India’s Gaming and Interactive Media Market Set to Triple by FY2030 to almost $8 Billion - Report

BITKRAFT Ventures, a leading global investment platform for gaming and interactive entertainment, today announced the release of a report powered by Redseer Strategy Consultants, forecasting high growth in India's gaming and interactive media sector, despite the ban on real money gaming. The study reveals that the segment, already a key engine in India’s digital media & entertainment space, is projected to triple in size, reaching $7.7 Billion by FY2030.

The report, "The Gaming and Interactive Media Opportunity in India," highlights that these segments are growing approximately 1.5 times faster than the overall digital media and entertainment market, fueled by India’s massive, young user base, nano-transactions, high smartphone engagement, and shifting consumer behavior toward interactive and personalized content.

Key Market Projections: A Structural Shift Towards Casual and Interactive Content

The analysis underscores a pivotal moment for the Indian digital ecosystem, driven by regulatory changes that have cleared the path for mainstream casual gaming and esports:

Gaming Market Resilience: Despite regulatory intervention concerning online money gaming (RMG), the digital gaming sector is set to thrive. This market alone is projected to nearly double, reaching approximately $4.5 Billion by FY2030 and esports is expected to triple at $120 million by 2030.

• Hybrid Casual, the new format with similar Mid-core game-like progression and deeper meta systems is emerging as a key segment. 
• The Battle Royale genre continues to enable most monetisation.
• While the market is nearly equally split between ads and IAPs (In-App Purchases), the balance is expected to heavily tip towards IAPs in the next 5 years with ~6X growth.

Interactive Media Surge: Disruptor segments within interactive media are poised for exponential growth, expanding from an estimated $440 Million in FY2025 to $3.2 Billion by FY2030. Fastest-growing sectors include:Astro & Devotional Tech: Projected to grow 8x to $1.3 Billion by FY2030, digitizing a massive offline market through 1:1 consultations.

• Micro Drama: A nascent but high-potential segment mirroring successful models in China, expected to reach $1.1 Billion by FY2030 by capitalizing on short, serialized mobile-first video content.
• Audio Streaming: Expected to quadruple to $300 Million by FY2030, driven by high user engagement and localized content strategies.

The India Opportunity: Vernacularization and Social Connection

The report emphasizes that growth is increasingly driven by the ‘Bharat’ audience (Tier 2+ segments), who seek vernacular content, social identity through gaming communities, and new avenues for social connection. AI is also emerging as a key enabler, significantly lowering content creation costs and accelerating local game development.

Jens Hilgers, Founding General Partner at BITKRAFT Ventures: "India represents perhaps the most compelling greenfield opportunity globally. The confluence of a digitally native youth demographic, established mobile infrastructure, and massive scale is creating what we believe to be a hyper-growth environment. In our view, this is an inflection point, positioning India as a true global powerhouse for interactive entertainment."

Anuj Tandon, Partner, India & UAE at BITKRAFT Ventures: "It’s exciting to see India’s gaming sector entering a phase of durable growth, with local developers creating innovative and monetizable experiences that are beginning to resonate globally. We’re witnessing strong momentum across casual and hybrid-core titles, fueled by rising player engagement, new IP creation, and increasingly accessible payment ecosystems. Together, these factors are helping define the next chapter of India’s gaming and interactive media industry.”

DOWNLOAD THE REPORT HERE.

About BITKRAFT Ventures

BITKRAFT Ventures is a global investment platform at the intersection of games, immersive technology, digital assets, and AI. With over $1B in assets under management and more than 130 portfolio companies, BITKRAFT is built by founders for founders. The firm leverages deep domain expertise, a decentralized global presence, and institutional-grade infrastructure to back visionary teams building in interactive media and adjacent verticals. BITKRAFT’s core belief is that gaming is not just the largest entertainment sector—it is a catalyst for consumer and technology innovation and a blueprint for the future of digital experiences.

About Redseer Strategy Consultants

Redseer Strategy Consultants was founded in 2009 with a vision to provide data-backed recommendations and strategic guidance to businesses, investors, and policymakers operating in dynamic and data-deficient markets. Since then, they have become one of the leading advisory firms in India, MENA, SEA helping businesses, specifically in consumer-facing industries, navigate and accelerate their growth journeys. With a deep-rooted understanding of consumer behavior and market shifts. Redseer delivers growth-focused solutions across diverse industries, including digital media, retail, food, 828 and 8FSI. Their expertise is powered by 15+ years of IP in emerging markets, enabling them to generate BITKRAFT Ventures, a leading global investment platform for gaming and interactive entertainment, today announced the release of a report powered by Redseer Strategy Consultants, forecasting high growth in India's gaming and interactive media sector, despite the ban on real money gaming. The study reveals that the segment, already a key engine in India’s digital media & entertainment space, is projected to triple in size, reaching $7.7 Billion by FY2030

The report, "The Gaming and Interactive Media Opportunity in India," highlights that these segments are growing approximately 1.5 times faster than the overall digital media and entertainment market, fueled by India’s massive, young user base, nano-transactions, high smartphone engagement, and shifting consumer behavior toward interactive and personalized content.

Key Market Projections: A Structural Shift Towards Casual and Interactive Content

The analysis underscores a pivotal moment for the Indian digital ecosystem, driven by regulatory changes that have cleared the path for mainstream casual gaming and esports:

Gaming Market Resilience: Despite regulatory intervention concerning online money gaming (RMG), the digital gaming sector is set to thrive. This market alone is projected to nearly double, reaching approximately $4.5 Billion by FY2030 and esports is expected to triple at $120 million by 2030.

• Hybrid Casual, the new format with similar Mid-core game-like progression and deeper meta systems is emerging as a key segment
• The Battle Royale genre continues to enable most monetisation.
• While the market is nearly equally split between ads and IAPs (In-App Purchases), the balance is expected to heavily tip towards IAPs in the next 5 years with ~6X growth.

Interactive Media Surge: Disruptor segments within interactive media are poised for exponential growth, expanding from an estimated $440 Million in FY2025 to $3.2 Billion by FY2030. Fastest-growing sectors include:

• Astro & Devotional Tech: Projected to grow 8x to $1.3 Billion by FY2030, digitizing a massive offline market through 1:1 consultations.
• Micro Drama: A nascent but high-potential segment mirroring successful models in China, expected to reach $1.1 Billion by FY2030 by capitalizing on short, serialized mobile-first video content.
• Audio Streaming: Expected to quadruple to $300 Million by FY2030, driven by high user engagement and localized content strategies.

The India Opportunity: Vernacularization and Social Connection

The report emphasizes that growth is increasingly driven by the ‘Bharat’ audience (Tier 2+ segments), who seek vernacular content, social identity through gaming communities, and new avenues for social connection. AI is also emerging as a key enabler, significantly lowering content creation costs and accelerating local game development.

Jens Hilgers, Founding General Partner at BITKRAFT Ventures: "India represents perhaps the most compelling greenfield opportunity globally. The confluence of a digitally native youth demographic, established mobile infrastructure, and massive scale is creating what we believe to be a hyper-growth environment. In our view, this is an inflection point, positioning India as a true global powerhouse for interactive entertainment."

Anuj Tandon, Partner, India & UAE at BITKRAFT Ventures: "It’s exciting to see India’s gaming sector entering a phase of durable growth, with local developers creating innovative and monetizable experiences that are beginning to resonate globally. We’re witnessing strong momentum across casual and hybrid-core titles, fueled by rising player engagement, new IP creation, and increasingly accessible payment ecosystems. Together, these factors are helping define the next chapter of India’s gaming and interactive media industry.”

DOWNLOAD THE REPORT HERE.

About BITKRAFT Ventures

BITKRAFT Ventures is a global investment platform at the intersection of games, immersive technology, digital assets, and AI. With over $1B in assets under management and more than 130 portfolio companies, BITKRAFT is built by founders for founders. The firm leverages deep domain expertise, a decentralized global presence, and institutional-grade infrastructure to back visionary teams building in interactive media and adjacent verticals. BITKRAFT’s core belief is that gaming is not just the largest entertainment sector—it is a catalyst for consumer and technology innovation and a blueprint for the future of digital experiences. For a full list of public investments made to date, view BITKRAFT’s portfolio here.

