming the global role.

Jay Shah set to become youngest ICC Chairman, replacing Greg Barclay

The government of Meghalaya has officially announced its support for an Indian esports team, Jubilant Divine Esports. This makes Meghalaya the first Indian state to officially sponsor an esports team. Additionally, Telangana is likely to be the first state to introduce comprehensive esports policies.

Wanshankupar Suchiang, CEO of Jubilant Divine Esports, told StoryBoard18, “We are extremely proud that the Meghalaya government believed in our vision and supported us. We aim to grow esports in the state. Our goal is to prepare for medal events in the Olympics and to compete in esports titles globally.”

Suchiang further stated, “Currently, we have our Battlegrounds Mobile India roster, but we are planning to expand into other game titles such as Valorant, Counter-Strike 2, and Dota, among others. It always benefits the ecosystem when the government shares the same vision of growing esports in the country.”

Suchiang said, “The government sponsoring the team is a positive sign for the Indian gaming ecosystem. We truly believe that India has a huge potential in not only gaming but in esports as well.” 

Meghalaya-based Jubilant Divine Esports announced on its social media platforms, “In a landmark move for the esports community in Meghalaya, Shri Kyrmen Shylla, Minister of Excise, along with Meghalaya Sports Minister Shri Shakliar Warjri, have publicly shown their support for esports for the first time ever.”

“Shri Kyrmen Shylla has extended his support to Jubilant Divine Esports, the only team representing Meghalaya in the ongoing BMPS Tournament. The ministers emphasized that this is just the beginning, as they plan to work closely with the Meghalaya government to transform the state into a hub for esports.”

Meghalaya's vision includes developing esports infrastructure, hosting tournaments, and providing comprehensive support to players, with the aim of bringing them to the forefront and representing Meghalaya, and India, on the global stage, including in future esports Olympics.

The team will be participating in Krafton’s third edition of the Battlegrounds Mobile India Pro Series 2024. BMPS is set to kick off on August 20th, featuring 128 invited teams competing for a massive prize pool of Rs 2 Crore. The tournament will unfold over a month, with the league phase played online and the Grand Finals taking place offline in Kochi, Kerala, from September 27th to September 29th, 2024.

Meghalaya becomes first Indian state to sponsor an esports team

Prime Minister Narendra Modi during his Independence Day speech at the Red Fort on Thursday, urged India’s young generation to concentrate on creating world-class products such as semiconductors and gaming experiences. He emphasised the nation’s skill and potential to emerge as a global frontrunner in these fast-evolving industries.

However, it should be noted that there was no respite given to Real Money Gaming players in the market. After the finance budget, this is a secondary blow to RMG players, as they have been ignored in the gaming space. There is a lot of rejoice in gaming developer ecosystem and are for now acknowledging government’s effort towards game development. 

Harish Chengaiah, Founder of Outlier Games, "We welcome Modi's statement. We as game developers are willing to want to grow India's gaming economy. For now it should be noted that gaming holds a very huge potential in export." 

In his speech, the Prime Minister Modi said, “There should be a shift from manufacturing to design. “We should aim to design in the country for the world. The Indian standards should become international standards. The country has the necessary talent for achieving this goal.”

Talking about India’s efforts to become a global leader in semiconductor production, PM Modi said, “There was a time when we used to import mobile phones but today, we have created a manufacturing ecosystem in the country and India has emerged as a big manufacturing hub.”

PM Modi noted that the country is currently training a skilled workforce of nearly 85,000 professionals in semiconductor chip design across 113 academic institutions. He reiterated the government’s commitment to supporting the industry’s growth by providing the necessary infrastructure and resources.

Asserting that those who create and produce games are largely foreigners, he said that he sees that a huge market has emerged in the world of gaming. "India has a rich heritage, and we can bring talent into the gaming world. We should attract everyone to our gaming sector, and I want Indian children and youth to lead the gaming industry," Modi said.

"I want the country's youth to lead the gaming industry, not just in playing but also in producing games. Indian games must reach the world," he added.

ESPORTS