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.