About Redseer Strategy Consultants

Redseer Strategy Consultants was founded in 2009 with a vision to provide data-backed recommendations and strategic guidance to businesses, investors, and policymakers operating in dynamic and data-deficient markets. Since then, they have become one of the leading advisory firms in India, MENA, SEA helping businesses, specifically in consumer-facing industries, navigate and accelerate their growth journeys. With a deep-rooted understanding of consumer behavior and market shifts. Redseer delivers growth-focused solutions across diverse industries, including digital media, retail, food, 828 and 8FSI. Their expertise is powered by 15+ years of IP in emerging markets, enabling them to generate unparalleled insights for their clients. Redseer is known for its proprietary methodologies, deep consumer understanding, high-quality research, and an entrepreneurial mindset. Having a strong presence in India, Middle East. Southeast Asia, USA and UK, with headquarters in Bengaluru. Know more: www.redseer.com insights for their clients. Redseer is known for its proprietary methodologies, deep consumer understanding, high-quality research, and an entrepreneurial mindset. Having a strong presence in India, Middle East. Southeast Asia, USA and UK, with headquarters in Bengaluru. Know more: www.redseer.com

All projections and market forecasts are provided by Redseer Strategy Consultants and are subject to change. They do not constitute guarantees of future performance and should not be construed as indicative of BITKRAFT’s investment results. This material is provided for informational purposes only and should not be construed as investment advice or a solicitation to buy or sell any security. Projections and statements of opinion reflect those of the referenced third-party research provider and/or BITKRAFT Ventures at the time of publication and are subject to change. Past performance is not indicative of future results.

Bessemer Venture Partners Unveils AI Services Roadmap - Projects IT Sector to Reach $400B by 2030

Bessemer Venture Partners revealed an AI services roadmap today - their thesis on how AI native companies will disrupt India’s $264 billion IT services sector.

India’s IT services exports form the backbone of global technology and is a powerhouse driving digital transformation worldwide. Today the industry stands at a generational crossroads. As large language models (LLMs) and AI disrupt traditional, people-heavy outsourcing methods, both global enterprises and nimble startups are disrupting traditional delivery models.

Before the current wave of AI-native disruption, India’s IT services giants had perfected a powerful operating playbook-built on three pillars:

• a vast and skilled talent pool,
• strong cost arbitrage, and
• the ‘follow-the-sun delivery’ model.

Despite fears of displacement after the rise of ChatGPT and other LLMs, Indian IT services revenues and margins remain resilient. Enterprises still rely on these firms for complex projects, where embedded engineers and subject matter experts provide business-specific context that AI alone can’t capture.

Yet, seamless transformation into an AI native world is hindered by billable-hour models, standardized entry-level workforces, and low R&D spend (under 2% versus over 20% for global product firms). In essence, the growth of large, traditional IT and outsourcing firms remains driven by headcount rather than productivity gains.

AI-first startups and platforms are already proving their ability to deliver outcomes that are better, faster, and more cost-efficient. They benefit from:Exceptionally skilled founding teams with deep domain expertise
AI-driven, product/platform-first mindsets
Rapid time-to-value and measurable ROI
Usage or outcome-based pricing. 

Bessemer has identified three fast-emerging categories of AI-first challengers poised to disrupt existing service models:

• Pure software plays: intelligent platforms that fully automate tasks end-to-end-delivering high-speed, scalable outputs with minimal human input. Eg: Graph AI , Leena AI
• AI enabled services - hybrid models blend AI automation with human‑in‑the‑loop (HITL) oversight. Example: Crescendo and Shopdeck
• Services for AI - These firms supply the data, model operations infrastructure, and evaluation capabilities needed to build net new AI solutions. Eg: Scale, Turing

Bessemer highlights seven key factors that determine a challenger’s ability to truly disrupt incumbents: team quality, platform stickiness, time-to-value, margins, distribution, pricing strategy, and market focus.

India’s IT services industry is projected to exceed $400B by 2030, as AI fundamentally reshapes how enterprises source and deliver technology. While AI-driven efficiencies will compress pricing in the short term, the exponential growth in AI capabilities will dramatically expand both the propensity and ability of global enterprises to outsource complex workflows. This next wave of outsourcing will fuel the sector’s growth, with AI-first products and startups poised to capture outsized value by delivering smarter, faster, and more adaptive solutions.

1% Greener, 7% More Engaged: Landmark Study Quantifies ROI of Sustainable Workspaces in India

The Confederation of Indian Industry (CII) – Indian Green Building Council (IGBC), in collaboration with the Confederation of Danish Industry (DI), today launched the landmark research report "SUSTAINABLE WORKSPACE – Catalyst for Productivity and Profitability in Indian Businesses" at the CII Green Business Centre, Hyderabad.

The unique one-of-its-kind research study in the world with academic support from the Indian Institute of Management Ahmedabad, reveals that sustainable workplaces are transformative for Indian businesses. The key findings of this research are that organizations that adopt Green Building Practices are more likely to have a thriving and engaged workforce, leading to increase in business performance for the organization. Moving far beyond environmental responsibility, the study demonstrates that green building strategies substantially enhance employee productivity, well-being, and organizational profitability.

The multi-year project presents the strongest evidence to date that adopting green solutions in India’s workplaces leads to marked improvements in employee thriving, engagement, and over all wellbeing outcomes. Through a rigorous, multi-phase approach involving inputs from 75 case study partners with over 1,100 occupant responses from 6 cities and analysis of more than 900 indoor environment quality data points, the study offers robust, data-driven proof that building sustainably delivers measurable value for both organizations and their people.

Key Findings

• A 1% increase in Green Index (a composite of indoor environment quality and comfort) lifts employee thriving by 3% and engagement by 2%, respectively, and enhances physical well-being by 3%.
• A 1% increase in Indoor Environment Quality leads to 7% increase in employee engagement and 2% increase in Thriving.
• Improved Indoor Environmental Quality (IEQ)—covering temperature, lighting, noise, humidity, and CO₂—boosts both psychological vitality and learning at work, driving organizational performance, innovation, and staff retention.
• The findings confirm that sustainable workspaces deliver far-reaching outcomes: higher employee satisfaction, well-being, and organizational profitability across varying climatic and cultural zones in India.

The report was unveiled by H.E. Rasmus Abildgaard Kristensen, Ambassador of the Royal Danish Embassy to India; Shri R V Karnan IAS, Commissioner GHMC Government of Telangana; Mr. M Goutham Reddy, Vice Chairman, CII Telangana State Council; and Mr. C Shekar Reddy, National Vice Chairman, IGBC; Ms Bente Toftkær, Director, Global Talent & International Services, Danish Industry; Ar. Srinivas Murthy, Chairman, IGBC Hyderabad Chapter; and Mr. K S Venkatagiri, Executive Director, CII GBC in the presence of other dignitaries and sustainable industry champions.

Speaking at the launch, H.E. Mr. Rasmus Abildgaard Kristensen, Ambassador of the Royal Danish Embassy to India, said "Denmark is delighted to partner with India in advancing the agenda of sustainable and people-centric development. Over the years, our collaboration has demonstrated how shared knowledge, technology, and innovation can deliver solutions that benefit both people and the planet. The launch of the DI and CII-IGBC report on Sustainable Workspaces is yet another milestone in this journey. It reinforces the importance of designing workplaces that reduce environmental impact while enhance well-being, creativity, and productivity. Together, Denmark and India can accelerate the green transition and create resilient urban futures that serve as a model for the world."

Shri R V Karnan IAS, Commissioner GHMC Government of Telangana, while addressing the gathering said, "Telangana is proud to lead the sustainable transformation of India’s built environment, with Hyderabad emerging as one of the country’s green building hubs. Our state has consistently championed IGBC-certified projects across residential, commercial, and institutional sectors, setting benchmarks in energy efficiency and eco-friendly urban development. Collaborating with national and international partners, we reaffirm our commitment to harnessing the power of green workspaces to enhance quality of life, drive innovation, and build resilient urban futures. This report provides compelling evidence that sustainable workplaces are not only vital for citizen well-being but also a strategic investment in Telangana’s economic growth and global competitiveness."

Mr. C Shekar Reddy, National Vice Chairman, IGBC, stated, "As IGBC celebrates 25 years of championing the green building movement in the country, the launch of the DI and CII-IGBC research report on Sustainable Workspaces – Catalysts for Productivity and Profitability in Indian Businesses marks an important milestone. This study reinforces the need to move beyond traditional metrics like energy and water savings to embrace workplaces that prioritize people’s well-being, creativity, and productivity while ensuring environmental stewardship. Together, we can transform our work environments into powerful catalysts for both sustainability and business growth, shaping a greener and healthier future for India."

The report provides actionable guidance for business leaders, Developers, policymakers, urban planners, architects, ESG investors and industry associations. It urges all stakeholders to:

• Prioritize IEQ and comfort in both new and existing workplaces.
• Integrate measurable green metrics in design and operations.
• Assess workspaces with evidence-based tools to drive employee engagement and organizational success.

Global Banks Invest $100 Bn in Blockchain & Digital Asset Infrastructure Since 2020

A joint study by Ripple, CB Insights, and the UK Centre for Blockchain Technologies titled Banking on Digital Assets reveals:

• Over $100 billion invested by traditional banks in blockchain infrastructure (2020–2024).
• 345 blockchain deals, including 33 mega-rounds over $100 million.
• Top investors: Citigroup, Goldman Sachs (18 deals each), JPMorgan Chase, Mitsubishi UFJ (15 deals each), SBI Group.

What Are Banks Investing In?

Focus Area	Details
Payment Infrastructure	Largest share of investments; modernizing cross-border payments
Digital Asset Custody	65% of banks exploring custody services
Tokenization of Real-World Assets	Stablecoins and tokenized bonds are top priorities
Settlement & Issuance Rails	25% of deals focused on blockchain-based settlement systems

• Examples: HSBC’s tokenized gold platform, Goldman Sachs’ GS DAP, SBI’s quantum-resistant currency.

Strategic Shift & Global Momentum

• 90% of finance leaders expect blockchain to have a “significant or massive” impact by 2028.
• Banks are pivoting from speculation to infrastructure to modernize legacy systems.
• Emerging markets like India, UAE, and Singapore are driving adoption.

What’s Next?

• Two-thirds of banks plan to launch digital asset initiatives within 3 years.
• Upcoming focus areas:
  • Tokenized bonds
  • CBDC settlement layers
  • Private stablecoin networks

Over 81% of 9000+ Surveyed MSMEs Expect Revenue Increase in Next 1-2 Yrs: Kinara Capital MSME Insights

Kinara Capital, a leading fintech driving MSME financial inclusion, today released its fourth edition of MSME Insights, signaling strong optimism and increased formalization in the MSME sector. MSME entrepreneurs are confident about their near-term business growth prospects.

According to the latest MSME Insights, 81% of the surveyed MSMEs expect their business revenue to increase within the next 1-2 years. Of these, 34% anticipate a revenue growth of more than 15% in their businesses. Additionally, MSMEs are embracing formalization, with 51.7% of the surveyed reporting that they are now GST-registered.

The fourth edition of MSME Insights is based on an extensive multilingual survey of 9,314 MSMEs from Manufacturing, Trading, and Services sectors conducted across Andhra Pradesh, Gujarat, Karnataka, Maharashtra, Tamil Nadu, Telangana, and the Union Territory of Puducherry.

The MSME Insights is a comprehensive data analysis of current trends of micro-small-medium enterprises (MSMEs) based on firsthand input from business owners. MSME Insights also delved into the behavioral patterns within the MSME sector and the analysis uncovered a striking pattern across all sectors. MSMEs still depend significantly on cash transactions, even when not accounting for UPI usage. Over 84.3% of the surveyed MSMEs stated that between 25%-100% of their business transactions are conducted with actual cash—underscoring the need for deeper digitization efforts across the sector.

Sharing her perspective, Hardika Shah, Founder & CEO, Kinara Capital, said,
“On the occasion of World MSME Day, it is encouraging to witness the strong optimism shared by India’s MSMEs. The fact that 81% of respondents in our recent MSME Insights survey expressed confidence in their growth prospects speaks volumes about the sector’s resilience and ambition. This optimism is rooted in improved access to formal credit, which enables entrepreneurs to focus on expansion. However, the sector’s continued reliance on cash transactions highlights the need to accelerate digitization. Embracing digital payments can enhance financial transparency and significantly boost access to formal credit. Ultimately, digitization holds the key to reaching underserved MSMEs and closing India’s ₹30 lakh crore credit gap.”

Key Findings From Kinara Capital’s Msme Insights, Fourth Edition

MSMEs are upbeat about their business growth: More than 81% of the respondents have indicated that they are expecting varying degrees of growth in their revenue. Of these, 47% of the respondents expect their revenue to witness a 5%-15% growth, 26.1% anticipate a growth of 15%-25% and 7.9% are optimistic of more than 25% growth in revenue. Only a small proportion, i.e., 1.1% foresee no growth.

Cash is King for MSMEs: Overall, 84.3% of the surveyed MSMEs reported relying on cash (excluding UPI) for 25%-to-100% of their business transactions. While only 7.4% of the MSME respondents relied on cash for more than 75% of their business transactions, 30.5% depended on cash for 50%-to-75% of their business transactions. This outcome indicates that a shift to digital payments, though underway, is far from reaching its full potential.

Formalization is on an Upswing: MSMEs are increasingly recognizing the benefits of Goods and Services Tax (GST) compliance. According to the survey, 51.7% of respondents are GST-registered and file returns regularly. Of these, 29.4% expressed interest in GST-linked loan products that offer better interest rates or flexible tenures. Regular GST filings not only reflect consistent business activity but also provide a verifiable financial history that enhances credit eligibility. Additionally, GST registration reduces the overall tax burden through input tax credits and offers MSMEs the ease of doing business across state lines with a unified tax structure.

India's Digital Economy on Verge of A Trillion-Dollar Boom - Bessemer Venture Partners

The India practice of Bessemer Venture Partners today released a report titled ‘Click, Watch, Shop: the consumer opportunity in India’. The report outlines the tech, demographic and policy tailwinds from the past decade that have fueled the rise of a $1 trillion digital opportunity and also talks about the user behaviours that will shape consumer offerings in the future.

A tailwind trifecta of internet penetration, evolving demographics, and policy changes are among the trends that have enabled the rise of new age consumer companies such as Swiggy, Urban Company, Boldfit, Vetic and more. Going forward, it is the evolution of commerce marketplaces, content platforms and changing consumer aspirations that will power newer companies to win in the Indian context.

Commerce will become quicker, better and more aspirational across channels

India's burgeoning online commerce sector has witnessed an extraordinary expansion in recent years. Starting from a base of $30 billion in 2020 and is expected to get to $300 billion by the end of the decade in 2030, contributing to a $1 trillion dollar digital opportunity. This demonstrates it is no longer a niche phenomenon catering to a small segment but has firmly established itself as a dominant force within the Indian retail landscape for a significant and growing share of the population.

In addition, the recent rise of quick commerce (q-commerce) has introduced a new dimension to the online retail ecosystem, further revolutionizing the way consumers access goods. Platforms such as BigBasket, Blinkit, Swiggy, and Zepto have spearheaded this movement, demonstrating the viability and consumer appeal of rapid delivery services. This segment is seeing the further trend of verticalised q-commerce emerging, with startups like Snabbit, Swish and Slikk catering to niche needs.

Lastly, D2C brands are increasingly catering to an aspirational mass-premium audience - an audience characterized by the demand for newer, better priced, higher quality products.

Content: Entertainment comes home

India is experiencing a content revolution driven by consumers' diverse appetites for entertainment, education, and gaming. Characterized by short attention spans and a multitude of accessible platforms across interests, languages, and budgets, user engagement is rapid, facilitated by frictionless microtransactions or autopay-led subscriptions.

Platforms are adapting to these shorter attention spans with quick and engaging content. Over the past five years, short-form video platforms in India have witnessed a 3.6X growth in daily active users, competing with mainstream digital platforms. Moreover, the rise of virtual tipping, UPI autopay and other micro-transactions is expected to reach $1.5 billion by 2029 and exemplifies the growth of UPI-enabled microtransactions which allows companies to experiment with diverse monetisation models beyond just ads.

The rise of new lifestyle and consumption habits

The modern Indian consumer’s choices increasingly prioritise what were previously seen as lifestyle spending. These include previously thought “non-essential” spending in areas such as physical and mental health, financial wellness, and pet care. This expenditure has moved from being a good-to-have to a must-have for Indian consumers.

For instance, there is increased spending on organic food, protein, fitness gadgets, preventive healthcare, and wellness services.) Health-focused food and beverage (F&B) as a category has expanded from ~11% to ~16% of F&B spend and is expected to continue to increase as brands have been quick to adapt to this trend.

Similar trends can be seen in segments such as financial services (eg: personal finance offering such as Groww) and petcare.

The report concludes with the metrics and numbers that Bessemer tracks to evaluate the robustness of a business. These metrics, pertaining to TAM, acquisition, usage and retention are important for founders to track the health of their business.

Anant Vidur Puri, Partner, said “India presents a $1 trillion dollar digital opportunity. The emergence of multiple consumer marketplaces, platforms and new-age brands in the past decade are a testament to the growing aspirations of an emergent India. This makes us exceptionally optimistic about the potential for many more consumer plays to emerge in the coming years.”

The full-length report can be found here.

Half of India’s Workforce Left Unskilled in the Past Year: upGrad Report

upGrad Enterprise – the corporate skilling division of Asia’s leading integrated lifelong learning company, upGrad has launched a groundbreaking industry report titled ‘Skilling Smarter: A Strategic Guide to Training Across Generations’. Based on insights from 12,300+ professionals across sectors, the report exposes the growing disconnect between employee needs and existing corporate training frameworks — driven by the evolving expectations of a multigenerational workforce.

Despite widespread recognition of upskilling as a business imperative, the report reveals that 50% of India’s workforce remained untrained in FY24-25, while 75% of employees engaged in learning only when mandated. Nearly 1 in 2 Indian workplaces still lack formal skilling strategies, resulting in inconsistent access and widening capability gaps. The findings highlight a lack of personalisation, access, and relevance in training models across generational cohorts, be it the pragmatic Gen X, the independent Gen Y, or the digital-first Gen Z.

Key findings include:

• 1 in 4 workplaces lack formal strategies: 50% of professionals receive no training in FY24–25; only 16% engaged in quarterly learning
• Mandates outweigh motivation: 75% train only when required; top barriers include irrelevance (51%), limited access (43%), and lack of time (42%)
• Mismatch in priorities: Organisations invest in technical and industry-focused skilling, while employees seek leadership, soft skills, and strategic thinking
• One workforce, many learners: Gen X values expert-led formats, Gen Y prefers structured flexibility, and Gen Z wants immersive, on-demand learning — yet 63% of HR leaders do not tailor programs by generation
• Skilling design vs learner preference: While 80% of GenZ train under managers, nearly 50% prefer self-paced or third-party learning formats
• Low investment, low ROI: 60% of HR Leaders allocate under 5% of HR budgets to skilling; 61.5% of CHROs report no measurable impact
• Format fatigue: 50% of GenZ equate skilling with preset digital modules, but 45% want interactive, real-world learning

“There’s a serious skilling gap emerging; we see companies budgeting annually but there’s very little to no skilling provided to employees. Let’s not forget that the pace of technology is outstripping organisational readiness, and we are not ready for the ripples it's going to create very soon. With this report, we want to go out with a strong message that in a multigenerational workplace, skilling — AI-focused and embedded with soft skills — must adapt to the learner’s needs, and not the other way around,” said Srikanth Iyengar, CEO, upGrad Enterprise. “Without personalized, real-time, and career-aligned learning, training becomes a checkbox activity - ineffective at best, costly at worst. This is where, our decade-long experience has been enabling us to design industry-relevant pedagogy and content - rooted in deep learner intelligence. We leverage workforce data effectively to craft adaptive learning journeys that align individual career aspirations with organisational goals, and ensure skills are not just acquired, but applied meaningfully for business impact.”

“Our goal with this report was to spark action, not just conversation, by grounding our insights in unassailable data and living our belief that 'data or it didn't happen.' What sets 'Skilling Smarter' apart is its dissection of the multifaceted challenges of a multigenerational workforce, built upon insights from over 12,300 professionals. This was a deliberate effort to ensure diverse representation and bring serious numbers to bear on serious issues. This rigorous foundation allows us to provide concrete, actionable frameworks for India Inc. As a leader in lifelong learning, upGrad understands the imperative of tailoring education to the learner. This report is our contribution to helping CHROs, L&D heads, and CXOs unlock the full potential of their talent investments by fostering a culture of relevant, outcome-linked, and truly impactful learning” added Shirin Rai Gupta, Director – Marketing, upGrad Enterprise.
The report serves as a strategic guide for CHROs, L&D heads, and CXOs, offering practical frameworks to future-proof their talent investments. It advocates for deeper personalisation, cross-generational thinking, and outcome-linked learning.

About upGrad Enterprise

upGrad Enterprise, the Corporate Skilling and Development division of upGrad—Asia's leading integrated skilling and workforce development company with over 10 million learners enrolled to date—creates impact at scale through its world-class learning programs and tailor-made training solutions. upGrad Enterprise partners with mid and large organisations to equip their workforce with market-ready skills and mindsets that drive success.

With a network of 3000 corporate partners and an impressive 90%+ training completion rate, upGrad Enterprise excels in delivering tailored skilling programs in high-demand fields such as AI and technology. Our offerings include corporate upskilling, government projects, and a train-and-deploy model for Global Capability Centres (GCCs) of leading and Fortune 500 brands, strengthening organisational leadership with new-age skill sets as they spread their footprint across Indian metropolitan cities. These solutions span the employee lifecycle to facilitate digital and business transformation in alignment with organisational goals, leading to capability building and value generation. A two-gold Awards recipient at the Brandon Hall, upGrad Enterprise trained over 600,000 professionals in a single year during FY24. For more details, please visit: https://www.upgrad-enterprise.com/

Hackers vs. AI: 86% of Firms Hit by Cyber Threats—Who’s Winning?

Cisco's 2025 Cybersecurity Readiness Index reveals that only 4% of organizations worldwide have reached a "Mature" level of cybersecurity readiness. This is a slight improvement from last year's 3%, but it still highlights significant gaps in global preparedness.

The Index evaluates companies' readiness across five pillars—Identity Intelligence, Network Resilience, Machine Trustworthiness, Cloud Reinforcement, and AI Fortification— and encompassing 31 solutions and capabilities. Based on a double-blind survey of 8,000 private sector security and business leaders in 30 global markets, respondents detailed their deployment stages for each solution. Companies were then categorized into four readiness stages: Beginner, Formative, Progressive, and Mature.

Key Findings:

The lack of cybersecurity readiness globally is alarming as 71% of respondents anticipate business disruptions from cyber incidents within the next 12 to 24 months.

• AI-related security incidents affected 86% of organizations in the past year.
• 49% of respondents believe their employees fully understand AI-related threats, while 48% think their teams grasp how malicious actors use AI for attacks.
• Nearly half of organizations suffered cyberattacks, struggling with complex security frameworks.
• 71% of respondents anticipate business disruptions due to cyber incidents within the next 12 to 24 months.
• Only 45% of organizations allocate more than 10% of their IT budget to cybersecurity, down from 53% last year.

The report evaluates cybersecurity readiness across five pillars: Identity Intelligence, Network Resilience, Machine Trustworthiness, Cloud Reinforcement, and AI Fortification. AI is both a security tool and a threat, with 89% of organizations using AI for threat detection, response, and recovery

The report said that — to tackle today’s cybersecurity challenges, organizations must invest in AI-driven solutions, simplify security infrastructures, and enhance AI threat awareness. Prioritizing AI for threat detection, response, and recovery is essential, as is addressing talent shortages and managing risks from unmanaged devices and shadow AI.

Global Trade Headwinds May Not Deter Aluminium Makers’ Healthy Margins

The profitability of Indian primary aluminium manufacturers1 is expected to remain healthy this fiscal, despite some moderation amid global headwinds, including higher US tariffs. Strong operating efficiencies, low-cost operations, and favourable global demand-supply balance will keep margins over a solid $650 per tonne.

The robust profitability will support healthy operating cash flow required for the ongoing capital expenditure (capex) by domestic primary aluminium players and will keep credit profiles comfortable.

Effective March 2025, the US raised tariff on aluminium imports to 25% for all countries. For India, the increase in tariff from 2.55%2 to 25% will have a limited direct impact as the US accounted for less than 5% of India’s aluminium exports over the past five fiscals.

Nonetheless, with nearly 50% of India’s annual primary aluminium output exported, Indian producers may face heightened competition in their regular overseas markets, as key exporters to the US divert supplies to other geographies. Despite this, trade volume is unlikely to be drastically disrupted, given the historical tight match between global primary aluminium demand and supply, which is expected to continue this fiscal as well (see annexure).

Ankit Hakhu, Director, Crisil Ratings, said, “While global demand growth may moderate this fiscal, surplus will still be limited. This is because the global aluminium market faces limited risk of oversupply, as smelters in major aluminium-producing countries, including India, have consistently operated at utilisation rates well above 90%. Moreover, there is limited primary aluminium capacity in the US3 — which has been relying on imports to meet over 80% for its primary aluminium demand — and setting up new smelter capacities has a long gestation period. Moreover, India’s position as one of the lowest-cost primary aluminium producers globally provides a comfortable cushion against potential increase in competition in overseas markets.”

The cost competitiveness of Indian players is driven by highly integrated operations — with more than 80% backward integration on average — mainly through captive bauxite resources, alumina refineries, and domestic coal linkages, which together account for around three-fourths of the production cost.

While favourable global demand-supply and comfortable position in global cost curves should support heathy utilisation rates, the risk of price volatility could impact profit margins for domestic primary aluminium players. Realisations for domestic producers are linked to London Metal Exchange (LME) prices which rose ~20% on-year to $2,528 in fiscal 2025. This resulted in earnings before interest, taxes, depreciation and amortisation (Ebitda) per tonne improving to more than $900 per tonne in fiscal 2025, a three-year high.

However, aluminium prices on LME have been volatile and moderated to ~$2,350 per tonne in April 20254 from a peak of $2,700 per tonne in March 2025 (refer to annexure), amid uncertainties regarding global macroeconomic growth post the tariff announcements by the US.

Ankush Tyagi, Associate Director, Crisil Ratings, said, “Despite the volatility, aluminium prices on LME could stay above $2,300 per tonne on average this fiscal, given the limited risk of oversupply and the fact that anything materially below these levels will make sizable global capacities economically unviable. This, along with the steady cost of production for Indian primary aluminium players, will keep their operating margins over $650 per tonne this fiscal, compared to a ten-year average of ~$530 per tonne.”

The robust profitability will support the ongoing capacity expansion to meet growing demand, especially in the domestic market, and to increase the share of value-added products in the capacity mix. Furthermore, healthy balance sheets with net leverage below 2.5 times as on March 31, 2025, and comfortable liquidity should support credit profiles.

That said, lower-than-expected metal prices and signs of economic slowdown impacting demand will bear watching.

66% HealthTech Leaders Say Their Organizations Generating Business Value From Several Ai Use Cases :KPMG Report

KPMG has unveiled a new report titled “KPMG Global Tech Report: Healthcare Insights” to better understand how healthcare organizations are navigating the complexities of digital transformation, targeting their technology investments, and deriving value.

By examining the perspectives of 122 healthcare technology leaders from around the world (based on a comprehensive survey of 2,450 global technology leaders including chief digital officers, CIOs, CTOs, CISOs, chief AI officers and other executives) the report provides valuable insights into how healthcare systems and organizations are on the precipice of a technology revolution, and are leveraging advanced technologies and tools to streamline operations, reduce costs and, above all, enhance patient experiences.

“Today healthcare technology leaders believe robust regulatory frameworks are a must to ensure the safety and privacy of data in cloud-hosted solutions. They believe this assurance enables them to advance technological innovation with confidence. Prioritizing comprehensive data interoperability frameworks is critical for seamless communication between systems across organizations and jurisdictions. Such connectivity can drive accurate patient care, promote global collaboration in medical research, and strengthen AI model training through access to diverse datasets.” said Lalit Mistry Partner and Co-head, Healthcare Sector, KPMG in India.

Key Findings from the Report:

• 70 per cent of healthcare respondents are satisfied with the amount of value they are getting from their technology investments.
• Compared with a year ago, more healthcare organizations are developing and testing data and analytics strategies or already have a strategic vision for their capabilities
• 70 per cent say cyber security teams are typically involved in the earliest planning stages and have a high degree of influence when it comes to tech investment decision-making
• 66 per cent of healthcare technology leaders say their organizations are generating business value from several AI use cases
• 61 per cent of healthcare technology leaders are currently prioritising AI and Automation as they consider how to invest in technology to support their ambitions.
• 57 per cent admit that flaws in their organizations’ enterprise IT systems disrupt business as usual on a weekly basis.
• Top 3 factors slowing down digital transformation in healthcare includes – Cyber security and privacy concerns, transformation fatigue and immature data management strategies. 
• Healthcare leads all other sectors when it comes to prioritizing and investing in Web3 technology including blockchain and tokenization.

FMCG Sector Revenue To See A Mild 100-200 bps Recovery to 6-8% Next Fiscal

Urban demand recovery to be gradual, rural demand to remain steady, credit profiles to be stable

The fast-moving consumer goods (FMCG) sector should see revenue rebound 100 to 200 basis points (bps) to 6-8% in fiscal 2026, compared with a more modest 5-6% expected in fiscal 2025* as volume rises 4-6% on a gradual recovery in urban, and steady rural, demand.

Traditional FMCG companies will continue to target acquisition of direct-to-consumer (D2C) brands, increase adoption of digital channels, and introduce more lower price packs and products amidst rising competition to support volume growth, which has remained subdued over the past few fiscals.

Another ~2% revenue uptick should come from realisations as FMCG companies partly pass on the impact of inflation in key categories such as soaps, biscuits, coffee, hair oil and tea. The pricing actions will be driven by elevated prices of key inputs such as palm oil (a key input for all three segments – F&B, personal care and home care), coffee, copra and wheat.

Operating profitability is expected to stay flat but healthy at 20-21% in fiscal 2026, after a 50-100 bps decline in fiscal 2025. All said, credit profiles of FMCG companies are expected to remain stable.

A Crisil Ratings study of 82 FMCG companies, accounting for a third of the sector’s estimated Rs 5.9 lakh crore revenue this fiscal, indicates as much.

The urban segment accounts for ~60% of revenue and rural markets the rest. By category, food and beverages generates nearly half of the sector’s revenue, and personal care and home care a quarter each. 

High food inflation, elevated interest rates and sluggish wage growth impacted urban consumption across segments in fiscal 2025, with personal care and certain F&B sections taking a bigger hit. Rural volume has recovered and outpaced urban in the past few quarters after another spell of adequate monsoon.

Anuj Sethi, Senior Director, Crisil Ratings, said, “We expect a modest recovery in volume as moderating food inflation, easing interest rates and tax relief measures announced in the Union Budget for next fiscal encourage urban demand. Rural demand will grow steadily given continuing allocation to welfare schemes^ and a hike in minimum support prices.”

Apart from the macro factors, traditional FMCG companies have had to contend with rising competition. Regional and local companies have been gaining with consumers downtrading to lower-priced brands. Besides, rising preference for digital channels has opened distribution avenues on a much larger scale for D2C companies.

Aditya Jhaver, Director, Crisil Ratings, says, “On their part, traditional FMCG companies have been taking steps to push growth. Apart from seeking D2C brand acquisitions and increasing digital advertising to push premium products, they have introduced affordable packs and increased distribution reach across hinterland. With quick commerce now accounting for ~30% of the e-commerce channel, companies have been introducing exclusive packs for such platforms. These measures are gradually enabling traditional FMCG companies to withstand competitive intensity.”

Despite the modest revenue growth, the credit profiles of FMCG companies in the Crisil Ratings portfolio remain stable, supported by their healthy cash generating ability, strong balance sheets and sizeable liquid surpluses.

Going ahead, input price, monsoon and utilisation of higher disposable incomes by households will bear watching.

^ - Mahatma Gandhi National Rural Employment Guarantee Scheme (MGNREGS); Pradhan Mantri Gram Sadak Yojana (PMGSY) and Pradhan Mantri Awas Yojana (PMAY):

For FY26, the allocation has increased by 23.7% on-year as per budget documents.

*- This is lower than Crisil Ratings estimate of 7-9% for fiscal 2025 owing to subdued urban demand. Please refer the link of the previous press release:

https://www.crisilratings.com/en/home/newsroom/press-releases/2024/07/fmcg-sector-to-see-revenue-growth-of-7-9-percent-this-fiscal.html

India’s Seaweed Sector Estimated ₹200 Cr in 2022, Could Surge to ₹3,277 Cr Within the Next 10 Years: Report

• Seaweed farming could yield up to ₹13.28 lakh per hectare annually for farmers.
• Urgent development of seed banks, processing units, and streamlined policies is recommended to support industry growth.
• Industry experts highlight the vast potential of regions like Lakshadweep for high seaweed production efficiency.
• Initiatives like the Pradhan Mantri Matsya Sampada Yojana are in place to promote seaweed farming, aiding over 4,00,000 families.

Primus Partners has released a comprehensive report titled “Seaweed Farming can touch a million lives”, highlighting the immense potential of seaweed farming to transform India’s coastal economy. The report projects that India’s seaweed sector, currently valued at ₹200 crore, could surge to ₹3,277 crore within the next decade, positively impacting 1.6 million lives and creating sustainable livelihoods for 4,00,000 families.

India’s vast coastline, spanning states like Maharashtra, Tamil Nadu, Gujarat, and regions such as Lakshadweep and the Andaman & Nicobar Islands, offers untapped opportunities for large-scale seaweed farming. With rising demand across industries such as food, pharmaceuticals, cosmetics, and agriculture, seaweed farming is poised to become a key driver of India’s blue economy.

However, despite its potential, India currently contributes less than 1% to global seaweed production. The report identifies key challenges, including inconsistent seed quality, logistical bottlenecks, and limited market linkages, which hinder the sector’s growth.

Key Insights from the Report:

Economic Impact: Seaweed farming could generate significant revenue, with farmers earning up to ₹13.28 lakh per hectare annually from high-value species like Kappaphycus alvarezii.

Challenges for Buyers: Buyers face issues such as inconsistent supply, poor logistics, and lack of contract farming policies, leading to a reliance on imported seaweed.

Farmer Challenges: Coastal farmers struggle with low awareness of farming techniques, environmental risks, and weak market linkages, limiting their adoption of seaweed farming.

Government Initiatives

The Indian government has taken several steps to promote seaweed farming, including budget allocations under the Pradhan Mantri Matsya Sampada Yojana (PMMSY) and initiatives to provide Kisan Credit Cards (KCC) and Mudra Loans to farmers. However, the report emphasizes the need for a concrete roadmap focusing on:

• Infrastructure Development: Establishing onshore and offshore seed banks, micropropagation facilities, and processing units near cultivation hubs.
• Policy Support: Streamlining land leasing and contract farming policies to ensure stable incomes for farmers and reliable supply chains for buyers.
• Market Access: Encouraging private investments through fiscal incentives and Public-Private Partnerships (PPPs) to strengthen the seaweed value chain.

Dr. Stefan Kraan, Chief Scientific Officer of TSC-Purple Pvt. Ltd., Tuticorin, Tamil Nadu, highlighted the extraordinary potential of Lakshadweep, where seaweed production per unit of seeds has reached up to 15X in some regions.

Mr. Abhiram Seth, Managing Director of Aquaagri Processing Pvt. Ltd., emphasized the need to resolve concerns around Kappaphycus, stating, “If the perception issue of Kappaphycus can be solved, seaweed farming can provide livelihood to a million lives.”

Ramakrishnan M, MD, Primus Partners, Author of this report, commented, "Seaweed farming represents a tidal shift in sustainable agriculture, promising not only to bolster India's blue economy but to fundamentally transform coastal livelihoods. By embracing this untapped resource, we are paving a path towards economic resilience and environmental stewardship for millions.”

The report calls for collaborative efforts between the government, private sector, and coastal communities to unlock the full potential of seaweed farming. By addressing challenges and implementing the recommended strategies, India can position itself as a global leader in the seaweed industry, driving sustainable economic growth and empowering coastal communities.

About Primus Partners Pvt Ltd

Primus Partners Pvt Ltd is a leading management consulting firm based in New Delhi, with offices across India and a growing presence in the UAE. Specializing in sectors such as technology, public policy, and impact advisory, Primus Partners provides innovative solutions to drive sustainable growth for both public and private sector clients. With its expertise in Idea Realisation and sectoral leadership, the firm is at the forefront of consulting in India’s rapidly evolving economy.

Primus Partners’ Report Highlights Web3’s Strong Potential to Impact Industries Worth $1 Trillion by 2029

India is rapidly emerging as a global frontrunner in the Web3 space, with the technology poised to impact industries valued at over $1 trillion, according to a new report by Primus Partners. The report titled,'Web3 in 2025: Key Trends and Potential Use Cases to Watch Out For’ reveals its growing popularity in sectors like agriculture, healthcare, logistics, and media, with India playing a pivotal role in driving Web3's global evolution.

Web3 is revolutionizing sectors with its decentralized solutions, which enable greater transparency, security, and efficiency in operations. In India, more than 60% of corporations are either currently researching or implementing Web3’s block chain technologies to streamline activities, build trust, and reduce operational costs. The country has a good share of developers amongst the global Web3 community. With widespread and mainstream adoption expected to occur by the end of 2025, Web3 is set to impact industries valued at over $1 trillion.

Key Insights include:

• India's Web3 Developer Share: India leads the global Web3 developer community with 12%, ranking first among emerging markets. In 2024, it attracted the highest number of new crypto developers recorded yet.
• Market Growth: The global Web3 market is projected to reach $23.3 billion by 2028, growing at a CAGR of 43.7% from 2021.
• Investment in Infrastructure: Major platforms and developing ecosystems like Polygon have received over $450 million in funding, while 5ire secured $221 million for block chain interoperability and rapid scaling.
• Regulatory Developments: The EU's MiCA regulation seeks to establish a broad Web3 crypto framework for over 500 million citizens, while the U.S. crypto task force plans to shape regulations for digital assets worth $1 trillion.
• Adoption Trends: By end of 2025, it is anticipated that 25% of global enterprises will adopt Web3 technologies, up from 5% in 2022.

Web3’s Application Across Industries:

• Agriculture: Block chain can reduce food fraud by 30%, improving traceability and ensuring safer food supply chains.
• Manufacturing & Logistics: Web3 can lower logistics costs by up to 20% by enhancing tracking and efficiency, while block chain cuts paperwork by 50%, making transport operations more streamlined.
• Education: With block chain’s document verification, concerns about the authenticity of academic credentials can be addressed, increasing trust for about 70% of employers.
• Real Estate: Tokenization can reduce transaction costs by 10-15% and speed up the process by 50%, while smart contracts can automate rental payments and reduce late payments by 40%.
• Governance: Block chain-based digital identities would soon be used by close to 1 billion people in providing details for secure verification, while block chain implementation in land registries can reduce chances of duplication, disputes, theft and fraud.
• Healthcare: Block chain can decrease healthcare fraud by 50% and improve patient trust through enhanced data security and transparency.

Government’s and Industry’s Interplay in Promoting Web3 Growth:

The Indian government is actively fostering Web3 growth through initiatives like the Block chain-as-a-Service model developed by the Ministry of Electronics and Information Technology, which provides infrastructure for permissioned block chain applications. It is also developing a regulatory framework and promoting public-private partnerships to unlock Web3's potential. Also, sector-specific solutions are being created, particularly in agriculture and healthcare, with projects like Vishvasya- Block Chain Technology Stack and the National Block Chain Strategy. These efforts, involving over 30 active government departments, are building a trusted digital infrastructure to support broader Web3 adoption.

Challenges to overcome:

Web3 adoption in India faces deep challenges like regulatory uncertainty, low consumer trust, and complex supply chains. 62.4% of industry leaders call for clearer regulations, while Web3 is still seen as tied to speculative trading. Despite these obstacles, India has a strong foundation for Web3 growth, with block chain and token systems set to drive innovation, transparency, and inclusivity in its digital economy. India is well-positioned to lead the Web3 revolution and transform necessary digital interactions.

Shravan Shetty: "India's proactive steps in nurturing Web3 adoption, such as the Block Chain-as-a-Service model, are pivotal in providing the infrastructure needed to support permissioned block chain applications and drive innovation. Collaboration between public and private sectors is essential for realizing the full potential of Web3 in India, especially in sectors like agriculture and healthcare, where tailored solutions can drive significant advancements."

About Primus Partners Pvt Ltd

Primus Partners Pvt Ltd is a leading management consulting services firm headquartered in New Delhi. Primus provides consulting and advisory services across various industries, in both public and private sectors. Primus is committed to driving sustainable growth and maximizing value for its clients via innovative approaches and sectoral expertise.

India’s Quantum Leap with 85% of Industry Leaders Calling for Major Investments in Quantum Computing, Reports Primus Partners

As quantum computing rapidly advances from research to real-world applications, India is positioned to play a pivotal role in shaping the technology’s future. A recent survey by Primus Partners - India’s leading consultancy, reveals that industry leaders across India are pushing for significant investments in quantum research and talent development to unlock the potential of this transformative technology. The survey, conducted with 200 senior executives and CXOs, highlights the critical actions needed to propel India’s leadership in quantum computing, which is expected to revolutionise sectors like cybersecurity, healthcare, and logistics.

Sundar Pichai standing next to a quantum computer at Google

Quantum's game-changing impact across sectors

Industry leaders are confident about quantum computing’s potential to reshape industries. Nearly 75% of respondents view quantum as a game-changer for India’s future. The sectors expected to benefit most include Artificial Intelligence and Machine Learning (79.4%), Cybersecurity and Cryptography (68.1%), and Healthcare and Drug Discovery (61%).

These findings highlight the critical importance of quantum computing for India’s technological advancement. AI and machine learning, for instance, stand to experience significant acceleration, with quantum algorithms potentially unlocking new levels of computational power and efficiency. Similarly, in cybersecurity and cryptography, quantum’s ability to process vast amounts of data can drastically improve encryption methods, safeguarding India’s digital infrastructure. In healthcare, quantum could revolutionise drug discovery, making it faster and more precise, ultimately improving public health outcomes.

Key actions to unlock Quantum’s full potential

To capitalise on quantum computing’s transformative promise, industry leaders are united on the critical steps India must take. Investing in research and development (R&D) emerges as a top priority, with 74.5% of respondents emphasising the urgent need for increased investment to drive quantum innovation and ensure that India remains competitive in the global quantum race. In addition to R&D, developing a skilled workforce is seen as vital for the country’s quantum future. 61.7% of respondents highlight the importance of building a highly skilled talent pool capable of driving the next generation of quantum breakthroughs. Without the necessary talent, India risks falling behind in this rapidly evolving field.

Beyond R&D and talent development, industry leaders also view quantum as a powerful tool for addressing significant societal challenges. 63.1% believe quantum computing has the potential to enhance financial systems, making them more efficient, transparent, and secure. Similarly, 61.7% see quantum's ability to advance healthcare access, particularly in underserved regions, as a key area where the technology could make a profound impact, improving India’s social infrastructure and public health systems.

Challenges to overcome: R&D Costs, Talent Gaps, and Collaboration Needs

While the potential of quantum computing is widely acknowledged, the survey also highlights significant barriers to its widespread adoption. 70.9% of respondents point to the high cost of R&D as one of the major obstacles preventing faster advancements in quantum technology. Additionally, 62.4% of respondents note that the shortage of skilled talent is another critical barrier that must be addressed in order to unlock the full potential of quantum innovation. In addition to these challenges, 45.4% of leaders emphasise the importance of collaboration across sectors. They stress the need for closer cooperation between governments, the private sector, and international organisations to overcome both the financial and talent-related barriers to quantum growth. This collaborative approach will be key to driving breakthroughs and ensuring India remains at the forefront of the global quantum race..

Devroop Dhar, Co-founder and Managing Director of Primus Partners stated, “Quantum technology holds the potential to solve some of the most complex problems in materials science, drug discovery, financial modeling, and cryptography. This technology will significantly enhance national security, drive economic growth, and create millions of jobs. Our survey clearly indicates that industry leaders recognise the urgent need for strategic investments and skill development in this field.”

With global competition accelerating, India must act quickly. 32.6% of respondents believe practical quantum applications will be realised within 3-5 years, while 27.7% estimate it will take over five years before quantum computing becomes widely deployed. This timeline underscores the urgency for India to make the necessary investments in R&D, build the required talent pool, and forge global partnerships.

India’s Gaming Sector Set for Record Growth with Rising Gamer Spending and Esports Expansion: Report

The latest Niko Partners 2024 India Gamer Behavior & Market Insights Report highlights the growth of India’s gaming industry over the next five years, projecting a 5-year CAGR of 11.1% to $1.4 billion by 2028.

Commenting on the report, Shiva Nandy, Founder and CEO of Skyesports, said: “The latest Niko Partners 2024 India Gamer Behavior & Market Insights Report aligns with our internal assessment of India’s gaming landscape. As gamers increasingly prioritize enjoyment and are willing to invest in games that meet their expectations, it’s clear that the industry is evolving rapidly. At Skyesports, our focus on a diverse range of titles catering to mobile and PC gamers aligns perfectly with this trend. We believe that the growth in gamer spending and engagement will drive the expansion of esports, capture the attention of global publishers, and attract more viewers and brands to the esports ecosystem. At this rate, in a few years, we envision an Indian gaming community where multiple titles enjoy popularity across different genres and platforms. We’re excited to be at the forefront of this transformation and remain committed to fostering a vibrant esports ecosystem.”

This strong growth, which Niko Partners says is the fastest among all the markets it tracks, is driven by a rise in player spending. 77.3% of PC gamers reported in Q1 2024 that they spent more on PC games compared to the same period last year. This figure is higher than for mobile and console gaming.

With a growing economy, increased smartphone penetration, and esports tournaments, Niko Partners expects gaming engagement to grow further, leading to higher Average Revenue Per User (ARPU).

Two-thirds of Indian gamers now prioritize enjoyment, which is driving increased spending on games that meet their expectations. Super-hardcore gamers spend 2.2x more per month than casual gamers, with female gamers spending 8.5% more than males.

Additionally, the report highlights that 65.4% of gamers are involved in esports, with esports fans spending 12% more on games than non-esports participants.

“In 2024, India’s gamers are more discerning and more willing to spend money on gaming than they were just a few years ago,” said Lisa Hanson, CEO of Niko Partners. “The 5-year CAGR of 11.1% that we forecast for India’s video games industry (to $1.4 billion by 2028) is based on trends including increased playtime and spending, greater engagement with esports, increased investment from the private sector, and support from both central and state governments to build the video games and esports industry.”

Skyesports, one of India’s leading esports companies, is already capitalizing on these trends, boasting a diversified portfolio of games and IPs, while continuously investing in PC games. Currently, the company is working with THE FINALS, an exciting FPS game available on PC and console, for its esports tournaments and has also announced a ₹14.6 Crore roadmap for Counter-Strike 2, another PC game in 2025. Earlier this year, it organized the LG UltraGear Skyesports Champions Series for the mobile battle royale title Battlegrounds Mobile India. The tournament recorded high levels of viewership, with a peak concurrent viewership of more than 100,000 and over 1.9 million watch hours.

India's Data Centre Boom to Drive $5.7 Billion Investments by 2026: JLL

India's data center industry is experiencing a significant boom, with projections indicating that it will attract investments worth USD 5.7 billion by 2026. This growth is largely driven by the increasing demand for Artificial Intelligence (AI) and the need for high computing power.

According to a latest report by real estate services firm JLL, real estate development in the local data centre market over the next two and half years may stand at $ 5.7 billion or Rs 47,373 crore.

The industry is expected to add 791 MW capacity and will require around 10 million sq.ft. of real estate space to accommodate this expansion. The surge in India's data center capacity is fueled by the adoption of AI, which necessitates the development of new data centers capable of meeting the energy, processing, and cooling needs of advanced computing.

Real estate and investment management company JLL has highlighted that Cloud Service Providers (CSPs) are realigning their requirements to factor in AI-led demand, which is contributing to the growth in investments. The anticipated expansion and progression of diverse AI disciplines are projected to create additional demand for data centers, expanding their capacity requirements and advancing their capabilities.

While in 2023, absorption of 147 MW was recorded, according to JLL as usage of AI gains pace, the demand for Indian data center (DC) is expected to be in the range of 650-800 MW during 2024-26.

Overall, these investments are expected to result in additional data center space of 10 million square-foot. Mumbai and Chennai, together, are expected to corner 73% of these real estate. With 4.41 million sq-ft, Mumbai will get over 44% of the new real estate, followed by Chennai (2.89 million sq-ft).

Overall, these investments are expected to result in additional data center space of 10 million square-foot. Mumbai and Chennai, together, are expected to corner 73% of these real estate. With 4.41 million sq-ft, Mumbai will get over 44% of the new real estate, followed by Chennai (2.89 million sq-ft).

While the national capital region of Delhi (0.66 million sq-ft), Bengaluru (0.53 million sq-ft) and Kolkata (0.5 million sq-ft) to get smaller shares, respectively.

This investment is not only significant for the data center industry but also for the digital economy of India, as it is poised to contribute to the country's growth as a major hub for digital innovation and services.

Samsung Pushes Apple to 2nd Spot To Get Back on #1 in the World's Top Smartphone Companies – IDC

According to the International Data Corporation (IDC) Worldwide Quarterly Mobile Phone Tracker, smartphone shipments are expected to reach 1.20 billion units in 2024, growing 2.8% year over year. This growth is followed by further expansion in the low single digits through 2028.

In the first quarter of 2024 (1Q24), global smartphone shipments increased 7.8% year over year to 289.4 million units. This marks the third consecutive quarter of shipment growth, signaling that a recovery is well underway in the smartphone market. While the industry is not completely out of the woods, macroeconomic challenges remain in many markets.

Top 5 Companies, Worldwide Smartphone Shipments, Market Share, and Year-Over-Year Growth, Q1 2024 (Preliminary results, shipments in millions of units)
Company	1Q24 Shipments	1Q24 Market Share	1Q23 Shipments	1Q23 Market Share	Year-Over-Year Change
1. Samsung	60.1	20.8%	60.5	22.5%	-0.7%
2. Apple	50.1	17.3%	55.4	20.7%	-9.6%
3. Xiaomi	40.8	14.1%	30.5	11.4%	33.8%
4. Transsion	28.5	9.9%	15.4	5.7%	84.9%
5. OPPO	25.2	8.7%	27.6	10.3%	-8.5%
Others	84.7	29.3%	79.0	29.4%	7.2%
Total	289.4	100.0%	268.5	100.0%	7.8%
Source: IDC Quarterly Mobile Phone Tracker, April 15, 2024

Notes:

• Data are preliminary and subject to change.
• Company shipments are branded device shipments and exclude OEM sales for all vendors.
• The "Company" represents the current parent company (or holding company) for all brands owned and operated as a subsidiary.
• Figures represent new shipments only and exclude refurbished units.

"As expected, smartphone recovery continues to move forward with market optimism slowly building among the top brands," said Ryan Reith, group vice president with IDC's Worldwide Mobility and Consumer Device Trackers. "While Apple managed to capture the top spot at the end of 2023, Samsung successfully reasserted itself as the leading smartphone provider in the first quarter. While IDC expects these two companies to maintain their hold on the high end of the market, the resurgence of Huawei in China, as well as notable gains from Xiaomi, Transsion, OPPO/OnePlus, and vivo will likely have both OEMs looking for areas to expand and diversify. As the recovery progresses, we're likely to see the top companies gain share as the smaller brands struggle for positioning."

"The smartphone market is emerging from the turbulence of the last two years both stronger and changed," said Nabila Popal, research director with IDC's Worldwide Tracker team. "Firstly, we continue to see growth in value and average selling prices (ASPs) as consumers opt for more expensive devices knowing they will hold onto their devices longer. Secondly, there is a shift in power among the Top 5 companies, which will likely continue as market players adjust their strategies in a post-recovery world. Xiaomi is coming back strong from the large declines experienced over the past two years and Transsion is becoming a stable presence in the Top 5 with aggressive growth in international markets. In contrast, while the Top 2 players both saw negative growth in the first quarter, it seems Samsung is in a stronger position overall than they were in recent quarters."

The Current State of Data Center Biz in India and Its Future

India is witnessing a significant surge in data center projects due to the growing demand for data localisation and cost efficiency. As of the latest available data, India currently has 187 data centers listed across 26 markets. This number reflects the rapid growth of the data center industry in India, catering to the increasing demand for digital services and data localization.

The data center market capacity is projected to surpass ~1,300 MW by the end of 2024. Seeing this growth of Data Center business, the Indian government is actively supporting the growth of the data center industry through various initiatives. The government has proposed regulatory frameworks to create a favorable ecosystem for data centers, which includes setting up Data Centre Economic Zones.

The government's plan is to invest over US$ 1 billion in the next five years as part of a hyper-scale data centre scheme.

The government aims to position India as a global hub for data centers and cloud solutions. To achieve this, the central government has proposed an incentive system has been proposed to stimulate the establishment of data centers.

The finance minister granted infrastructure status to the data center industry in the Budget 2022-23, which is expected to accelerate expansion. Efforts are being made to enable ease of doing data center business, such as tax incentives, subsidies, and streamlined licensing processes.

India is poised for a significant expansion in data center infrastructure, with several noteworthy projects planned for 2024 and beyond. Companies like AdaniConnex, Reliance, Sify, Atlassian, Yotta, and AWS have announced substantial investments in data centers across India.

India's Data Center Market Vs The World

When comparing the data center market size by country, the United States and China are the leading revenue generators globally. In 2024, the revenue in the data center market is projected to reach $340.20 billion worldwide, with the United States expected to generate the most revenue at $99.16 billion. The market is experiencing a compound annual growth rate (CAGR) of 6.56% from 2024 to 2028, indicating steady growth.

India's data center market is also showing significant growth, but it's still developing compared to the US and China. Japan, Germany, and the United Kingdom follow behind the US and China in terms of revenue generation. This reflects the strategic importance of these regions in the global data center market and their respective digital economies.

Tier 2 Expansion: There's an emergence of co-location and edge computing facilities, with edge data centers expanding into Tier 2 cities in 2024.

Cities with Most Number of Data Centers

The concentration of data centers remains prominent in cities like Mumbai-Navi Mumbai, Chennai, Delhi-NCR, Bengaluru, Pune, Hyderabad, and Kolkata.

1. Bangalore: Known as India's tech hub, Bangalore boasts 29 data centers. Its thriving IT ecosystem attracts companies seeking reliable infrastructure.

2. Mumbai: As the country's largest city, Mumbai leads the way with 28 data centers. Its strategic west coast location ensures excellent connectivity via multiple submarine cables to Europe and Southeast Asia.

3. New Delhi: The capital city hosts 18 data centers, serving various industries and services.

4. Chennai: With 17 data centers, Chennai plays a vital role in supporting India's digital infrastructure.

5. Pune: The city has 14 data center facilities with 162,183 sqft and 38 megawatts. The top providers in Pune are Nxtra Data Ltd (3 sites) and AdaniConneX with 1 facility. The most popular facilities are STT Pune 1 and STT Pune 1.

6. Hyderabad: Hosting 12 data centers, Hyderabad plays a crucial role in providing essential services for businesses and organizations.

7. Navi Mumbai : A planned city next to Mumbai currently has 11 data centers. Google is in advanced negotiations to purchase a 22.5-acre land parcel in Navi Mumbai, for its first captive data center in India.

8. Noida: Located near Delhi, Noida houses 9 data centers, contributing significantly to India's data center landscape.

9. Kolkata : Kolkata, a key digital hub in the eastern India, has 8 data centers facilities.

10. Ahmedabad : The city in Gujarat has 7 data centers.

Other cities like Gurgaon (3), Coimbatore (3), Madurai (1) and Ludhiana / Panchkula also have data centers, albeit in smaller numbers.

Kochi, with 6 data centers, is situated along the southern coast, is connected to multiple submarine cables, making it an attractive location for co-location data centers.

Upcoming Projects

AWS: Amazon Web Services (AWS) has announced a massive investment plan of $12.7 billion to expand its data centers in India. AWS has plans to create four smaller data centers across India over the next two years, located in Bangalore, Chennai, Delhi, and Kolkata.

Adani Group: Adani Enterprises Limited (AEL) is investing over Rs 5,000 crore in Telangana for a 100 MW data centre, over the coming 5-7 years. Adani portfolio of companies also signed an MoU for investment of over ₹42,700 crore for various projects in the state of Tamil Nadu

AdaniConnex: A joint venture between Adani Group and EdgeConneX, AdaniConnex is aiming to develop a network of hyperscale data centers across India, focusing on markets like Chennai, Navi Mumbai, Noida, Vizag, and Hyderabad. The JV plans to build 1 GW of data center capacity over the next decade, with a commitment to powering these facilities with 100% renewable energy. 

Yotta: Backed by the Hiranandani Group, Yotta Data Services is expanding its operations in Greater Noida and Guwahati, with plans to complete new facilities by the end of 2024.

Google: Google is also among the big players investing in the data center market in India. The search giant is planning 8-storey data center in Navi Mumbai, by 2025. Additionally, Google, for it first captive data center, is in advanced negotiations to acquire a 22.5-acre land parcel in Juinagar, Navi Mumbai.

NTT : The company plans to invest RS 2,000 crore ($241.5m) over the next few years in the Kolkata data campus of NTT Global Data Centers (NTT GDC) at the Bengal Silicon Valley Tech Hub. The NTT GDC campus will be home to 3 data centers, the 1st of which will spread over 100,000 sq ft and have a capacity of 9MW facility load and 6MW IT load. The facility should be up and running in the next 12 to 15 months.

Kotak Alternate Assets: Kotak's Data Center Fund by Kotak Alternate Assets, which is managed by Kotak Investment Advisors, is set to invest a whopping $800 million in the development of 5-7 large data center assets across key property markets in India. This ambitious initiative reflects their commitment to enhancing data infrastructure in the country.

CtrlS Datacenters: Aiming to increase their number of data centers significantly by 2024–25.

Digital Connexion, STT GDC India, CapitaLand India, Equinix: These companies are also among those with major data center projects planned in India.

The above mentioned projects reflect India's growing importance as a data center hub, driven by the demand for data localization and the digital transformation of businesses.

These investments also signify the strategic importance of India in the global data center market and the country's growing digital economy.

The Future

India's vast landmass, skilled IT workforce, and growing demand for digital services position it as a key player in the global data center market. As the country continues to expand its digital footprint, more data centers are likely to emerge, supporting businesses, cloud services, and connectivity needs.

The future of data centers in India looks very promising. With the country accounting for a significant portion of global internet users, there's a substantial growth potential for data center capacity. The industry is expected to grow at a compound annual growth rate (CAGR) of between 10-25% over the next five years. This growth is driven by the digital transformation of India, the increasing demand for cloud services, and the need for secure and scalable data storage solutions.

India's unique digital infrastructures like CoWIN, ONDC, Aadhaar, and UPI are creating a need for robust data centers. The government's Digital India campaign and initiatives like BharatNet are further accelerating this need by increasing internet access and generating massive amounts of data. With both global and domestic companies investing in the sector, India is fast emerging as a data center hub.

The data center industry's expansion is also fueled by the digitization of enterprises, the development of smart factories, and the growing consumption of digital services by the young population. As such, the data center market in India is not only expanding rapidly but also becoming an attractive investment opportunity for industry leaders.